4 Myths about Starting Your Own Business

Many would-be entrepreneurs are deterred by certain beliefs about what starting a new business entails. While it is true that starting a new business takes a lot of drive and commitment, many of the other rumors circulating about starting a new business are simply not true. Some things have changed with the times, breaking down barriers to entry that were there in the past. Other myths are simply based on a fear of the unknown. The following are a few myths that can be debunked.

1. A Full Business Plan Is Required

While it is important to research your industry and create some type of business strategy, preparing for every eventuality is impossible and can waste a lot of time. There are changes in every industry that cannot always be effectively predicted or planned for. Instead of spending months planning every detail and trying to anticipate every problem, it is better to create a loose outline and stay flexible when unexpected things crop up.

2. You Have to Be an Expert

Most business owners are not actually experts in their field or experts in business. With franchisors offering training and certifications, many entrepreneurs are able to learn as they go and contact experts for support when necessary. While a little business knowledge is a good thing to have before starting a company, it is not necessary to get a business degree before getting started.

3. Tons of Capital Is Needed

It is a commonly held belief that a lot of money is necessary to start a business, but many of the most successful businesses started small and worked up as more capital became available. If you are starting out with a franchise, you may need to come up with enough money to cover franchise fees and initial expenses. However you start your business, it is possible to borrow money or start with a small sum; it is not necessary to have thousands or millions saved before making the venture.

4. Nonstop Work Is Necessary

“Married to the business” is a saying that strikes fear into the hearts of many would be entrepreneurs. The picture of the archetypal new business owner poring over numbers into the wee hours is disheartening, but the good news is that it is overblown. While most new business owners do have to put in some long days to get the company off the ground, you can set the pace for your own work/life balance when the business is yours.

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