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2019-01-14 21:14:51Advice for EntrepreneursEnglishIf you’re toying with the idea of starting your own business but are unsure what it may entail, you need to keep reading. Small...https://quickbooks.intuit.com/au/resources/au_qrc/uploads/2018/11/iStock-895145516.jpghttps://quickbooks.intuit.com/au/resources/advice-for-entrepreneurs/7-biggest-myths-about-running-a-small-business/7 Biggest Myths About Running A Small Business | QuickBooks Australia

7 biggest myths about running a small business

2 min read

If you’re toying with the idea of starting your own business but are unsure what it may entail, you need to keep reading. Small businesses come in all shapes and sizes, but all of them require hard work and determination. To help you picture what it’s really like to create your dream job, we’ve rounded up seven of the biggest myths surrounding small business.

1 You get to work less hours

While you may dream of leaving your office job behind in exchange for the freedom and flexibility of running your own small business, you might find that you end up working longer hours as an entrepreneur. Getting a small business up and running is hard work and no doubt, in the early years, you’ll end up putting much more than 40 hours a week into your business venture.

2 You can take an early mark

While it is true that there is a level of flexibility that you can enjoy when you’re the boss, you might find that days off and sleep ins are more rare than you first thought. Being a small business owner means carrying a hefty weight of responsibility, which means you are on the clock morning ‘til night – whenever your business calls for it.

3 You can write everything off as a tax deduction

While there definitely are some benefits and additional tax deductions you can enjoy as a small business owner, it doesn’t mean suddenly everything can be written off. In fact, the Australian Taxation Office has many strict rules and guidelines on what can and can’t be considered a deduction, so it’s worth doing your research before spending big.

4 You need investors

While some businesses will turn to investors for help straight up, you don’t have to go down that path in order to finance your business. In fact, many online businesses can be started at home with limited funding. There are many ways to cut costs in the early days in order to a create sustainable long term business model.

5 You only need one great idea

There’s a lot more to creating a successful business, than simply a great business idea. You also need to do your homework and be prepared to hustle. Survey the market, find out who your competitors are and work on that all important business plan. You need to figure out what it would take to actually turn your great idea into a real business.

6 You have to do everything

Many small businesses start out as a one man-band but they certainly don’t have to stay that way. Even if you can’t afford any full-time staff, you can still get help. Bring on freelancers or contractors to help during busy periods and don’t forget to engage with an accountant to help manage your business finances.

7 You won’t work a day in your life

You may have heard the saying, that once you find your passion, you’ll never work a day in your life. Well that’s a bit of a myth. Although your enthusiasm for your own business will take you far, there is still a lot of hard work involved in getting a business off the ground – and sometimes it just will feel like work.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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