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5 things you don't need to start a business

Updated: Dec 6, 2021

So you want to start a business, but you're not sure if you're ready. You're stuck on all the things you think you need, but you don't have. While it's essential to be grounded and have a firm handle on your business goals, waiting for the "right" time may never come. There will always be obstacles and distractions to convince you now is not the time to start something new. And often, it's our own self-doubt and preconceived ideas that hold us back.

Sometimes you need to take a leap of faith and trust you have armed yourself with enough knowledge to get your idea off the ground.

While we can't tackle all of the doubts facing entrepreneurs like yourself, we can discuss some of the most common misconceptions that may stand in the way of you moving forward. In this article, we'll tackle what you think you need to start a business vs. what you really need and how to get over that hurdle.

A unique product

If you think you need a fresh new product to start a business, you'd be wrong. Just take a look around, and you'll see that there are endless product offerings from countless suppliers. While it would be great to invent the next best thing, you don't need anything new.

The market thrives on competition, and with more options, people have the freedom to choose businesses that appeal to them. So don't worry whether you can make a go of it in a saturated market; there is room for everyone and money enough to go around.

But while you don't need a unique product, you do need to enjoy what you're selling. If you believe in your products and enjoy what you do, you're more likely to stay committed and fight through the tough times. And if you can convey that excitement and expertise to your customers, they'll keep coming back for more.

Access to a lot of money

People often cite a lack of start-up funds as a reason for not starting a business. We tend to think we need a ton of cash-in-hand to get a business off the ground. Of course, some upfront money is required, but it doesn't have to be the thousands and thousands you think you need.

Some workarounds can get your company up and running without an abundant cash flow. If a bank loan or small business grant isn't an option, consider investing in yourself. What you really need here is a small investment – whatever you can afford to part with – and a drive to make sales. The investment can be a few hundred or a few thousand.

Start your business with what you have and grow it by reinvesting when sales come in.

A huge social media following

Unless you're Kim Kardashian, a substantial social media following doesn't happen overnight.

It takes time to build organic followers across your social media channels. The way to grow your social media reach is through advertisement, engagement, sharing your story, and providing followers with a quality experience.

Social media is necessary for today's business but what you really need is to concentrate your efforts on building a strong brand and identifying your niche community.

You should know who you are, what makes your business unique, who you want to cater to, their needs, and how you or your product can help them. Establishing these points early on will help you get a good foothold in the market.

Support of friends and family

You may believe you need the support of friends and family to start a business, but you don't.

Support from those close to you is a nice-to-have, not a must-have. Because the reality is some may not be in a position to buy from you, some may not believe in you, and some may be jealous of you.

If you have one or two people who have your back, you're doing better than most.

What really matters is whether you think you can do it, with or without their support.

If you want your business to succeed, what you need is a loyal customer base that loves your brand and what you have to offer. Work on nurturing those relationships with campaigns and marketing that caters to them. The positive support of your niche customers is priceless and will help you build momentum.

Vast business knowledge

Just because you don't have a degree in business doesn't mean you can't start one.

Without a doubt, there is a lot to learn about running a business. But much of your education will be hands-on. You won't know what works and what doesn't, best practices to follow, operations, and more until you're actually in the trenches doing the work.

It's impossible to know everything before you start, and you're not expected to.

But you can prep yourself by taking online courses or reading up on what you need to get started.

We live in a world where all of the resources and information you need is right at your fingertips. Take advantage and equip yourself with a strong foundation of general business knowledge. But don't lose focus by making research your priority instead of taking action.

If any of these common misconceptions are the reason you've delayed starting the business of your dreams, now you've discovered how to overcome them. Because as they say, "where there's a will, there's a way."

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