Business

Debunking the Most Common Myths About Operating a Small Business

Did you know that millions of Americans have started their own businesses during the COVID-19 pandemic?

Some people were laid off from their jobs and wanted to try building their own business in their newly available time. Others had to leave their positions to stay home and provide childcare for their children and wanted to start a side hustle to continue to bring income into their homes.

Whatever their reasons, people have been lured in by the promises that being your own boss will bring financial freedom and more control over your life. However, there are many myths out there about operating a small business, and the reality of it can be jarring.

Before you dive into creating your own business, read these debunks to make sure you’re ready for the realities of business ownership.

  1. Anyone Can Run a Business

You might think that all it takes is some basic knowledge about small business management to start a business, but that couldn’t be further from the truth.

It’s more important that you have the right soft skills and personality traits to be successful on your entrepreneurial journey.

Small business owners need to be intrinsically motivated and able to work independently. They must be willing to try new things and be excited about learning and growing new skills.

If you have these qualities, you can learn all the specific knowledge you need about business ownership as you go along. However, if you don’t have these skills in place first, you’re likely to run out of motivation before you start to see success.

  1. You’ll Have a Ton of Free Time

While you do set your own hours as a small business owner, you will probably have to work more than 40 hours a week, at least to get your business off the ground. When the buck stops with you, you’re the one that has to do the overtime when an emergency comes up or when there’s more work than hours in the day.

If you plan on building toward a franchise, this will take even more of your time and energy. Take the time to learn more on the differences between operating a small business and operating a franchise before you decide which path is best for you.

  1. Operating a Small Business Is All About Sales

You’d think that more sales equal more success, right? Well, that’s not always the case.

You have to balance your total profits with your total expenses. Success comes when, at the end of the month, the money coming is more than the money going out.

Keep track of finances is a vital part of running a business. If finances aren’t your strong suit, it can be helpful to hire someone to help with this from the beginning to save yourself a headache later on.

  1. You Get to Run Your Business However You Want

Even though you won’t have a boss watching your every step, you will need to be accountable to your customers and your employees. You will need to make choices between what’s best for you, the business, your employees, and your customers. When people are unhappy with a choice you’ve made, you’ll have to talk with them about it and see if you can come to a solution.

Communication and conflict resolution are crucial aspects of small business management, and you will need to get good at them if you want to succeed.

Go Forth With Knowledge

Now that you’re aware of four of the most common myths about operating a small business, you’re that much further on the road to success. Keep these things in mind, and you’ll save yourself from being surprised when you find out how much work and skill goes into small business management.

Looking for more insights about business ownership? Look through the other articles in our Business section.

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