3 Truths and Falsehoods of Starting a Small Business

1. False: I cannot start a business unless I can pay for all startup costs myself.

True: Many potential entrepreneurs are unaware of the funding opportunities available to them. From private bank loans, to government grants, investors, and business partnerships, there are a variety of options available that could facilitate the startup process. Because all businesses are unique, it is important to thoroughly research these options before making a decision.

Applying for grants and loans involves a thorough understanding of your business plan and the ability to explain this roadmap to another party. Similarly, networking to acquire lenders and investors requires that you build trust and display that you are confident in your business venture. Regardless of how the funds are obtained, it is also important to prioritize your business budget.

2. False: Only technology companies and large businesses need to have an online presence.

True: Nearly every business, large or small, can benefit from having an online presence. This does not have to be complicated; A webpage and/or social media page displaying general information can make a huge difference in connecting with your target audience. Introducing your business to the digital sphere may help legitimize your company in the eyes of an increasingly digitized consumer base. Additionally, marketing online could be a cost-effective way to expose your business to a larger audience.

3. False: If I start my own business, I am guaranteed to earn money quickly and easily while working less.

True: Small business ownership is no easy feat. While it is possible to create a successful, flourishing enterprise, one should expect to put in a fair amount of preparation, effort, and consistency. Moreover, obstacles are common in small business ownership. Difficulties can be mediated by maintaining realistic expectations and having a solid strategy for business growth (i.e., a thorough business plan). For many, entrepreneurship is both a challenging and rewarding journey.