Wouldn’t you love to work from home, in bed and having more free time? Work for ourselves and get paid to do what we love? We know we would! These are just some of the misconceptions that come with being a small business owner. Take a look at some of the things we think business owners don’t go through.

  1. Small business owners have all the time in the world

This is probably the biggest preconceived idea of when it comes to small business owners. Sure, small business owners have get to pick their business working hours but that doesn’t mean that they necessarily have more time. Being a small business owner means that you need to put in the work to get your business up and running. Weekends, holidays and evenings are all dedicated to working

  1. Funding is the only way to kick start your business

Having a huge pile of money doesn’t necessarily mean that is the answer to what your business needs. Borrowing money from external forces can actually damage the business. Bootstrapping your business might be a better idea. Bootstrapping is a business term referred to the skills and resources of the owner who needs to be ‘everything to everybody’ until revenue provides the funds to invest in staff and other resources.

  1. Planning is a waste of time

Planning is easily the most important part of the business. It doesn’t matter where you are in the business lifeline, you need to have a business plan highlighting all the aspects in the business. Aspects such as marketing and sales to the legal setup and employees.

  1. Marketing isn’t necessary

A very untrue statement, that is. Marketing is the visible branding in your company. Social media marketing is one aspect to get the word out of your business quickly. Be aware of negative feedback on this platform though. It can be detrimental to the business.

  1. Determination always equals success

We can work really hard at something and believe whole heartedly in your business. That doesn’t mean your business won’t fail. Prosperity isn’t always the answer we get.