There are so many myths and mis-directions when it comes to starting a business… so today I am going to bust them for you.
Watch on or read below – let’s do some mythbusting!!!
Myth 1: You need to spend money to make money
This is a very old school model of business.
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If you think about starting a business back in the 70s, 80s or even the 90s, you needed to have a building, stock, branding and more. There were certain things you needed, and they cost money. But that just isn’t the case these days, particularly with online service based businesses.
You can start on a shoestring budget. When I first started my business, I had a very, very small budget to get started.
In fact, other than investing in a (not particularly incredible) VIP coaching day, I didn’t spend money in my business before I made sales.
I want you to know that you don’t need to invest big money in order to be successful in your business. In fact, most of the women in my Take Off program, invest only in the program, and don’t spend another cent on getting their business off the ground until they’re earning a consistent $2,000 or $3,000 a month.
Side note: I think that if I had more money to start my business, I would have spent it. But it wouldn’t have created any more income or changed my business growth in the first year whatsoever.
Myth 2: You need to work long hours
I bet you’ve heard one or more of these myths from business coaches and gurus: You need to work long hours, hustle, grind, get up at four in the morning, and go to bed at 1am in order to be successful in your business.
Personally, I think it’s a very unhealthy way to start a business. Because you are training your business how much time it needs from you in order for you to sustain it. Why not train your business that it gets 40 hours or less a week from you, rather than trying to tell yourself I’m going to work 60 hour weeks just for now until it gets off the ground?
Often it’s harder to stop those habits of staying up working late or putting lots and lots of hours into your business. And you’re creating strategies that require lots of time.
When I first started my business, I did the 60-hour week thing for probably 6 weeks. Then I just had this huge epiphany – I didn’t start a business to work 60 hours a week!!! I started a business so that I could have a life at the same time. I cut it back to 34 hours a week, so that I was working less hours than the job that I had left. And to be honest with you, I think that’s part of the reason why I became so productive and effective in my business… because I wasn’t working all hours.
Parkinson’s Law states that projects will expand to take up the time that you give them. Myth: Busted. Let’s give up the hustle, grind and long hours!!!
Myth 3: It takes over a year for a business to be profitable
Have you heard this one? Don’t expect to take a paycheck from your biz in the first year!
Nope! I think it was the third month of my business, I was back to paying our rent. I was super proud that my business could do that. And I was super excited to get to that level of profitability that quickly. For service based businesses in particular, your expenses are pretty low; you can be profitable in your business really quickly.
I know people who’ve started a business, got their first couple of VIP clients within the first month, and paid themselves $2000 plus in the first month of running it. That is totally possible.
So let’s not create that limiting belief that we need lots and lots of time before the business becomes profitable. You can be profitable quickly. Okay?!
Myth 4: You need to start selling cheap, or low-end first
Oh I heard this myth SO MANY TIMES when I was first starting.
The first step to creating business is to write a book and sell a thousand copies at 20 bucks each. Or the first step to creating a business is create a really low-0end course and get lots and lots of students. The work that’s required to get those lots and lots of students is so much MORE than the audience required to sell one VIP package to one great client.
There are multiple pathways to creating business success and getting your startup off the ground. But the one of selling low end first, in my opinion is not the smartest strategy. I’m not saying that you should charge $3,000 per client straight-up. That can also prove to be a risky strategy, and can leave some people curled up in the foetal position, rocking back and forth, because it’s such a big leap from what they have previously earned.
But starting at the very low-end? Nahhhh… Busted.
Myth 5: You need bells and whistles
I did it. I know most women I’ve spoken to did it too. You need a website to start a business. And a fancy logo. And a business name. And professional photos. And a complete wardrobe makeover. And the best equipment in the world… all the BELLS and all the WHISTLES.
Let’s just bust that myth. You don’t need all of those things, or any of those things in order to be able to earn income in your business.
Yes, we tend to ask those around us for feedback when starting a business. But often we are asking for feedback in the wrong places. People who aren’t familiar with the current climate of online business, and how things are done now, don’t understand how little of the bells and whistles you need.
I’ve seen too many women wait for far too long to get started, because they are trying to get all those things sorted, when it seriously isn’t needed. All you need is a Facebook page, a few good photos of yourself (selfies will do), and something to sell. You don’t even need a shopping cart. You can invoice people and get them to pay by bank transfer, or set up a free PayPal account. Keep it simple! Make money first! Prove that your business idea is actually solid before you get all those things set up.
Still not sure? Still think you need a website? Consider this: What would you WRITE on your website? Is it all based on theory? What if you waited until you knew what messaging to use, and what resonated for your audience before you created your website… that’s how we do it in the lean business models – and it’s such a smart approach.
If you are getting a business off the ground and you would like to do it quickly and easily, grab my free training – Fast Track Your Startup. In this training, I give you practical, tangible strategies to get your business off the ground quickly and start making money fast.
Questions? Comments? Lightbulb moments to share? Come and share in our Facebook group using the hashtag #podcastaha and citing the episode number (186). I’m really looking forward to this conversation, and finding out other myths you might have heard as well!
Until next time, I cannot WAIT to see you SHINE.