4 myths about not starting a business because of funding

Myth no.1: You need a great office location. 

This would mean that you need a business that’s a Brick and mortar business. This requires a lot of startup capital. You have to sign a long term lease, and then pay for improvements. You also have to spend a lot of money on inventory, etc. Brick and mortar startup costs are high. 

Well, the good news is some of the best businesses in the world got their start in the most obscure locations. Such as a garage, bedroom or even living room by doing so entrepreneurs kept costs low by starting from a simple location. The only thing that a fancy address assures you is high leasing costs. 

Myth no 2: You require outside funding 

Bootstrapping your small business fundamentally it’s starting and growing a business without external help, even if you’ve to work in your childhood bedroom. This helps keep costs low by starting from a simple location as well as starting off by being understaffed and taking on most of the work on your own. 

Myth no 3: To start a business you need a business qualification 

Now a business qualification at the start of your business will require some sort of funding from you specifically. And as you know learning new skills will require more time and additional expenses, two things of which you don’t usually really have much of at the start of your business. 

Therefore rather focus on the skills you already have and have honed your talents on as those are the skills that propelled you to jumpstart your own business. It’s about utilising the reserves that are already there.   

Myth no 4: You require money to start a business 

Well first and foremost yes money may be required to start a business but passion is the most important step to getting there. As it’s about building on your passions and experiences passion is the most important trait of the successful entrepreneur.  

If you genuinely love your work, you’re willing to put in those extra hours to make the business succeed because there’s a joy your business gives which goes beyond the money. The successful entrepreneur will always be reading and researching ways to make the business better. 

 

Categories: Finance

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