6 Myths About Owning a Business

It's April Fool’s Day, which means you’re going to be seeing a lot of things on the Internet that aren’t true. Don’t let this post fool you, though. These 6 myths about owning a business are definitely real.

Myth: You have to have a ton of money to start a business

It’s true that a new business takes a lot of investment, but there are banks out there that specifically offer these kinds of loans. Pike13 partners with Funding Circle to offer a loan solution to Pike13 customers. Having access to a loan means you also don’t need to wait for the “right time” to start your business. The right time is when you’re ready.

Myth: Business will be instantly successful

I hope it is! But most businesses struggle a bit at first while processes are being ironed out and staff are being trained. A new business requires a lot of work, patience, and financial investment, especially for the owner. That’s just one of the many reasons to choose a business you’re passionate about.

Myth: You answer to no one

Owning the business has a lot of perks, but you aren’t in ultimate control. You’ll be dealing with vendors, suppliers, banks and your landlord, just to name a few. You’ll also most likely be dealing with a few angry clients, who will certainly believe you answer to them. Being the boss means the work never stops.

Myth: You can set your own hours

You’re the boss now! You can work whenever you want! False. Being the boss means you’re working more than ever. It may take a team to effectively run a business like a gym or fitness studio, but you’re the head of that team and all eyes are on you. You’ll be managing staff, mitigating customer complaints, and thinking constantly about the state of the business.

Myth: You’ll be doing all the work

Yes, the owner puts a lot of work into the business. But hopefully, you have a staff that you trust and to whom you can delegate responsibility. You’ll suffer from burnout if you try to do it all, so trust your team. Good business software can also take some of the administrative work off of your hands.

Myth: Owning the business is as fun as being a customer at it

You love going to the gym, so owning a gym must be pretty great, right? Well, yes and no. It’s awesome to own a business in the industry you love, but management is a lot different from being a customer. There’s paperwork, bills, and client issues that you are suddenly responsible for.

That should never be a barrier to you opening a business, though–that’s what software like Pike13 is for. When you have software that can handle the backend of business, you can focus more of your time on sharing your passion with your clients.