For many years, most people have believed that entrepreneurs are just too unconventional or lazy to work a typical 9 to 5 job. However, in recent years, there has been a shift in these beliefs, and it’s easier than ever to start your own business. As a result, many are owning a small business with limitations caused by misconceptions.
If you’re interested in starting a small business in Southeast Wisconsin, let Nolan Accounting manage your finances. We specialize in accounting and bookkeeping tasks, payroll, tax prep, and more. We can help keep your finances on track so that you can focus on other things, like growing your business.
In this article, we’ll go over a few of the common misconceptions people have about owning a small business.
7 Misconceptions
You’ll have more free time
While it’s true that owning a small business allows you to set your own hours and work where you want, this doesn’t necessarily mean more free time. In fact, especially in the beginning, you’ll have less. Even if you’re working outside of the typical 9-to-5, you’ll still need to work hard to keep your business going. Many times, this means that you must give up your nights/weekends.
You’ll need funding
While it’s true that it does take money to make money, this doesn’t mean that you need a lot of it to get started. If you’re waiting around for a cash infusion, you may be waiting for a long time. Therefore, find ways to bootstrap your business. While challenging, it will be well worth it.
A business plan is a waste of time
Many people believe that taking the time to write out a business plan is a waste of precious time. However, the truth is that no matter what type of business you are starting, a business plan is critical. It is what will guide and motivate you, and prevent you from making mistakes. A good business plan offers insights on all areas of your company and, while it doesn’t have to be detailed, it should make sense and be useful to those who will be reading it.
Marketing is pointless
One very critical component of owning a small business that many entrepreneurs fail to see is the importance of marketing. Your business plan should include information about your marketing strategies. There’s much more to it than the advertisements themselves- it’s about making sure that others know about your business. If no one knows about you, then you won’t make any money.
You don’t need a team
Many entrepreneurs believe they must do it all themselves. While this may be true in the very beginning, you will eventually need help from others. This is when you must start delegating the work to employees, freelancers, etc. You may also want to seek advice from a mentor because when you try to do it all yourself, it never ends well.
Everyone takes risks
Most of the “success” stories you hear involve entrepreneurs who sacrificed everything they had to make sure their company was successful. The truth is, this is not the case for everyone. These stories are few and far between and the only reason you hear about them is because they are dramatic. Most of the time, entrepreneurs become successful because they limit their risks, they’re smart, and they make a plan.
If you’re determined, you’ll succeed
If we lived in a perfect world, everyone that was motivated and determined to succeed would. Unfortunately, this isn’t the case. Many times, even when you put all you have into owning a small business, you may fail at some point. While you must be persistent to get started, you must also find the right opportunities, as well as identify and limit your risks as much as possible, to be successful in the long run.
Are You Ready to Get Started?
There are many people who dream of owning a small business. Unfortunately, many of these people have some misconceptions about what it means to be a business owner. If you want to be successful, you must understand what you’re getting yourself into.
One of the best ways to ensure success is to focus on growing your business. You can’t do this if you’re focused on your finances all the time. Trust Nolan Accounting to handle your accounting needs as you work towards growing your business.