With so many businesses starting, and failing, in the initial years it’s hardly a surprise to see that there are umpteen myths donning the internet and various magazines.
A lot of these myths can really lead you down the garden path; wasting your time and making you spend money on areas that your start-up really doesn’t need.
Bearing this in mind, we have collected four of the biggest ones and through the course of this post we will delve into them in-detail.
Myth #1 – The technicalities cost a fortune
Once upon a time, this might have been true. Now, most of the technical elements of a business are actually very easy and cheap to set up.
For example, one of the big concerns of the budding business used to be taking payments. Sure, cash was an option, but customers want more than that. Card machines were seen as an expensive luxury, which just wouldn’t be afforded to a small organization.
Well, this isn’t true in the slightest (anymore). Payment processing equipment is affordable to say the least and on a lot of occasions, no upfront cost ever exists. This is in stark contrast to what used to occur, and means that the playing field is somewhat more level.
Additionally, through the likes of open source software and other free platforms, the once-expensive backend systems that businesses use now don’t tend to cost a dime. Sure, if you scale up to enterprise versions you might have to pay, but for those starting out the soaring popularity of open source has helped no-end.
Myth #2 – You need huge amounts of cash to get started
Again, historically this might have been correct. Now, through the likes of crowdfunding platforms and various grants, you don’t need to inject huge amounts of your own cash to get started.
At the same time, don’t be concerned about having to find investors. After all, a recent study has shown that just 1% of start-ups are funded by the likes of angel investors and venture capitalists.
Myth #3 – You must have a business plan
There’s no doubt that business plans have a place in some organizations, but they are by no means mandatory when it comes to the new business. Sure, if you’re in the market for investors, this is something you must get. However, a lot of experts have sprung into the media over recent times and declared that a lot of business plans are a waste of time, and entrepreneurs would gain much more by using the time in other areas of their business.
Myth #4 – It’s all about apps
There have been some huge success stories surrounding apps over the last few years, but this has almost led some entrepreneurs on a wild goose chase.
Let’s put it out there; just because you create an app, it doesn’t mean to say that you have developed the next big thing. In truth, few of the apps that are developed make it at all, never mind get sold for millions later down the line.
Additionally, not all industries need an app. Don’t create one just because you have seen them do well in the odd case study.