Building and launching your own business is the first step to financial freedom and flexibility. Anytime you are thinking of going into business as a new or seasoned entrepreneur, there are a few myths about the starting steps of a small business that you should keep in mind at all times. When you are familiar with the myths about the starting steps of a small business in any market or industry today, you can ensure you are making the right decisions for the outcome and future you envision for yourself.
1. You Can Get Away With Breaking the Law
One of the biggest myths about starting steps of a small business is that you can get away with breaking the law. Whether you provide IT services or if you sell repairable Corvettes, you will need to launch your business while abiding by and following the law. While some individuals who have not had a business in the past may believe you can break the law as you are getting started, this is simply not the case.
Any entrepreneur or business owner understands the importance of keeping up with payroll taxes, federal taxes, and various contracts, depending on the line of work they are in. Whenever you intend to go into business, it is best to do so once you have retained proper legal counsel by your side. From hiring a business lawyer to working with a law firm that specializes in representing commercial clients, retaining an attorney is highly recommended to ensure you do not break the law at any time while building your business and conducting business on a daily basis.
2. Social Media Should Be Prioritized
Another one of the main starting steps that are myths when building a small business is that social media should be prioritized. While you may require a social media presence at some point or another, it is not always required in order for you to begin garnering clients and building a professional and positive reputation for yourself. Whether you are currently building a cage free dog boarding business or if you want to promote a retail storefront you are managing, you can do so locally and with the use of an official website and third-party search engines, such as Google. Once you have established a basic online presence, you can then turn to social media to maximize your reach and visibility, which is especially important if you intend to reach online users instead of targeting those in your local area or community.
3. Prioritize Money Over Everything
Prioritizing money over everything is one of the myths about the starting steps of a small business that you should always remember and keep in mind. From launching and managing your own dental office to working as a freelance designer, it’s important to ensure you are in the right line of work and not solely focused on generating profits before getting started. When you attempt to prioritize generating revenue and making money over everything else, it will become increasingly difficult to create a successful business entity, even if you are well-versed and experienced in the industry.
Companies and brands that are solely interested in prioritizing money and profit generation will turn away prospective customers and clients who are searching for more than just a money-making entity. Prioritizing the wants and needs of those who have a genuine interest in your brand and the products you currently have to offer can go a long way in building a trusted and reputable reputation, regardless of the type of industry or market you are in. Whenever you are going into business, it is imperative to take the time to consider the wants and needs of your target audience to avoid prioritizing what is not important to them.
4. You Should Outsource Operations
When you are just getting started and covering the starting steps of building a small business, you may immediately think that you will need to outsource your operations. However, this is not always the case. Whether you’re looking to hire a contractor for marketing purposes or if you’re in need of porta potty trailer rentals, you can find local service providers, companies, and independent contractors near you instead of outsourcing to an entirely different country. If you are in need of labor, equipment, or other rentals, you can find everything you need to know about the local options and solutions near you by searching online before making your decision.
Benefits of Hiring Local
Rather than outsourcing your company’s operations, you can choose to hire local professionals and service providers near you in order to save time and in many cases, even money. Choosing to hire locally instead of outsourcing will also demonstrate your commitment to the local community and region you are in, which can help spread the word about your business and all it has to offer. You will appeal to a much wider audience in your community when you take the time to support local service providers and other businesses near you.
5. You Should Set Low Customer Expectations
Another major myth to remember when you’re going into business is that you should set low customer expectations. This is simply not true and can ultimately be extremely harmful and detrimental to your business whether you are offering metal fabrication services or if you run your own towing companies in a large region. When you set low customer expectations, you will allow customers to get away with treating you poorly, disrespecting your property, and even disrespecting your own employees and staff members.
When you are building a business and you’re in charge of the operations, you will want to take the time to consider what type of behavior is appropriate and what is not acceptable in your workplace, even when it comes to communicating with clients and customers. Setting guidelines and boundaries ahead of time will help your employees feel comfortable standing up for themselves or in some cases, even denying service if a customer is treating you poorly. Understanding boundaries can go a long way in creating a safe and appealing work environment, which is essential if you are planning to hire additional employees for your workplace as a business owner at any time.
