5 Myths About Starting A Business

TRANSCRIPT

Hello Ese Eniwumide here and today we're going to be going through and debunking 5 myths that stop so many Mamapreneurs starting their dream business. So let’s dive right in

Myth #1: "It's too EXPENSIVE..."

To start off with the classic number one that I hear more than anything else is “I haven't got any money to start a business.” That's what so many people feel they really, really need to start off their own business - thousands and thousands in investment. Now although there are some businesses that you really need to invest in heavily if you want to start, maybe a restaurant or you want to go into property development and things like that. But there are so many other businesses that you can start with real small investments and starting where you are and growing as you go along.

Things like virtual assistants, things like if you had accountant experience, you could become an accountant or bookkeeper. There are things you can do if you are creative, you can make things and sell them on Etsy, Amazon or eBay. There are so many ideas out there and there are so many ways to get your clients in much more affordable ways than there use to be.

The fact that you feel that maybe investment is holding you back, really look into it because there are so many things that you can do. I'm not going to say it's going to be free. I'm not going to say you're going to be out to start a business with absolutely nothing but you are able to start with little. You don't have to go for the all bells and whistles, sparkling websites that cost hundreds and hundreds to do. You could maybe create your own using something like Squarespace, which I use and I implore because it's so super easy to use and it's only about $12 to $15 a month and that's including the hosting and you being able to design it on there as well.

There are free tools if you want to make graphics - things like Canva and PicMonkey. There are other things which are very minimal investments in terms of email marketing and alike. So it doesn't need to be that expensive when you're starting out.

Myth #2: "I’m waiting for the PERFECT TIMING..."

Everyone is waiting for the perfect timing and this especially applies to a lot of mothers because you do sometimes have young children or children are going through a particular point in their life and you feel that you need to wait for the perfect time, the right time, that's going to come along and just tap you on the shoulder and say, "Hey, I'm your business. Now is the right time." But it just doesn't work like that. You can spend five, ten, fifteen years waiting for this perfect time and it won't always come. There's always going to be another excuse as to why the timing won't be right.

What you have to decide is “do I want this bad enough and am I willing to make the time? Am I willing to watch a little bit less TV and maybe give up Lost and House of Cards? What you need to ask yourself is, “Am I willing to sacrifice a bit more time, maybe go out a bit less and work on my business to make it a success?” That's what you have to ask yourself, looking for ways you can make time rather than excuses as to why you can't.

Myth #3: "I lack BUSINESS EXPERIENCE..."

There are many people who feel that they need to have a business degree, a Masters, an MBA, (not my MBA but an actual MBA) to be able to start their business. That just isn't the case.

There are hundreds of thousands of people who start businesses everyday just like you could with zero business knowledge. The reason why is because the knowledge is out there. You can get a business mentor. You can look into getting a business coach. You can just look things up online, even your local government, your local counsel can have information on how to help you start your business.

There are so many platforms that you use nowadays that they themselves even have in-built tutorials or webinars to get you working and get you started on that business. The idea that you need to be some sort of business whiz, even though yes it would help, is so not necessary and definitely shouldn't deter you from starting your business.

Myth #4: "I need a TEAM..."           

There’s a myth that you need to have a team in place before you can start your business. Then when you think that you need a team in place then you worry about having the finances for this team that you need to have in place. This simply just is not the case. You do not need to have a team in place. You do not need to have a business partner. It's great if you do have support around from friends and family, your spouse but you do not need to have anybody else other than you to start your dream.

As you grow, as the business takes off and you're soaring, and it’s really, really being successful, then you can implement an added virtual assistant bit by bit, maybe a couple of hours a week. It can increase that you can add an accountant, you can add on so many other things but when you're first starting you could just start with yourself, with maybe just Paypal to somehow take the money and just go and run with it. You do not need a team in place before your start.

Myth #5: "It’s too big a RISK..."

Some people think that to follow their dreams and start that business they've always wanted is too big a risk because... what if they fail? There - I said it.

What if you do fail? What if it doesn't work out?

I always say to everybody that there is a risk in starting your own business. But can you afford to not take that risk? Can you afford to be 90 years old (hey, I’m an optimist) and thinking back and living with regret and thinking, "What if I did start this business and it was amazing? What if they loved what I had to put out? What if they loved it and are really attracted to what I had to offer? Was I doing a disservice not giving out what I know I could do?"      

But what if people love it? And you have the freedom lifestyle that you have always dreamed of... a life that you have always dreamed of? You have more time with your kids, you have less stress, you have more money. What if it works out? Can you really afford to have that regret that you didn't try it and you didn't follow your dreams and you didn't see what was on the other side of that risk?

I truly, truly, truly believe you need to take that jump. If you know it in your heart and you've always wanted to start a business and the thing that's holding you back is just the fear of being too big a risk, again you can start small. Start on your own so you're not bringing anyone else with you if it doesn't work out. You don't need to have that team in place and you could really, really give a go.

So these are the five myths that I'm debunking today;

  1. That it costs too much to start a business,
  2. That you can wait for this elusive perfect time,
  3. That you're going to have a team in place before you start,
  4. That you need a business experience that propels you into this stratosphere of business success
  5. And that it's too bigger risk for you to try and follow your dreams.

These are simply not true.

I'd love to know if you have any ideas that you can think of or you know maybe held you back when you started. Just add them in the comments below. If you found this useful or you know someone who needs to get this message, feel free to SHARE.

I'll see you next time. Take care. Bye.