5 Business Ownership Myths Debunked

People often have preconceived ideas about what it is like to run your own business. Some are convinced business ownership is a route to freedom and financial success. Others assume it’s not for them, believing that running a business is reserved for those who are naturally entrepreneurial, have heaps of management experience, or are prepared to take risks.

The truth is that every experience is different and no two businesses or their owners are the same. We take a look at some of the common misconceptions about business ownership and why things aren’t always as they seem.

Myth 1

You need capital or investors behind you

This might be true for some businesses but not all. Some of the biggest businesses on the planet were started by just one cash-strapped individual from their garage or a spare room.

For businesses needing to generate cashflow quickly, we’d highly recommend looking at invoice financing or invoice discounting which gives you the ability to access funds from invoices immediately, keeping your cash flow healthy.

Myth 2

To start a business, you need a new idea

New ideas are great, but you know the saying, “if it ain’t broke…’. The truth is that most new businesses are based on something that has been done before but is launched in the belief that it can be done better, cheaper, or faster. It’s all about standing out from the competition, finding your USP, or offering a more competitive or attractive deal.

Myth 3

Business owners have more free time

Some do and some definitely don’t! It’s not unusual for business owners to work evenings and weekends, particularly in the start-up phase or when the business faces challenges.

But what business owners undoubtedly do have more of is autonomy. Without managers dictating your hours, being your own boss means you can make decisions about how and when you work. For many, simply knowing you can leave work early to pick up children from school or having the flexibility to take time off is priceless, even if it means catching up on work some other time.

Myth 4

Business owners are in control of everything

Different circumstances will affect different industries but when running your own business, it’s important to understand that there are external factors which are outside your control. The most any business owner can do is to know the risks and make sure you are prepared!

Myth 5

Business owners have to do everything themselves

Repeat after me – No founder has to do absolutely everything! Even if you run your business single-handedly, identifying where you need help early on can have a huge impact on success and efficiency.

This might mean either appointing staff or, often the more feasible option, outsourcing to external service providers. Back-office support, such as Zodeq 360, is available to help recruitment businesses with admin tasks such as invoicing, credit control and payroll – leaving you free to run your business.

If you’re considering branching out on your own, then get in touch to find out more about how Zodeq can support you!

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