6. The Customer is Always Right
When it comes time to familiarize yourself with the myths surrounding the starting steps of a small business, it’s important to understand that the customer is not, in fact, always right. Whether you are planning to run your own towing company or a retail storefront in a major metropolitan area, you are likely to run into difficult customers and clients at some point or another. However, setting rules, guidelines, and standards for your business practices ahead of time can make it much easier to handle and address challenging customers who are looking to fight with you or one of your own employees.
While it’s important to deliver great customer service to your customers and clients, you should only feel obligated to do so if you are also being respected in return. If you feel as if you are being disrespected or treated poorly by a customer, you are not required by law to serve them. Setting high standards for your business and place of work will ensure that those who come to see you will respect you or face being turned away and banned from your establishment permanently.
7. A Small Business is Simple
One of the biggest myths surrounding a small business is that operating a small local business is simple and can be done by just about anyone. For those who are working in local well drilling, towing, dentistry, or even IT, running a small business successfully takes plenty of hard work, passion, and a commitment to serving those in a local community, regardless of the city size you are living in and representing. Whenever you are thinking of investing in a small business venture, you will need to do so only after you are familiar with the ins and outs of building and operating a business in your preferred industry.
Tips on Getting Started With a Small Business
Even if you are excited about the prospect of going into business for the first time, you will want to do so by preparing ahead of time. Researching and learning the industry you will be working in is imperative to know what to expect once you begin attracting clients or generating sales and revenue. Familiarizing yourself with accounting and taxes for small businesses in your market is also important to ensure you are making wise financial decisions and investments once you are ready to open your business to the public.
8. Customers Will Always Come to You
A common misconception of small business owners is that customers will always come to you. If you’re in the fence installation industry or if you offer well-drilling services, you will need to know how to go about properly and effectively marketing your services as you establish a professional reputation for yourself and your venture. Knowing how to ensure you outperform your competition is imperative whenever you are entering the world of entrepreneurship as a small business owner.
9. Most Small Businesses Quickly Fail
Another myth to remember is that most small businesses quickly fail. This is simply untrue, especially for those who have conducted market research and understand industry trends at all times. Whether you are building a dumpster rental company or if you are offering niche products for the outdoors, knowing and defining your target audience is the first step to ensuring success along your journey.
The more familiar you become with the ins and outs of your small business industry, the easier it will be for you to set and accomplish your goals. Even if you are building a small business in a highly niche and limited market, you can succeed once you know exactly what it is that your customers are looking for in terms of products, services, or in some cases, even information. Immersing yourself in the market you intend to represent is key to ensuring your success, even if you are going into business for the first time.
10. Small Business Owners Have Plenty of Cash
One of the most important starting steps that are often myths when it comes to starting a small business is that small business owners have plenty of cash to get started. From starting tree removal businesses to launching a remote IT startup, it is not always plausible that all new business owners and entrepreneurs are flush with cash, especially when they are just getting started for the first time on their own. Most often, new business owners will need to take a bit of time to research their options when it comes to accumulating funding and obtaining the financing they require in order to get started.
How to Get Funding for a Small Business
If you want to know how to go about obtaining funding for your small business, you will need to take the time to research the current trends in your preferred market, your credit score, and financial history. In some cases, you may have the ability to apply for a loan via a traditional bank or financial institution, depending on your personal and professional financial decisions. Finding a VC, or venture capitalist, is another way to consider raising funds when you are going into business for the very first time. Angel investors may also be available if you are working in the right industry at the right time, depending on the type of entity you’re interested in pursuing and the demand for the services or products you are planning to offer.
Understanding the myths surrounding the starting steps of building your own small business is essential regardless of the market you are interested in and the industry you intend to pursue. The more familiar you become with various myths surrounding the starting steps of a small business, the less likely you are to encounter hiccups and obstacles that can prevent you from accomplishing any goals you have set along the way. When you’re aware of what to expect as a new business owner or entrepreneur, you can remain ready and prepared at all times for what lies ahead.