Three Common Small Business Misconceptions
It’s no secret that starting a business is hard work. However, entrepreneurship has become something of a trend in recent years. Hashtags like #Boss, #Hustle, and #GirlBoss are popping up everywhere across social media and beyond. Suddenly, people everywhere are ditching their 9-5 and starting their own businesses for better or worse.
However, even though more businesses than ever are starting nowadays, it’s harder than ever to grow a successful business. Starting a busy isn’t as simple as calling yourself an entrepreneur. Not only is it more competitive than ever before, but capital doesn’t come as easily as you might think based on all the Facebook ads promising you can get-rich-quick if you just do this “one secret.”
There are a lot of misconceptions about small business today. We have those same “influencers” and so-called entrepreneur gurus to blame for this blatant lack of information. In this article, we’re going to break down some of the top misconceptions about running a small business.
1. You Don’t Need Any Help
The first biggest misconception is the idea that you can do it alone. While there are many inspiring stories of people who got their start all on their own, don’t make the mistake of thinking owning a business is a one-man (or one-woman) sport. It’s not.
You don’t need to do everything on your own. In fact, we’d recommend you not try to do everything on your own. Like every other human being, you have your own strengths and weaknesses. Maybe you’re good at finance and working with numbers but marketing might as well be a foreign language. Maybe you need help designing a brand that speaks to your goals.
Whatever you’re trying to do, you shouldn’t be afraid to get help. Thanks to the rise of the freelancer movement, it’s easier than ever to find affordable assistance and consulting at just the right level for you.
Don’t need someone there 24/7 helping you file paperwork? Not a problem, just hire a virtual assistant for a few hours a week. Need help creating a logo that doesn’t look cheap? Hire a freelance designer to get it done for you. You don’t have to be in this game alone.
2. Health Insurance Doesn’t Matter
Here’s a big misconception that’s also a bit dangerous. When you’re self-employed, you have to find your own way to get health insurance. Thanks to federal programs like the Affordable Care Act, this isn’t impossible, but it certainly isn’t simple. Browsing health insurance companies is not to be taken lightly, and you can’t put it off.
Similarly, if you have employees, you’ll want to consider a way to provide coverage for them as well. Including benefits for yourself and your employees is a must. The cost of not having insurance today is too high to risk going without coverage, no matter how healthy you think you or your employees are.
Self-employment and small business benefits aren’t easy, but they’re also not the confusing puzzle they’re made out to be. If you’re not sure where to start, contact an insurance broker to navigate this process with you. It truly is life or death.
3. You Have Unlimited Freedom
There is a thrill that comes with setting your own hours. This is what makes so many people choose self-employment as the way forward. However, don’t make the mistake of thinking that building your own business will suddenly give you all of your time back. While you might not be working 9-5, you’ll still be working. Odds are, if you’re like most new entrepreneurs, you’ll be putting in even more hours than you were before.
You have to run incredibly hard to start a business. You’ll likely spend evenings, weekends, and holidays working. If you don’t love what you do, this isn’t going to work. However, if you’re dedicated to making it work, eventually it will pay off in the form of success.
Understanding the Reality of Small Business
Owning a small business is an exciting opportunity, and now is the best time to start your own business. Yet, don’t fall into any of the false mindsets above. There is a lot of hype about the business world online. It’s easy to believe everything is sunshine and rainbows when you haven’t experienced it yourself.
If you’re ready to work hard and put in the hours, you can make your small business a success. Don’t expect anything to work magically overnight. Also, don’t be afraid to go that extra mile for things like health insurance. It’s these small details that add security to your business.