When it comes to starting a whole business on your own, it is not a child’s play. But with the right resources and a clear aim, you can make it big in the industry. It is more important to learn what not to do than what to do. So here we are, to bust some biggest myths you might believe before you step into initial stages of building your own company.
a) You must know everything
It is alright to know nothing. People said that to Jon snow and we all know how he turned out to be. Jokes apart, when you are new to the world of trade, the need to know all about a business might be overwhelming. Though you may need some advice from an expert in elementary phase yet you do not need to have P.hd. in Commerce.
Explore the possibilities with your curiosity and let the time be your teacher, that way whatever you learn stays with you.
b) Without a huge investment, no business is built
There is No doubt that you need to have a Capital to start an enterprise. But if fear of insufficient funds is holding you back then you might want to reconsider your priorities. There’s a whole book by Eric Ries about why this is the case called ‘The Lean Startup’.
You need to find investors that believe in your idea and are ready to put their money on you. You can also build capital from selling small batches of your products on the side and preparing for the big Opening.
c) Once you start the business, you are big
It does not have to be grand from the very start. You should not forget that you are starting things from the very scratch and things take their time. You might have to face difficulties in selling your products in the beginning. But if you have quality products to offer to customers and a reasonable price then surely your business will bear fruits even if it takes a while.
That is the biggest misconception that new retailers have is that if they are not selling the expected amount then they are failing. In the primary steps, you must be open to taking a hit and keep believing in your product. At the same time, if it continues for too long, you need to analyze where things are going wrong.
d) No need to file tax returns in initial stages
This kind of delusion can land you into bigtime trouble. Income tax act requires every person (Individual, firm, Company) to file income tax returns if the total income exceeds the maximum amount which is not chargeable to income tax.
Startups and small businesses generally believe that since the initial year does not bring any revenue, hence it’s not required to file tax returns. But losses incurred in the elementary years can actually be utilized to lower tax burden in the future profitable years if the loss income tax returns have been filed within the due date.
e) Business is Instant money
Building your very own enterprise is not easy money. Many people believe that once their business is registered and the floor is set, cash starts to flow. They are wrong, it does not happen that way.
Many retailers think that maybe their lack of risk-taking is compromising their profits and they start taking unnecessary massive risks. Remember, haste never made successful businessmen. You need to be patient and wait for the things to get on track.
To sum it up, you must be a sorted person to own a business. You must know when to wait, when to seize the day all in all how to be ahead of the game. It is not more technical, but more of common sense. Stick to fundamentals and see your Company grow in a reasonable time.