The business world is full of myths, so this one’s for you if you are starting your online business. When starting your business, it can be confusing. You have questions about what you need to do and how to do it. I often hear myths about starting an online business, and each time, I want to give new business owners so many examples of successful companies.
First, I want you to know that it’s better done than perfect! Your journey will be fun, exciting, and sometimes scary, but believe me, the journey is worth it.
You probably hear many myths about getting clients and making money as a new business owner. These myths could be holding you back from creating a successful online business… so to help you get started, here are the eight business myths I commonly see new businesswomen believing.
Myth #1 You need a lot of money to start a business
Many successful businesses have been created with limited financial resources. For instance, In 1976, Steve Jobs and Steve Wozniak started Apple with $1,500 in their pocket and built computers in a borrowed garage. If you need help planning your business budget and have a tiny budget to kickstart your journey, here’s where to spend it!
Myth #2: YOU ARE TO OLD OR TO YOUNG TO START A BUSINESS
I often hear, “I am either too old or too young.” You can start your business at any age and at different stages of life. The youngest will tell you that starting a business early in your career is good because it leaves a lot of time in front of you.
Older entrepreneurs can use their experience to start, grow and prosper their new businesses. Start your journey when YOU are ready! Your WHY is related to you and YOU only.
Myth #3: You have to be a huge risk-taker
You don’t have to feel like jumping off into the unknown to launch your business. You can take steps to determine if your idea has potential customers ready to buy your offering and develop a business plan and financial projections.
If you are ambitious and believe in your idea, the greatest risk is missing out on a once-in-a-lifetime opportunity and having regrets.
J.K. Rowling offered a profound lesson during a Harvard Commencement speech: “You might never fail on the scale I did, but some failure in life is inevitable. It is impossible to live without failing at something unless you live so cautiously that you might as well not have lived at all—in which case you fail by default.”
Myth #4: You have to quit your job before starting an online business
Side businesses are a good thing, as they test the long-term prospects of your business while maintaining your safety net. You don’t have to quit your job to start an online business. Taking the time to put everything in place and be able to generate enough money is the first thing you should do, and then you can ditch your 9-5 job when the time comes.
Pick your schedule and find a balance so you have enough time to devote to your side hustle and your 9-5 job. Remember, you still need to benefit from a good night’s sleep (sleep needs can vary from person to person, but experts recommend that healthy adults get an average of 7 to 9 hours per night).
Myth #5: Finding clients will be easy
A business needs more than one day to grow. You can have a fantastic service or a beautiful product to sell, but if no one needs it, it will lead to zero sales. But does all your ICA (Ideal Customer or Community Avatar) know about your offering? No matter the type of business you’re in, you need to be able to market and sell your products/services.
Since I started my business as a business coach, I have seen many business owners quit because they’re not booking any clients. WHY? They don’t know how to FIND clients! Finding clients is an entirely different skill; you need to learn how to market your offering.
You likely already have the skills and desire to be a business owner, but If you need help with your marketing strategy and need to learn how to find clients when starting an online business, let’s chat about it!
My online business has a constant stream of revenue that allows me to travel the world and work from wherever there is WiFi.
Myth #6: You must have everything ready before you start selling
You don’t have to have everything sorted out to book your first client. For example, you might feel like you need an onboarding process planned out before taking on your first client. But you don’t need your exact onboarding package figured out.
WHY? Even if you’ve all figured it out, you’ll likely change parts of it once you have your first client! You’ll realize things didn’t work how you wanted them to, or you’ll see how they could be done better. My advice is to figure out the process with your first client and then create templates that will be helpful next time.
Myth #7 RUNNING YOUR OWN BUSINESS WILL GIVE YOU MORE FREE TIME
It’s a nice picture… golfing at 2 PM on a Tuesday or taking a glass of your favorite drink on a Friday afternoon while making $150,000/year and working 10 hours per week…
Unfortunately, it’s a long way from reality! While successful business owners can find more free time as the business grows, they often spend 60-80 hours per week trying to get everything off the ground in the early stages. And this is not only for the first few months… this can continue for many years until you can afford to hire employees and feel comfortable enough and successful enough to delegate.
Myth #8 PROFITS ARE THE OWNER’S SALARY
If you own a successful business, you will earn more than an employee. But be careful not to take all the profits for your salary. To remain profitable and achieve long-term success, your businesses must grow… and to grow, you must re-invest a proportion of your profits into your business to enable this growth to occur. When we start generating profits, it’s easy to take it all as a salary.
There are no doubts you need to pay yourself but think long-term and establish the percentage you will keep and re-invest each year.
The business world is full of myths. But don’t get confused; for each myth holding you back from creating a successful online business, there is a solution! Being able to know what to expect as a new business owner is great, but don’t take someone else journey guides your decisions!
Any other myths you’ve heard and you’d like to discuss? Let me know!
Cheers to your next level of success! 🥂
PS: Each of us has a different priority list in life. How do you define success? Remember, as Tony Gaskin puts it perfectly, “If you don’t build your dream, someone will hire you to help build theirs.”