Don’t you just love the thought of being an entrepreneur? What could be more fun than being your own boss and kicking that 9 to 5 routine, working just about when you when to, taking a day off on a whim, spending quality time with your family and friends! Do you think? Well, the grass is always greener on the other side. And on this side, it definitely is; provided you cross over with your eyes open.
Let us go through some of the most common myths and learn why you are better off keeping your eyes open.
Myth # 1) Small businesses are widely supported by government funding and venture capitalists -
Sure, the state government has set aside funds for small businesses. But this funding is limited. And it is targeted at special types of businesses, a specific group of people and even to encourage businesses in specific regions or geographies! All these are special eligibility criteria and you are expected to meet them before you can apply for these grants. You may have a great business idea. But that in itself is not good enough to attract interest from Venture Capitalists. To back up a great business idea, you shall need to substantiate your proposal with a great business plan. Also, you shall be required to outline a plausible strategy to fuel the growth potential of your proposed venture.
Myth # 2) Small startups do not need business plans -
Any business needs a Business Plan to get started. Why is it important? A Business Plan helps you pen your ideas about the business and make it work on paper. It helps you uncover potential problem areas and address them before you get into the real work arena. It also helps you learn more about your business by forcing you to research on the subject matter.
Myth # 3) I will save a lot on expenses and taxes -
This is not entirely true. All business have their specific set of expenses. And you cannot get a rebate on all of them. While a few home based businesses can claim tax breaks, you cannot add your electricity bill or cable expenses to the list! You are only allowed to claim a legitimate part of reasonable business expenses and a small percentage of your home expenses backed with proof of use for business.
Myth # 4) I will have all the free time in the world!-
No can do! Sure, you will be able to take advantage of flexible work hours and take your dog to the vet! But being an entrepreneur is a full time job! It requires focus and dedication and maybe even extra hours of work, especially in the first few years as you try to get the business on its feet. And the returns may not always justify the effort you put in. Very few business owners will agree that they can take off for that game of tennis at any given time.
Small business myths are so wonderfully appealing, and so believable that we rarely stop to think twice. There are benefits to having your own small business, but be aware of the realities of owning your own business – talk to others who have owned their own small businesses for a while and research how to own and grow your own small business before starting it.
Posts Tagged ‘Revealed’
4 Small Business Myths Revealed and Squashed
December 28th, 2009Now Revealed! How to get Small Business Startup Loans
December 11th, 2009Starting up a business is a big daydreamfor many people. To get ready to embark on your business however, takes time, preparedness, patience and hard work. So, you have your idea ready and you have done your market research. Some people may have savings or family donations that they may be tempted to use. This is not always wise, however, as it’s not a good judgment to diminishany backup funding you may have. Another place to consider for funding can be a small business startup loan. However, an often left out source of funding instead of a small business startup loan might be a federal grant for business owners. A grant is much better than a small business startup loan because they can be very accessible to get hold of, especially for minorities. Here’s an example, there are some agencies that offer just small business grants for women. Also, some places may have a special offer for people that are looking for a small business startup loan or grant in particular areas. Furthermore, there can be agencies that specialize small business startup loans and/or grants for minorities or those wishing to start much-needed businesses. You will {need to do your homework|want to be prepared with information about your area before applying for your grant, as the agencies that will be responsible for approving your startup loan or grant will want to know that you have put thought and effort into your plans. To check if you can get a small business startup loan, or even better, a grant that will not have to be repaid, visit this site and answer their few questions. They will pre-evaluate your situation and check to see if you can qualify and can even offer some advisement to starting entrepreneurs. After you have obtained your grant (you can get started with the link above), you are ready to begin on your business. Having your own business can really be the most gratifying occurrence of your life. Small Business Startup Loan and Grant Information – Click here!
