10 Myths About Starting Your Own Business
Many solo entrepreneurs believe certain things about
starting their own business that are just not true.
Continuing to believe in these myths can lead you down the path to destruction.
Here are some of them:
1. I Don't Need a Business Plan If It's Just For Me
Would you go on a trip without a plan? Would you get married without a
plan? Plans are good. A plan will help you get focused and stay that way.
A good business plan will help you to think through all the aspects of
your business and see you on your way to success.
2. I'll Have to Invest in Expensive Software to Get a Good Business Plan
Software may help, but you dont need it. How do you think all those businessmen
succeeded before the invention of the computer? Get it down on paper if
you have to.
3. I'll Need a Consultant to Prepare My Business Plan
You are the one who knows what you are going to do. If not, then all the
consultants in the world can't help you. Try a coach or mentor to guide
you, rather than do things for you.
4. If I Don't Accomplish Everything Set Out in My Business Plan, I'm a
Failure
Sometimes detours or changes can be beneficial to your long-distance plan.
Don't sweat over the small stuff.
5. My Business Plan Must be Typed With a Professional Looking Cover
You can write it in hieroglyphics on the wall so long as you can understand
it and access it when you need to.
6. I Only Need a Business Plan If I'm Getting a Loan
Would you invest in any business without seeing a prospectus? You'll be
investing in this one! Just do a budget and run it by your accountant.
7. My Business Plan Is In My Head - That Will Do
But can you remember it? Can your friends give you advice by reading your
mind? Can your accountant?
8. I Need Expensive Book-Keeping Software
Most small businesses don't need anything more than a simple spreadsheet
with the appropriate columns set out. An accountant will usually give
you free advice on how to go about it.
9 . I Need To Have Everything Just Right Before I Start
If you wait that long you may never start! Review and fix as you go. Just
make sure the major points are as good as they can be.
10. The Best Advice is Free
Could a city man tell a farmer how to run his farm? Always seek advice
from people who are successfully doing what you are looking to do (e.g,
get book-keeping advice from a book-keeper, investment advice from an
investor, etc).
NEVER take advice from someone who has no first-hand experience
in what they are talking about!
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to your own life, building your business and buying assets that set
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