Ever consider starting your own small business? If so, chances are you've been advised by many, but how much of that information is truly reliable?
Many people give up on their ambitions to open their own business because of misinformation floating around. This information, while not completely incorrect, is really based off of larger-scale businesses. On the contrary, some people start a small business under the impression it'll be easy, only to fall into a serious struggle because isn't.
While many people group both small and large businesses into one category, they are quite different. Because of this, it can often cause confusion for prospective entrepreneurs.
In this article, Michael Wiener of Albuquerque New Mexico, a founder of Bestplates shares common misconceptions about running a small business everyone believes are true.
Passion is All You Need
The spirit of an entrepreneur is strong, but that's not all you need to successfully run any business.
While it can help ease the stress, but you must have business skills and creativity to promote and manage it.
Creativity lights a spark and makes your business interesting, while business skills, such as marketing, analytics, and common sense ensures your money is spent wisely between your business expenses and employees.
Build it And They'll Come
A common misconception is that when a person opens a business, people will just come flocking, but it actually requires a lot of hard work marketing and building a reputation in order to get to the point where customers will start coming through the front door.
Still, you can never fully stop marketing. Even large corporations like Walmart and Target market themselves, despite the fact that they are very well established.
Small Businesses Is Easier
Sure, having everything on a smaller scale makes it easier to keep track of things, but that doesn't mean running a small business is simple.
A small business is typically classified as a business with 50 workers or less, but that's still a lot of people to manage. If your business is too small to justify hiring extra help, such as human resources, payroll, janitorial services, and it may also be hard to afford the help you need, such as crucial staffing, which can overwhelm your current workforce.
Because you often have to worry about scheduling, cleaning, hiring, payroll, and a myriad of other issues on top of your responsibilities as an owner.
Even if your business is so small there are only one to five employees total, there are still plenty of confusing aspects. For instance, as a freelancer, who works from home, taxes can be quite confusing. There are many gray areas, such as what you can and cannot use as a deduction. While you can technically count your part of your mortgage or rent, you might want to be careful of doing so. Then, there are other expenses, such as the internet and printing, that can also take a toll.
The truth is, running a small business is no easy feat, but it can also be rewarding.
About Michael Wiener:
Michael C. Wiener of Albuquerque New Mexico is a world-renowned license plate collector, researcher, and consultant. He is considered to be America's leading authority regarding automobile license plates and motor vehicle licensing systems. By the time he was 23, he had visited all 50 states and has now explored over 100 countries across the globe. Mr. Wiener was elected as an Albuquerque City Councilor, a New Mexico State Senator, and a Bernalillo County Commissioner. He was elected twice as International President of the Automobile License Plate Collectors Association (ALPCA), and has been featured on HGTV's Offbeat America," CNBC News with Brian Williams, and appeared in an episode of AMC's Breaking Bad and was featured in New Mexico Magazine. Michael Wiener serves as a consultant for motor vehicle departments, law enforcement agencies, and television and motion picture producers on subjects related to motor vehicles and automobile plate history. He has been nominated twice, by his peers, to the ALPCA Hall of Fame and was given the "Outstanding Leadership" Award by the Mid Region Council of Governments in 2013.
