Home Others Startup Business Myths You Should Know

Startup Business Myths You Should Know

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We all know that starting a business is not that simple. Other than thinking about the things we need to know and to prepare, there is the constant anxiety that maybe you might not get to start the work on time.

It is even made worse when you are suddenly thrust with paperwork. For instance, contracts and documents you need to prepare to register your company as a legitimate business. Good thing, services like InfoTrack’s electronic contract for sale is available for business owners. It allows you to easily order important documents, edit certain contract clauses, and then upload for signing. Plus, it is definitely one problem ticked off the checklist.

But what about other startup business problems? Well, you will be happy to know that some of these are myths that can hinder you in continuing with your venture. Here, let us take a look at some of them:

Myth 1: You will need plenty of capital.

Contrary to what most people think, you do not actually need a big capital to start a business. Yes, you will still need to shell out money to start operating, but there are ways to make a lean start up business.

One of the things you can do is to micro test your product or service in small batches. This is the best way to get your business going without spending too much or shocking you with sales numbers. Do it slow and steady, and you will get to your numbers eventually.

Myth 2: You should start a business at the right time.

The question here is really: when is the best time to start a business? Is it when you still have a full-time job? Makes sense because you will at least have a fall-back. Is it when you still have a lot of funds to use while you are perfecting your product or service? Well, we did just say you can test them incrementally.

The thing is, right now is the best time to start. Some companies, like Microsoft, were founded during bad periods like the recession. So there really is no perfect time to start, better do it now.

Myth 3: You need to be fully prepared and have detailed plans.

Part of what delays your progress is your need to prepare a detailed business plan. That is all well and good, but you do not actually need one that is fully detailed.

Young entrepreneurs sometimes burden themselves for months to create the perfect business plan. The thing is, markets change constantly, so the months you spent on that plan could have been used for jump starting your business already. The best thing to do is to enumerate bullet points, goals you want to achieve for a short duration of time. Give yourself 3 months and then re-evaluate if you need to tick off some or add more.

Myth 4: You need to have the most innovative product.

Most entrepreneurs nowadays think outside of the box, so it is understandable why some people labour to think of new and innovative products or services. But truthfully, instead of trying to develop the coolest product, you should just ask yourself if someone will actually buy them.

Regardless of how cool or innovative it is, if it is not sellable, then it is completely useless to be the only duck in the pond.

Myth 5: You will have to hire employees.

The overhead costs will be expensive if you hire staff immediately after starting your business. But you also should not take all the tasks for yourself. The best way to remedy this is to get freelancers who are willing to work for you. Virtual work mates are becoming the norm lately, mostly because it is cost effective and they are always online ready to give updates.

Consider delegating the tasks to freelancers, at least until you have the funds to hire more than just your relatives to work with you.

These myths have been debunked by some of the leading businesses in different industries. While some things may not apply to a lot of people, it might comfort you to know that you will always have time to study your material and test things out.

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