A while ago, I read an interesting fact on Inc.com. The author was saying that around two-thirds of people under 30 wanted to start their own businesses.
It suggests that many people see a business as the best route to freedom. And, I believe that it truly is.
But, look around you. How many people do you see with their own businesses? Not that many, right? There’s a reason for that.
The main reason is that there are a lot of myths surrounding the topic, and many people (mostly those who do not already own a profitable business) will try to dissuade you from trying a new venture.
While everyone’s adventure is going to be very different, let me try to debunk five of the most common myths about having your own business.
1. YOU HAVE TO WORK 24/7.
Yes, I do work more than most people. And yes, I do work on weekends sometimes. But I definitely don’t work all the time. I do spend a lot of time with my family.
In fact, I can argue that I spend more time with my two-year-old son than many full-time employees. How? Well, first I don’t have to wake up at 6 a.m and leave the house while my kid is still sleeping. I get to wake up with him at around 8 a.m. and help him wash, brush his teeth, and feed him his breakfast. I also get to drive him to his nursery which is 20 minutes away.
The truth is that with a business, you can choose how much you want to work. I honestly enjoy the work that I do, and for me, it does not even feel like work.
Another case in point, last December I got to spend two full months in London with my family. Now, that’s something you can’t do with a full-time job!
2. YOU NEED TO HAVE A LOT OF MONEY.
Actually, you don’t need much money at all. If you’re dedicated and creative, you can start any business for almost free. To register as a personal business in Mauritius, you only need Rs 125, that’s if you’re doing a service business. If you are actually selling products, you’ll also need to get a trade license from your municipality or district council for around Rs 7,000 per year. Right now, let’s focus on service businesses because this is what’s most profitable anyways.
When you are just starting out, you don’t need anything fancy. You don’t need a website, business cards, logo, employees, etc… You just need your idea, your skill, and clients.
3. YOU NEED EMPLOYEES.
Employees are expensive. They are hard to manage, cost a lot to maintain, and worst of all, they can leave at any time. When you need help in your business, you can always outsource to other companies or hire freelancers.
For example, I’m always needing writers for my clients’ articles, hiring a full-time can seem very appealing and cost-effective in the short run, but if I’m honest with myself there are many downsides to hiring.
One of the hardest is firing employees when you no longer need their services. So, instead of worrying about needing to hire employees, you instead need to identify other people who can help you grow your business.
4. YOU NEED TO KNOW EVERYTHING.
Simply, you don’t. I’ve probably said it multiple times already, you only need I idea and dedication. You will learn everything you need on the job. There are hundreds of examples of people who made it big without technical knowledge. You can learn any skill, and you can learn them easily in this day and age.
Let’s say for example you want to be a professional copy editor, you can learn the skills needed fairly cheaply on Udemy.com or you can even do it for free if you prefer to spend time rather than money.
5. YOU NEED TO START YOUR BUSINESS AT THE APPROPRIATE TIME.
Another lie. The best time to start your business was a few years ago, and the next best time is right now.
You can at least start the ideation process, and then gradually move to the next steps.