There’s no doubt that the internet has made it easier than ever before to start a business. At the same time, there are still plenty of worries, and rightly so.
This is something that could wreak havoc with your finances, and completely kill any free time you have, if things don’t go to plan. On the flip side, get it right and you could transform your life.
Bearing this in mind, let’s take a look at some of the key myths that need debunking for those entrepreneurs which are thinking about taking the plunge.
Myth #1 – You can do everything yourself
At first, it might be easy. After all, it’s “just” an idea and while it might be difficult to balance with everything else going on in your life, you can just about manage it.
However, as things progress the DIY approach simply doesn’t exist. Sure, if you’re doing it full time and don’t have any huge aspirations it is possible, but in general you need outside assistance.
As most people know, taking on employees is a costly business. Fortunately, the number of people looking for part time jobs in central London is extraordinary high, and this makes your plight so much easier. You don’t have to hire permanent staff; you can still go down the specialist route but not enter any long-term commitments.
Myth #2 – You need a brand new product idea
Just because the idea for your business isn’t new, it doesn’t mean to say that you don’t have a chance of succeeding with it. One only has to look at the example of clothes. They have been around since the beginning of time, yet new companies are constantly entering the scene and doing very well in the process.
The big secret is evolution. If you know how you can serve customers better, or find a smaller niche in a wide industry, you don’t have to invent an entirely new product.
Myth #3 – Only certain types of people can start a business
There have been all sorts of studies analysing the types of people who are entrepreneurs, and some of the findings are interesting to say the least. However, while the big world business leaders might share a few common traits, in truth absolutely anyone falls into this category.
A study in 2016 showed that almost 25% of new business owners were aged between 55 and 64. This happened to be the same amount as who fell into the “young” category, meaning that the spread really is far and wide.
Myth #4 – You need investment to get going
There might be umpteen crowdfunding stories doing the rounds these days, but before you start to get excited about all of the investment opportunities, you’ve got to remember that these still make up quite a small portion of the business world. It’s a competitive market, and not everyone is going to get a slice of the pie.
Instead, appreciate that not all businesses need the big investors to get going. Sure, it helps matters, but umpteen businesses get going with just a small initial capital figure and there’s no reason why you can’t do the same, providing your idea is realistic.