Starting your own business is extremely appealing for a lot of reasons. Being your own boss, running things the way you want to, and doing something you love are key reasons why people seriously consider making the immense investment in time and money — and taking on the significant risk of failure. This risk can be minimized if you actually know what you’re getting yourself into.
This is a guest post by Joseph Gustav.
Here are 5 common misconceptions of starting your own business with a dose of reality to clear up any confusion.
1. If I have my own business I won’t have to work as much.
That is completely false, especially when getting your idea off the ground — and turning it into profit. Expect longer hours, more tasks, and in all likelihood more headaches than when working under someone else. Even if you have staff, you still have to set them on the right course, deal with payroll, hiring and management, etc., etc.
2. I’ll be able to set my own hours and create my own schedule.
To some extent that is true, but a business’ priorities lie with customers and clients. You, and your business, have to be there for them. And as head of a business, you have to be there for your employees as well, ready to assist at all times in any way necessary to keep your business running well. Running an online-based business allows some more flexibility, however stay focused and practice good time management rules is a must.
3. It will be easy to attract investors and customers to my business.
Unfortunately, there’s a lot of competition out there for peoples’ dollars, whether those dollars be from investors or customers. You have to sell to both of these groups, and often, there is no such thing as an easy sell. Be prepared for some slow (and low on revenue) times and be prepared for lots of “no”s. To make yourself more attractive to investors and customers, just be prepared: have a polished, well-thought out plan to present to potential investors and have an equally thoughtful and high-quality product available for potential customers and clients.
4. The books will be easy.
Taxes, payroll, and money management can be difficult. There are a lot of numbers to keep track of and (hopefully) a lot of money to be accounted for. Make it easier on yourself, if you have the retargets, by getting an accountant and Human Retargets personnel.
5. Business owners are rich and someday I will be too.
It’s a nice thought but the reality is that many business owners are just scraping by, hoping to keep their business and personal finances just barely in the black. Sacrifices will be necessary until the business becomes profitable, and unfortunately, many businesses never do. Starting your own business can be an incredibly rewarding and exciting venture, but it takes a lot of hard work and does not always lead to equal rewards.
A very interesting video on entrepreneurship you might enjoy:
About the Guest Post Author:
Joseph Gustav is a guest blogger for Pounding the Pavement, an up-and-coming outlet for career-oriented expression. An ambitious freelancer, Mr. Gustav also contributes articles on career for Guide to Career Education.