Have you ever thought of owning your own business? Most get discouraged just thinking about it. Will you be able to do this? If you fall under the category of dreamers then you think it will be easy. The truth is somewhere in the middle. I for one wanted to own my own business because I thought I had a great idea and a product that could help people. What more if we can offer outstanding customer service and great rates for it, it would be something that could benefit everyone. Now, let’s uncover the myth’s of owning your own business…
I get to be my own boss and I don’t have to listen to anyone.
While you do get to be your own boss there are times when you do have to listen to people.. your customers. Your customers ultimately are a major deciding factor of what your business will be like, when and how.
I get to do whatever I want.
Usually business people adhere to a certain code of ethics. Often there is a code of ethics that exists in your line of business (i.e. lawyers, paralegals or in medicinal fields). So while you can decide how you run your business you can not exactly do what you want if it entails harming others or conducting bad business as it will hurt the your business as a whole. Moreover, you can end up with many lawsuits on your hands and your name all over scammer reports on the web.
People that own businesses hardly have to work.
Contrary to the old fable that owning your own business is no work at all, it is actually more work at first, than pay. The rewards are limitless though. Of course, you build a team and work in the right direction and as a tree grows so will your business.
I can get funded and begin a business
Unless you are already friends with some pretty good investors, funding might have to come out of your own pocket initially. Investors want to see that you can do it first and then they will also put money into your cause. For the most part, banks will want a up front collateral to lend you anything, unless you have been in business for two years, as a standard. Furthermore, if you borrow money at the beginning and have no customers, no money coming in to the business and no cash saved how will you pay your lenders. This is another reason the majority of business owners go out of business before the second year. Plan ahead start off small and build, that way you can still work and begin blossoming your business and not be in a debt crisis. Also, get a marketing plan and business plan first. Why? Because this will reveal to you the answers necessary for your success, such as: Is there a growing need for this product/service/business/idea? Will there be a need for this in the future? Who will I market this product/service/business to? Where? Smart business owners think of an idea and get a business plan before they go into business that way if the numbers don’t look good for them, they saved a lot of time, money and heartache as they move on to the next idea.
Social Media networking is not for business
Wrong. It’s gotten to the point that most businesses are in almost every social network, whether advertising or not they at least have an account that they post to regularly. In fact, customers expect to see the “follow me on Facebook” or Twitter logo at the bottom of the page. Since many people do NOT like advertising through social media this is where you can be creative and outgoing and talk to your customers on a more personal and down to earth level; this is where you are in the customers playing field, and they know it so it also makes it easier for them to talk to you.
Many people who go into business do not go into business with a realization of what it’s actually like to own a business. Talk to other business owners and take them on as your mentors.
There is no cookie cutter idea. If there is a business that has a model built chances are if you follow in their footsteps you will not be as successful as they were; it’s kind of like a remake of a really good song, it’s never as good as the original.
Come up with some of your own original ideas to give your business your own personal twist. A good thought might be to talk to friends and family that support (notice the word support) your ideas and have some ideas, modifications, or good opinions to give you.
The road to success when owning your own business also leads to financial freedom. Since you own the business you choose your own schedule. With the exception of a few clients in which you may have to work around their schedule.
This article is a means of being prepared for your endeavor and journey ahead. There are many ways to prepare yourself. One of them is through education. Fear subsides with knowledge and is expelled with experience so… move forward. Until next time.