Before I started Totally Taylored I did a minimal amount of research about opening a business. I knew I needed some capital to get started and would just grow from there! After a year of business owning I can claim that there is a ton more to know and you can only learn so much of it before you jump in!
Now, since you are reading this I can assume you find interest in starting a business or are already ankle deep in figuring it out. Wherever you are or aren't in your small business journey, I think it's so great to learn some of the struggles that fall behind being an entrepreneur.
Today, we will start with the "myths" behind owning a small business. You know, all the glitz and glam that we see in movies and on all of the Instagram posts? Yeah, don't fall for that.
1. You Make Your Own Schedule
This one is kind of half true and half not. I say it's true because yes, we do make our own schedule. If I don't want to go in to the shop one day I don't have to! How cool is that!? The answer is not cool (lol). While you do make your own schedule, the reality is that if you don't go in then NOTHING gets accomplished because it's just you. So those long beach trips you plan to take every other month? That will not happen if you want to grow a successful small business.
2. You Make All the $$$
Okay this one is seriously not true. A total myth. If you plan to grow and scale your business then chances are you don't pay yourself for the first year(s). Yup, that's right. The profit is not going into your personal bank account but into the legal business account you've set up. The flip side of this? While you personal account isn't growing, your business account is! It's so rewarding to see your investment into yourself and your business grow and know that in time you will get a paycheck.
3. You Need a Lot of Cash Upfront
HUGE myth. You can start your business with $20 if you want. Full disclosure, I started Totally Taylored with $400 and watched it slowly grow and grow. It isn't all about the glitz and the glam up front. You don't need the best website, packaging, marketing, etc. just to get started. All you need is your basics and a strong desire to create your vision into an operating business.
4. It's Just Having a Product and Selling It
If only small business was putting a listing on Etsy and watching it sell - I guess a girl can dream. However, there are like 50+ hats you wear as a small business owner. Yes, you make your product and post about it online but you also:
- Pay taxes
- Answer customer questions
- Create marketing plans
- Post said marketing plans
- Create new products
- Source the goods for your product
- Run cash flow reports
- Track expenses
...and yes so much more. These are all things you won't know really until you step foot into the boxing ring and it can be really hard and overwhelming.
So why start a small business?
While these ideas are just myths about the glamour surrounding small business, there are SO many perks of jumping into the life of being an entrepreneur. You meet the most amazing customers and other small business owners as well as so many other things!
Are you ready to take the first step?