Owning your own business…are you buying into one of these top 10 myths?

Owning a business can be great, as long as you go in with your eyes open but there are a lot of common misconceptions – here are some of them:

Myth 1. I’ll be my own boss.
Wrong. Unless you know how to do otherwise, you will work as you did in your last job, only this time your customers will become your boss, and can hire and fire you like any corporate superior.

Myth 2. I’ll have more free time.
No. You’ll likely work more hours until your business is ready to thrive without you.

Myth 3. It’s just me…I don’t need a business plan.
Wrong. Every business needs a plan. Running a business without one is like operating heavy machinery with your fingers crossed behind your back.

Myth 4. I can do it all myself.
This is the quickest route to burnout and business implosion. You might be able to do all the technical work yourself, but you will burn yourself out and run out of hours in the day to do the more important work of building a business. Build yourself a team.

Myth 5. If I do good work, I’ll be successful.
True only if people know about it! You will also need to develop a sound marketing strategy; one which will determine whether your business sinks or swims.

Myth 6. I’ll make more money.
This is not a given. You may gross more, but you’ve also got to cover expenses you didn’t even think about when you were an employee, and often put in a lot more time.

Myth 7. I’ll have more control over things.
Perhaps. But between client needs and economic trends, you may not have as much control as you thought. Once again, you need a plan for growth as well as a plan to deal with market and competitive shifts.

Myth 8. Bigger is always better.
Not necessarily if you don’t know how to lead , manage and delegate. An efficient microbusiness can sometimes be better and give you more of the lifestyle you want than a large and cumbersome business that is only just making it.

Myth 9. I should work doing what I love.
By all means. Love your work. But just because you love making jewellery or doing some carpentry doesn’t mean that this is the right business for you. Become passionate about running a business that does that thing.

Myth 10. It’s too hard.
Owning a business takes dedication, persistence and lots of work. But with the right support and planning, it can be rewarding.

Don’t let this put you off.  Knowing what the myths are is more than half the battle and allows you to take the right steps  to creating and building a fabulous business that works for you – not the other way around.

Until next time…

P.S. Learn more about working ON your business with my FREE eBook! Get it HERE!