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Misconceptions Of Setting Up A Business

Once you’ve made the decision to start a business, it’s easy to get carried away in the flow of things and having grand ideas about what it’s going to be like being your own boss and working your own hours.

While it’s great to have these ideas and be inspired by them, it’s important to remember that there is a less glamorous side to running a business. So let’s delve into some of the misconceptions that surround setting up a business.

An idea is the same as having a business plan

It’s a common mistake to make, you have an idea about what your business is going to be doing and the direction you want it to go in, therefore you have a business plan.

However, having a vague idea isn’t always enough. Your business plan needs to be scalable, achievable, and measurable. So if you want to give your business a good chance at success, you need to take care in the planning stage and make sure you fully understand the direction you want your business to go in.

It’s not a real job

You may be working from your bedroom and not doing a daily commute, but that doesn’t mean your job is any less real. At the end of the day, you have to provide a service to your clients and if that means you need to work 12 hours a day to get it done, then that’s what you have to do. Changing your mindset is half the battle to making it real.

I can set my own hours

Generally, yes, you can now work whenever you want to throughout the day; but remember, your clients are probably working 9-5. So if you’re working when your clients are off, you’re not going to be able to build a close relationship with them. So while having the odd lie-in and late night working may seem like the ideal life, try and keep it to only an occasional thing.

I’m not the right age to start a business

As long as you have a solid business plan in place and you know the direction you want to go, age is just a number. However, in the UK, you do have to be a minimum of 16 years old before you can become a company director.

I know enough about the market I’m in

You might think that market research doesn’t matter because the individuals involved will only tell you what you want to hear. This can be true if you’re asking family and friends, but what if you’re asking the general public? They have no ties to you and are more likely to tell you what they really think. Also, try to seek out other people in the same industry as you, they may be willing to share valuable insights about what people will expect from you.

It’s all about the sales

When you start a business, those first few sales are crucial, but if you come preoccupied with focusing on sales you can quickly become overwhelmed with the number of orders you are taking.

You need to have a sales strategy in place that includes elements such as the ability to cross-sell and keep track of your sales. You also need to be able to keep track of what you can and cannot handle when it comes to sales volumes.

It worked! Now let’s try another idea

You may feel the need to rush into different areas and diversify your business as soon as you have found success with one thing. But if you move too quickly, you can end up taking your eye off the core purpose of the business. This is risky to do especially if you’re only just starting out.

Any time you want to grow the business, or venture out into other directions, you need to make sure it’s done slowly and steadily, making sure you’re always focussing on the core of the business and what made you a success in the first place.

And that’s it

We’ve explored some of the misconceptions there are around starting a business, and now that you know what they are you can work on avoiding them.

You just have to know what you’re good at and stick to it and soon your business will be a success.

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