Most people who are starting their own business think that it’s pure joy. They think that once they get started in this field, all their financial problems will just go away. Some even think that having themselves as their own boss means having that option to just lay around while earning money. Well, these are some of the myths that you need to dispel if you really want to increase your chances of succeeding in this field. Other myths are the following:
1. “I will sell hundreds or even thousands of products/services even on the first couple of months as long as I do my homework”. Although this is the dream of every business owner, it is more unlikely to happen. When starting out, you need to realize that there are other business owners who are offering similar products and services and some of them may have already been established their presence in your target market. You will need to exert conscious effort to earn the trust and confidence of your prospects first and gain a huge following before you’ll be able to sell more — this takes more than a couple of months.
2. It is not mandatory to register my business if it’s really small. Keep in mind that registering your business, regardless of its size is a provincial requirement. This is something that you really need to do if you want to avoid law suits or complaints in the future. Look for websites that offer comprehensive information about the requirements that you will need when registering your business in a particular country. Requirements may great vary depending on your location.
3. I can avoid taxes if I operate online. I really don’t know the reasons why but there are quite a lot of business owners who are pretty sure that they can elude tax responsibilities should they sell their products online. If you really, really think about it, this is something that will not be allowed by most countries and state otherwise, all entrepreneurs will just take their businesses online. Although it maybe a bad news for you, let me just tell you that the same tax rules apply to online businesses. You will still be responsible in remitting your taxes if you want to save yourself from tax evasion case in the future.
4. Starting my own business will allow me to have the lifestyle I dream of. Well, that would depend on your preferred lifestyle. If you think that you can go to parties every night, sleep all day, and not spend a single minute in running your business, that’s most unlikely to happen unless you are the CEO of Microsoft.
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