Misconceptions of Starting Your Own Business

Starting your own business is an enticing and exciting endeavour – it takes you out of your comfort zone, you can work when you want, and for who you want. However, there are come misconception about what starting your own business is like. Luckily, at ICS, we know what starting your own business is really like.

Misconception: You Have to Be Unique as a Business

When you research what is already on the market and you find a business that is already providing a product or service that you want to bring to the market, it can be disheartening. But this doesn’t mean that you should give up on your dreams.

One of the most important things you have to remember is that you must not underestimate your competition but also their existence doesn’t put you at a disadvantage – if the demand for your service is particularly high, then the presence of a competitor wouldn’t necessarily affect your traffic.

A unique selling point, or a USP, is good to have so that you are able to differentiate from your competitors, but this doesn’t mean that you should corner yourself into a small space when you have an infinite space around you.

Businessman Working Dashboard Strategy Research Concept

Misconception: You Need a Lot of Money

If there’s one thing that you don’t need when you are setting up your new business, it’s a lot of your own capital. In modern society, there are an increasing number of avenues for you to bring money to your company, from investment partners to crowdfunding websites such as Kickstarter. As well as this, the increasing use of the internet means that there are free resources that can aid you in your start-up quest.

If you aren’t interested in using the internet to help you out, there are also bank accounts that are willing to help out small businesses and start-ups, as well as business accounting services that are available for small businesses.

Close up of female accountant or banker making calculations

Misconception: You Don’t Need a Plan

One common thing for confident and newly-formed businesses is that they tend to start operation without going through the logistics such as a business plan. If you don’t create a business plan, then there will seriously be some complications in the future.

A business plan is a lot more than a document that you show to banks and other external benefactors to enhance your authoritative nature; it provides a complete framework for your business, a timeline to implement certain business strategies, measurable goals for your business to aim for, and a way to forward-plan for anything that could be detrimental to the business, to ensure that the business remains afloat.

Taking this time to develop a business plan means that you will be able to surpass any obstacles that may come in your way with ease.

Hand drawing business strategy concepts

Getting everything sorted when you plan on starting your own business is key, to ensure that your business is a successful one. At ICS, we are able to give you a helping hand, as we provide business accounting services for SMEs, so you will be safe in the knowledge that your accountancy queries will be taken care of professionally and with the highest quality.

If you would like to know more information, then contact us today on 0800 195 3750 and we will be more than happy to help. For the latest news and updates, make sure to check out our Facebook, Twitter, LinkedIn and Google+ and pages.