There are myths galore about starting a new business. You might imagine that you can only start your own company if you are young or you have a business degree, or you may have heard that most new businesses do not make it past their first year. These and other myths or over-simplifications can leave you afraid to pull the trigger on launching your own venture, so the sooner you dispel as many of them as possible the better.
You Need a Lot of Money
Of course, if your idea is something that involves a lot of equipment or inventory before you can even get started, this may be true, but the truth is that you can start a business with a little, a lot or virtually no money. You don’t have to have access to venture capital either. There are a number of ways you can get some money to help, including with an Accion small business loan. One advantage of this type of loan is that it is available in a range of sizes and offers you access to other benefits as well, including access to coaching, educational resources and more.
You Can’t Work at the Same Time
Getting a loan is one thing, but how will you support yourself and perhaps a family as well until your new venture is turning a steady profit? While there is mindset differences between entrepreneurs and employees, one way many people get around this is by starting when they are still employed. This won’t work for everyone as you’ll need to make sure your contract doesn’t forbid it, and of course, it will need to be something you can do around your usual work hours. However, when you have a reliable income can be the best time of all to get your idea off the ground.
You Need to Work All the Time
A corollary to the belief that you can’t work at your regular full-time job is the idea that you must live and breathe your business 24/7/365. While it’s true that running your own company is hard work–you’ll probably work harder at it than you have at anything in your life before–burnout doesn’t help anyone succeed. You’ll work long hours, but you do need to include some work/life balance so that you can maintain the energy levels that you need. There’s also no point in running your own company if it makes you miserable.
Success Early on Means Long-Term Success
If you strike it big early on, good for you, however, as is the case with most things, this is the result of a mixture of hard work and luck, so don’t get complacent if business is booming right out of the gate. By the same principle, don’t be discouraged if you have a slow start. Pay attention to what’s going right and what isn’t, make adjustments if you need to and be persistent. Planning ahead for slow times and having some cash on reserve can get you through these periods until things pick up.