It seems like everyone is exploring the opportunity of starting their own business these days. After all, thanks to the internet, it’s easy for anyone to merely start a website and begin selling products in no time. Unfortunately, as easy as launching an eCommerce company might seem, the truth is that there are many challenges that you’ll need to consider.
Rather than falling victim to the common myths surrounding online businesses, make sure that you’re prepared for anything by learning the facts about becoming an entrepreneur. Here, we’re going to bust the biggest myths about starting a company and help you launch your venture on the right foot.
Myth 1: All You Need is Passion
Passion is important when launching an online business. It will help you to stay motivated when the going gets tough. What’s more, passion also makes it easier for you to sell your company to employees, investors, and even customers. However, there’s more to running your business than just this. You’ll also need research, time, and dedication too.
Make sure that you spend some time figuring out what you’re going to do before you launch your company. Ensure that your idea is profitable by doing your homework into your chosen industry. Above all else, avoid any get-rich-quick schemes that tell you that you can build an organization on passion alone.
Myth 2: You Don’t Need a Loan for an Online Business
Running an online company is a lot cheaper than starting a standard brick-and-mortar business. When you launch a traditional retail store, you need to pay for real-estate and countless overhead costs. Additionally, you may find that you need additional insurance because people will be visiting you on-premise. However, when you launch an online business, you can do a lot of the work from the comfort of your own home. You can also employ freelancers and contractors instead of full-time employees.
While online companies are a lot cheaper, you’ll still need a loan to get started. Ultimately, the only difference is that the capital you’ll be asking for is likely to be a lot smaller. For instance, to help you begin your business, you’ll need a domain name, website hosting, a logo, and an eCommerce platform. You’re also going to need to invest in an inventory to sell, licenses to protect your products and more.
Myth 3: You Can Do Everything Alone
There are plenty of entrepreneurs out there that start their business as a one-man operation. When you’re first beginning, it can often feel like you have no other option but to go it alone, particularly when you don’t have a lot of cash to spare. However, the truth is that you can’t go on like that forever. Eventually, you’re going to need some help.
Don’t try to convince yourself that you can do more than you think. Ultimately, you won’t be able to become a professional accountant, website designer, sales manager, and marketer overnight. While you can wear a lot of hats in your business, you’re going to have to outsource some things too.
Myth 4: If You Build it, They Will Come
You’ve got your business loan, designed an amazing product, and it’s all ready to start selling online. Now what? Ultimately, you can’t just launch a company and expect your customers to come and find you. We’re living in an age where there are countless alternative companies online that are capable of providing the same services and products that you offer. That means that you’re going to have to promote yourself if you want to make a sale.
Make sure that you invest in plenty of marketing strategies to develop your reputation online and start bringing customers towards your company. Once you’ve convinced someone to buy, the next step is transforming them into a repeat and loyal customer with excellent customer service and support.
Myth 5: You Can Choose Your Own Hours
Finally, when you become a business owner, don’t labour under the illusion that you’ll be able to work only two hours a day, and travel the world whenever you like. The truth is that business owners do have more control over their schedule than many employees, but they don’t have to necessarily work any less. When you first launch your business, you might find that you spend endless hours on it.
Business owners often grow accustomed to working for 60 or 70 hours every week, even when they have a team of people to help them. That’s not to say that you’re never going to have time for yourself, but it’s important to be realistic about the amount of work you’ll need to put into your new venture.