8 Biggest Misconceptions About Owning a Business

The Small Business Administration estimates there are 31.7 million small businesses in the United States.

Each year, people start tens of thousands of new companies. However, nearly as many companies fail each year.

Businesses fail for different reasons. One common reason small businesses fail is that the expectations of small business owners don’t reflect reality.

Whether starting a business or growing an existing business, you must become an expert in separating truth from fiction. In fact, your ability to ignore misconceptions will help you focus on what’s most important to build a successful business brand.

Here are the eight most common misconceptions about owning a business and what you can do to overcome them.

Misconception #1: You can set your own hours

Many people start their own businesses thinking they’ll have more freedom to choose their work hours. While this is somewhat true, you must still work within certain industry parameters.

For example, if you offer a dog walking service, most of your clients will need their dogs walked while they are at work during the day. Offering evening dog walking wouldn’t work well.

You are reliant on your clients and their schedules. A night owl may create products in the wee hours but will still need to set up displays when most people pass by.

You can work full or part-time, but if you want your business to thrive, you may need to add more hours or employees to cover demand. You can only set your own hours within parameters that work to bring you success.

Misconception #2: Office supplies are cheap

You may use far more printer ink, paper, and stamps than you ever expected. Of course, some businesses are almost fully digital, but you may still need to mail an invoice to clients or send out a marketing mailer.

Even if you infrequently print items, you may encounter unexpected costly issues. For example, you might be surprised by how often ink cartridges dry up. Take time to research any problem you encounter to save money over the long haul and learn from your mistakes.

Better yet, consider the benefits of online invoicing. You can accelerate payments, reduce paper use, eliminate ink and paper costs, and track invoice statuses in real-time.

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Misconception #3: You can ditch the boss

Doesn’t it sound wonderful? You might dream of the day you have no one else to answer to and are in charge of yourself.

Unfortunately, reality often doesn’t match your dreams.

You’ll have customers who you must appease, or they will take their business elsewhere. You’ll also be in the role of the boss, which can be a difficult position when employees aren’t pulling their own weight.

Someone has to lead. Now, it will be you.

Misconception #4: Take as many vacations as you want

Americans are workaholics. You may be fed up with how hard it is to take paid time off at your current job. However, entrepreneurs often find it even more difficult to get away and leave work stress behind. There’s far more at stake if your business fails while you’re away.

Forbes looked at several studies on business owners and vacation time and found most workers have canceled or postponed vacation time, and another 26% never take two weeks off at a time.

The results can be catastrophic to your health.

It would be best if you learned to unplug while away. Find someone you trust implicitly to run your business and let them be the capable leader you know them to be while you enjoy some rest. You’ll return to your business more refreshed and ready to embrace creative solutions.

Misconception #5: You’ll make more money

You probably will more than replace your income by running your own successful company—with time.

It’s doubtful you’ll make a profit in the initial months of your business opening its doors. It takes quite a while to see a profit. You’ll also have to reinvest some of your revenue into marketing to continue growing.

Ensure you have enough savings to see you through the early stages of a new business. When things go well, set some aside for leaner times. Be a good financial manager; eventually, you will make more money than you expected.

Plenty of low-cost business ideas exist, so you can start small and grow from there.

Misconception #6: Solopreneurs have less stress

You may think you can go solo without help. Such an approach may work initially, but you’ll still need to hire contractors to do things you can’t do. Perhaps you need a new logo design for your company, or you aren’t sure how to market your new business digitally. Maybe you need help putting together a business plan for your business.

Nearly every successful business owner got help along the way as they built their business.

As your company grows, you’ll find things you can delegate to a worker and free up more time to seek revenue streams or find new customers. Adding employees into the mix naturally brings more stress to your life.

Your best approach is to hire only when necessary, seek help when needed, and learn techniques to cope with the stresses any business owner experiences.

Misconception #7: You’ll love your work

You may love the actual service you provide, but it’s unlikely you’ll adore every aspect of running a small business. For example, if you love painting and open a small gallery, you’ll find a lot of the work requires organizing and sales.

One way to ensure you continue to feel the same passion as when you started your business is to farm out what you aren’t good at, such as bookkeeping or sales. Still, you’ll need to monitor your workers or contractors and ensure they do things that reflect positively on your brand.

Misconception #8: You can’t learn business skills

Some people think successful business owners have a set of unique personality characteristics. With over 31.7 million small businesses in the United States alone, you’ll find a wide range of skills and attitudes.

You can absolutely shore up your weaknesses and learn new strengths.

Take classes through your local community college or via online classrooms. Join your local chamber of commerce to interact with other business owners and learn from their experiences. Seek a mentor who has navigated running a company and can offer advice.

Embrace the journey

Running a small business isn’t an easy task. You’ll have days where you want to quit. Perhaps you had a few of the listed misconceptions about owning a business.

Knowing what to expect and how to navigate potential issues helps you find success even during hard times.

Learn to ask for help when needed, and embrace the journey.

Even challenges should be looked at as learning opportunities to help you improve your service and come out stronger. Throw out all your preconceived notions and enjoy the journey toward success as an entrepreneur.