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Small Business Myths Busted

ntrepreneurs Around The World Rejoice As Small Business Myths Busted! (That’s how I see the headline in the newspaper.)

Here we go:

Small Business Myth #1: “You Need A Lot Money To Start A Business.”

This depends on which avenue you choose to take, whether you desire a physical store or an online marketing. If you want a brick and mortar office, where people can visit to see and touch your goods, then the cost is on average $25,000 a year. Not too many people have this kind of money just sitting in a bank, waiting for them to use for a dream business, however, there are government programs out there that will assist you in financing your business with the proper paperwork and business plan.

If you decide to choose an online business, be prepared to do your research. Online businesses can cost anywhere from a few hundred dollars a month to a lifetime membership of $100K. Enrolling in a company that markets health products is going to be a lot cheaper than enrolling in a company that markets helicopters. Choose a company that you have personal interest in pursuing because they offer a quality product or business, an attractive commission plan and the membership doesn’t put a financial burden on you.

Small Business Myth #2: “You Need A Lot Of Experience To Run A Business.”

You go to school to get a job. You run a business to learn a business. There are many groups in your community that meet to discuss business methods and procedures. If you are interested in starting a business that interconnects with real estate, then join a REIA group. LinkedIn.com is a great website to meet, communicate and brainstorm with great business ideas with proven business professionals. There are many magazines, books and websites at your disposal that will help build your business. However, you don’t want to over-educate yourself to the point where you are spending more time learning and not enough time running your business.

Small Business Myth #3: “It Takes A Lot Of Time To Operate A Business.”

With just four or five hours a day, you can operate an online or physical business. It depends on how much time you’re willing to devote to your business and sticking to a schedule you create. You can not be fickle, fudge facts or bend the rules when it comes to your business schedule. If you say you’re going to devote a certain amount of time to your business, then the moment you step into your business or home office you don’t stop working until your set time is met. This doesn’t mean checking personal emails, reading the paper or any other non-business related activities. That’s how businesses fail. My mentor, Aaron Rashkin, always told me, “If you go to bed feeling your business day was not fulfilled, then you did not have a successful day.” If you have this feeling before bed, then you need to get out of bed and do more. Never put off tomorrow what can be done today.

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