2017-03-01 00:00:00 Starting a Business English Find out some common myths about starting a business and the realities of being your own boss before you quit your day job. https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/A-Woman-Starting-Her-Own-Business.jpg https://quickbooks.intuit.com/ca/resources/starting-business/5-myths-starting-own-business/ 5 Myths to Starting Your Own Business

5 Myths to Starting Your Own Business

2 min read

Many people have dreamed at some point or other of running their own business. You hear that starting a business, particularly an online business, is easy, and you can’t wait to quit your day job and start your own. Before you take the leap, it is necessary to understand the myths and realities of being your own boss.

You Will Have More Leisure Time

Some people start their own business because they want to have more time for the things they enjoy. Well, don’t count on it. When you work for someone else, you receive a salary regardless of how well the company is doing. Running your own business means you are now responsible for generating revenue, marketing your products, and growing your business. You are essentially working multiple jobs. Therefore, it’s more than likely you will have to work long nights and even weekends during the startup phase of your business.

Passion is Essential

It is a fallacy that you need to be passionate about your product or service to start a business. What makes your business successful is people wanting your products who are willing to hand over their hard cash for them. You can be as passionate as you like, but if your potential customers don’t like what you have to offer, your business will fail.

Success Comes Easily

Some people think that since they are good at their jobs, they are bound to be successful when they start their own business. This is not true at all. Just because you are a successful salesperson doesn’t make you a good sales manager. The skill set needed is entirely different. When starting a business, you need to be more than good at what you do. You need to have a plan for where your business is going and how you can take it there.

You Will Make a Lot of Money

Success doesn’t happen overnight. Consider yourself lucky if it happens within the first year of starting your own business. As a business owner, the cash flow of your new business is a high priority. If you have employees, you also need to make sure they get paid before you pay yourself. Don’t be surprised if you find yourself without an income for a few months.

All You Need Is an Idea

You may hear of people starting mega corporations with a single great idea and no business plan. That may be true for some people, but it happens few and far between. Starting a business is as much an emotional decision as a practical one. Tempering emotion with reality is the purpose of a business plan. It forces you to think about the product or service you intend to offer, target markets, competition, and pricing, and most importantly, how you will survive the startup period when you are spending more than you are making. Starting a business is a great leap of faith. The trick is in starting well and splitting the signal from all the noise you hear.

References & Resources

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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