Four myths about owning a business

It takes a special kind of person to own a business. As well as demanding a personality that allows you to cope with setbacks and work very hard on a regular basis, business ownership requires a creative mind and the ability to delegate tasks. If you’re thinking of delving into the world of business ownership and would like to separate the myths from the facts, we’ve put together a few common misconceptions you’re likely to come across both online and in the real world:

Myth #1: Business owners make huge sums of money

Often, it can take years for business owners to get back a considerable chunk of the money that they have invested in their organisation. Whilst some business owners do indeed go on to make vast fortunes, many make a relatively modest living and are primarily driven by a passion for their field.

Myth #2: Business owners can work according to their own schedule

It is a common misconception that being your own boss means you can set your own timetable. If you are in with a chance of running a successful enterprise, however, you will need to be on hand to deal with the needs of your staff and clients. In fact, many business owners stick to strict working hours that can stretch to a total of around 80 hours per week. Now that’s commitment!

Myth #3: As a business owner, you will be answerable to no-one

Many budding business owners fantasise about the day when they no longer have to answer to their line manager or older colleagues. What they often fail to realise, however, is that business owners become answerable to a whole new range of unofficial bosses who expect them to complete a whole range of tasks. These could include, for example, customers, staff members, financiers, partners, suppliers, government officials, and landlords.

Myth #4: Business owners can arrange their own salaries

If you want your business to survive, you will probably need to sacrifice your own desires when it comes to setting your salary, particularly when you are starting out. Ultimately, your income will likely fluctuate over the years and will sometimes depend on financial factors outside of your control such as the overall state of the economy.

Whilst the points detailed above may make business ownership seem very difficult, these difficulties can be mitigated with the help of accounting expertise. If you’re starting out as a owning a business and would like some help along the way, get in touch with us today by calling 02 9810 3222