When you share that you’re thinking about starting a business, it’s like announcing that you’re engaged — it opens the doors for a flood of questions you’re still working through and advice you may or may not want.
(Thank you Aunt Marilyn — but I don’t want to wear your dress from 1987).
It can be hard to get things straight when you feel like information is coming at you from all directions. Some people may even feel deterred after trying to navigate through it all.
No need to toss those dreams out the window! Here are some of the biggest myths about starting a business, why they aren’t true, and what it’s really like to kick off your career as an entrepreneur.
The Planning Part
The first steps are the hardest, but are also the most rewarding. Don’t let these first three myths about getting things off the ground stop you from putting your plans into action.
- You need to wait for the perfect time.
Some people say timing is everything — but the real truth is that timing is never perfect. This is especially true for something that’s scary. Don’t wait to be ready because that time may never come. If you want something, go after it!
Okay, maybe don’t throw down your spreadsheets and strut out the doors of your day job right this second — but think about what you want, come up with a plan, and make those ideas come to life.
- You need original ideas.
You probably won’t start a business if you’re convinced you need to be one hundred percent original. Typically, new ideas are perfected versions of a base idea.
Take phones for example — the phones we carry around in our hands today stemmed from the earlier version of a landline. (Shoutout to cordless phones, am I right?)
It’s obvious that you shouldn’t copy ideas, but making something a better version is how things usually evolve.
- You have to know exactly what you are doing.
No and no.
Many startups are run by people who, at one point, had an entirely different work history. You don’t need a degree or a big, extensive background to get your business up and running.
You do need passion, ideas, tips, and a plan to grow in your processes.
The nice thing about startups is you have a little wiggle room with figuring out what works, what doesn’t, and making adjustments as you go.
The Money part
These next three are the money aspect of your business — and the myths behind fiances.
- You need a lot of money to get started.
This is a common misconception — and a huge reason why many people are nervous about getting started. You don’t need to put yourself in a ton of debt to get started.
According to INC “Most new businesses are launched with less than $10,000 of startup capital and 73 percent were launched with no outside funding of any kind.”
Be smart about your spending and do your research — a little can go a long way.
- Most small businesses fail.
Blanket statement much? Don’t let people spouting out things like 90% of business fail within the first year scare you — because it’s just not true.
According to Investopedia “In 2021 it was recorded that 20% of small businesses failed within the first year.”
20% is much different than 90%. Yes, it’s possible to fail, but it’s also possible to succeed — and you can’t succeed if you don’t try.
- You can’t afford good help.
Of course you can! Entrepreneurs don’t have to carry everything on their shoulders. If you want or need help, consider that in your startup costs.
Also — you don’t have to pay an arm and a leg for good service. You can find solid employees who can do the job just as well as someone who has years of experience or a high level of education. You just have to do a little digging! Be a good employer and you will get good employees.
The Personal Part
- You’ll be swamped all of the time.
Pulling a business together does take a little grit and hard work — but it doesn’t have to consume your life.
It’s like getting a puppy.
You have to do the training, adjust your schedule a little bit, figure out what’s working and what’s not — but that puppy will start becoming more independent, the people around will help out, and you’ll start feeling better and better about your daily life together.
- You can’t have a balanced life.
This goes hand in hand with how busy you are. Balance will come with distribution of tasks and responsibilities.
And there is something to you running the show — you call the shots. Take that vacation, make your appointments, spend time with your family. Do not get in the mindset that your business will fail if you do. Do your work and your work will repay you.
- You’ll eventually lose your spark.
Some people truly believe that that will end up killing what they love if they try to do it as a career.
This. Is. Not. A. Guarantee.
It may evolve as your company does, and the way you view it may shift over time, but it doesn’t always mean that you will fall out of love with it.
And why wouldn’t you want to try to do what you love? It’s better than doing something you don’t, right?
We Can Help
Looking to launch your Small Business? If you’re struggling on pulling everything together (or simply just don’t have the time) — She Reigns Creative can help!
We design, host, and create Marketing plans for all kinds of businesses — we can elevate yours or create it from scratch. Book a free strategy session to discuss what this could look like for you!