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Don't let these myths about starting a business slow you down

Deep down inside, you know that starting a business is right for you. However, there's something holding you back and you can't quite place your finger on it.

As you dig around, you may find that your uncertainty is related to your lack of knowledge in regard to what it takes to start a business and excel as an owner.

Here are five myths about starting a business that have the potential to slow you down:

  • You need office space to get started: This may have been the case 50 years ago, but in today's world, more people than ever are launching a home business. This allows you to get your company up and running without renting or buying commercial space.
  • You need a team around you: There may come a point when you hire a team to help you grow your business, but it doesn't have to be on day one. In fact, if you attempt to grow your employee count too quickly, it could end up working against you.
  • There is too much competition: No matter what type of business you're starting, you're going to have competitors. There's no way around this, so quit worrying about what everyone else is doing and focus on what you can control.
  • It takes money to make money: Yes, starting a business will cost you some money, but you don't have to be a millionaire to get your idea off the ground. Better yet, some businesses, such as consulting and freelancing, require nothing more than an internet connection and persistence.
  • Business owners have no personal life: Even though it's hard work to start and manage a business, it doesn't mean you'll be in your office 24 hours a day, seven days a week. In fact, it's best to avoid this, as too much work without any relaxation will burn you out.

If you ignore these myths about starting a business, you'll find it much easier to get your mind right and take the steps necessary to chase your dream.

Once you realize you're making your move, turn your attention to choosing a business structure, reviewing legal agreements and any other details that will help put you on the right track from day one.

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