If Starting Your Own Business, Here Are Ten Myths

By Author: Chris Brown
Total Articles: 1121
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Many solo entrepreneurs believe certain things about starting their own business that are just not true. Continuing to believe in these myths can lead you down the path to destruction. Here are some of them:

Since I'm just working for me, there is no need for a business plan. Would you go on a trip without a plan? Would you get married without a plan? Plans are good. They will help you get focused and stay that way. A good business plan will help you to think through all the aspects of your business and see you on your way to success.

I'll have to invest in expensive software to get a good business plan. Nope. Software may help, but you don't need it. How do you think all those businessmen succeeded before the invention of the computer?

Then I'll need to hire a consultant to write my business plan for me. You are the one who knows what you are going to do. If not, then all the consultants in the world can't help you. Try a coach or mentor to guide you, rather than do things for you.

I should get one of those business plan templates that sound really complicated. Complicated is good, right? ...
... Wrong! Simple is better.

I need to have everything perfect before I start. If you wait that long you may never start. Fix it as you go. Just make sure the major points are as good as they can be.

If I don't do everything my business plan says I'm a failure. Sometimes detours or changes can be beneficial to your long-distance plan. Don't sweat the small stuff.

My business plan must be typed, at least 50 pages long with a professional looking cover. You can write it in hieroglyphics on the wall - so long as you can understand it and access it when you need to.

I only need a business plan if I'm getting a loan. Would you invest in any business without seeing a prospectus? You'll be investing in this one! Just do a budget and run it by your accountant.

If I have a business plan in my head - that will do. But can you remember it? Can your friends give you advice by reading your mind? Can your accountant?

Friends and family are all I'll need to give me advice. Could a city man tell a farmer how to run his farm? Only if your family are accountants and market research experts will they be qualified to give the right advice.