6 Misconceptions About Start-up Businesses
1. You do not need to have expert knowledge about your field
Having expert knowledge in your field is not only an advantage, it is essential. Starting a restaurant because you enjoy eating out now and then is not a recipe for success.
2. You do not need a lot of starting capital
For a typical start-up, you are looking at a minimum initial investment of twenty thousand dollars.
Even if you are starting a small business, it will take at least a year and a half to break even. So not only do you need to have capital, you also need enough cash flow set aside to keep the start-up going for the first couple of years.
3. You are waiting for the right time
There is really no ‘’right time’’
No matter what anyone tells you, waiting for that right time to arrive will mean that you are losing out on time. So if you feel confident that you have it all ready, the right time is probably now.
4. You have to quit your job first
This is a serious mistake!
Too many would-be entrepreneurs quit their jobs before they start a business. This is just not a good idea because losing your job means losing a constant stream of income. In the event that your startup does wade into troubled waters, having a day job to fall back on will provide you with invaluable breathing space.
Making your start up a side project to your job is not just playing it safe, it’s playing it smart.
5. Marketing is not important or it is too expensive
The reality is that marketing is incredibly important for the success of your venture and you can easily play out a few marketing tactics yourself at no extra cost. Search engine marketing, social marketing and content marketing (using blogs and other online content platforms) are great examples of effective, DIY marketing on a limited budget.
6. You know everything
You can never know everything!
For any business, regardless of age or size. learning is something that happens every day. And it will keep happening every day.
The business world is constantly changing, and so as a player you will always need to update your knowledge bank.
Ready to start your business? The next step is deciding what kind of space you will need – office or warehouse and if you want to lease or buy your facility. This is where Target Realty Corp. come in. Contact us and we will assist you in make the right commercial real estate decision.