Ten myths about owning a small business

If you are starting a business, you need reliable sources about your industry and trustworthy information about how to run a company. Unfortunately, there are many myths about running a small business that are circulating online and in conversation. Here are 10 myths about owning a small business:

1. Your concept must be set in stone.

The ability to adapt is essential when launching a business. At any moment, you may have to change gears and rethink your company focus, so be prepared to test your versatility while your company is trying to get off the ground. You never know what may come up in the first year of doing business.

2. A great idea will conquer all.

Anyone who watches Shark Tank knows it takes far more than a brilliant idea to be successful with a company. The investors featured on the show often tell entrepreneurs they need a solid business plan, an organizational strategy, and knowledge of the industry to succeed. Great ideas are a dime a dozen.

3. You need an office to run a small business.

Some of the biggest American companies started out of a garage. Whether you are sizing up expansive office space or trying to figure out where to put a few employees, remember that your home is as good a place as any to launch a company. The office, along with an investment in equipment and furniture, can wait.

4. You can do it all by yourself.

Even the most energetic entrepreneur will run out of gas if they try to do everything for their company. As your business expands and you find yourself doing busywork, begin delegating to employees or outsourcing aspects of your operation to free up valuable time. You will burn out quickly if you try to go it alone.

5. Finding employees is easy.

Whether they are in the middle of a recession or in the most robust economic times, most business owners have a hard time finding great employees. Hiring the right people is both an art and a science, and many entrepreneurs set themselves up for failure by taking the recruiting process lightly. Whether you need help finding quality candidates or screening potential hires, The UPS Store can connect you with professional help.

6. Small business owners have more free time.

If you create a well-oiled machine that runs on its own, you will have more free time to enjoy, while the cash lands in your bank account. Otherwise, you should not expect an easy life when you are trying to get a business started. In fact, expect to dedicate more time and energy to your young venture than you would to a job working for someone else.

7. Marketing is free, optional, or both.

Marketing on social networks used to be free, but now the organic reach of Facebook and Twitter posts is usually negligible. Only paid social posts are getting traction these days. Either way, digital marketing should be a part of any new business's strategy. Believing you can get by without it is a myth.

8. Revenue is everything.

Facebook only began cashing in on its power and focused on revenue after the company had dominated in market share. In most cases, focusing on market growth and delivering a product that consumers demand is the way to build a business. Revenue will come later. If you prove to your market that your company is worth the money, then customers will pay more for products after you raise prices.

9. You need accounts on every social media network.

The key to marketing success is knowing your target audience. If you are selling to teens who love the latest in networking experiments, then you will want to have a presence across the board in social media. Otherwise, you may not have much to gain from accounts on Twitter, Pinterest, or Snapchat. Always consider return on investment when putting money in advertising.

10. Outsourcing is a bad idea.

Some business owners believe it is better to hire an employee to handle clerical work than to outsource the job, but it depends on the situation. Outsourcing gives you flexibility early on, when company revenues are light. If you hit a rough patch, it would be easier to put a company's services on hold than to lay off an employee. Myths about owning a small business continue to circulate. Whether you need advice on starting a company or help with accounting and other services, The UPS Store can help.