3 Myths that Kill Businesses Before They Start (plus 3 Secrets for Success!)

Want to start a business, but think everything has to be perfect before you begin? Think again! Avoid these 3 myths that kill businesses before they start.

Because you’re here, we’re guessing that you have a burning desire to start your own business and become your own boss. Are we right?

We LOVE that goal–it’s a fantastic goal! But we know that starting out is hard, and figuring out a business idea to run with is even harder. Every year we coach hundreds of students on how to start their businesses. And every year, without fail, these same myths seem to rear their ugly heads.

Myth #:1 You need a killer product idea to start a business 

So you want to start a business but you think you need  some killer life-changing idea that will monetize your young business right from the get go? Who doesn’t want to have that million dollar invention or idea–the next Snuggie, or the next Konmarie method? And, you think that your idea  has to be totally original–that one perfect product or idea that no one has thought of before.The one thing that is a solution to a problem that has caused people to struggle for years!

Myth #2 You need a lot of money 

In order to start a business, you need a lot of money to invest into product, people, and equipment up front. If you aren’t confident in your business idea, it’s not worth the financial risk. After all, there’s always SOME new product or program that someone is raving about as THE end all be all solution that will finally take your business to the next level!

And what about all the equipment? After all, you’re competing with other people in the market who have large fan bases and they all have studios and professional lighting and videographers and content writers and graphic designers, so do you even stand a chance? Think starting a business is expensive? It doesn’t have to be! This Small Business Start-Up Cost Guide can help. It will show show you exactly how much risk you avoid by using our Upside Down Business model to start your business!. Best of all, it’s completely free! GET IT HERE.

Myth #3 You need to be perfect. 

Before launching your business you need to have the perfect business idea, the perfect business name, the perfect business logo, the perfect product to sell. You need the perfect website design, professional-quality photos and videos, and you need to be perfectly made up, high-glossed, and photoshopped. You need to feel perfect. You may be reading through these nodding your head in agreement that they are all fairly valid points. You may even feel like, “I cannot do any of these things, so I may as well quit before I even get started.” But wehave some really exciting news for you: Not one of them is true.  And you know what? You are allowed to want to start a business even if you don’t know what type it is yet. You are allowed to start thinking about that business even if you don’t know what that totally looks like yet. You are allowed (and we encourage you) to just START.

Truth #1 It’s OK to spend time brainstorming your business idea. 

Every single week we get emails from people in our community and prospective Elite Blog Academy students that all say the same things:  “I know I want to start my own business, but I don’t have any idea what I would even sell.” “I am still waiting to be struck by inspiration, so I have not started yet”  Here’s the thing:  while it would be incredible to suddenly come up with a game-changing idea – that is simply not how it works. But you know what – some quick brainstorming sessions give you the power to be your own superhero! When thinking of your business idea, there are questions that best help to guide your direction:  

What makes you happy?

We know, it seems so cliche, right? But it’s so important and there’s a reason it’s listed first. Starting a business is HARD work. In order to give the dedication, passion, and determination to your business that it deserves. You have to believe in it wholeheartedly. You have to LOVE what you are doing.

Don’t pick a topic because it’s something you’re already knowledgeable in. Don’t settle for an idea because you think it could make you money the quickest. Here’s the deal. You can become an “expert” in any topic you choose, but you MUST love it.

What are some major frustrations you have experienced or witnessed?

Really take some time to think about some things that frustrate you, your friends, or your family on a consistent basis.

Got it?

Now off the top of your head start listing some solutions to those frustrations.

There is your business idea! 

Starting a business can also feel pretty scary, with so many unknowns. But this Small Business Roadmap can help. It will show you exactly what steps you’ll need to take to get started, along with typical startup costs. Best of all, it’s completely free. GET IT HERE.

Truth #2 You can start your business with little to no budget. 

According to a U.S. Bank study, 82% of small businesses fail because of cash flow problems. And the reason for all those cash flow problems is that the traditional business model that most small businesses use is broken. In the traditional business model, you start your business by first developing a business plan, then investing all sorts of money into creating a product or opening a brick & mortar location. It requires a ton of cash JUST to get started, even before you’ve had a chance to prove your concept or build a customer base. And from there, you need to find customers, so you invest even MORE money in marketing, and then all of the sudden, once you’ve acquired those customers, you suddenly realize that you’ve got to figure out how to get them to know and like and trust you so that they purchase from you again. But what if we told you that there’s a different way, a different kind of business model that actually helps you eliminate the risk and avoid the biggest pitfalls of starting a business that causes so many small businesses to fail? I call it the Upside Down Business Model™, and it is exactly the business model that I teach in step-by-step detail at Elite Blog Academy®. And the beauty of content marketing and this Upside Down Business Model is that it eliminates the mystery and it eliminates the risk. Your biggest investment in the beginning is TIME. Way less scary, right? You can see our cost break down HERE. (link to small business cost guide)   

Truth #3 Nothing has to be perfect for you to start. 

Here at Elite Blog Academy, we LOVE the phrase “done, not perfect.” When EBA founder Ruth Soukup was doing research for her book, Do It Scared, she found that fear can be broken down into 7 archetypes. The Procrastinator was the most popular archetype by far.. Also known as “The Perfectionist,”  Procrastinators typically see their “perfectionist” tendencies as a strength, but it can also be what holds them back.

Done is better than perfect.

We see this behavior every day in our community. While strong attention to detail and organization are strengths, not acting until it is perfect is only going to hold you back! It’s called “Analysis Paralysis,” and it can be the silent killer to your business before it even starts. While you spend your time trying to achieve perfection before sharing your idea with the world, you’re missing out on something more valuable: sharing your ideas and receiving incredibly important feedback (both positive and constructive.)   

Throwing Spaghetti

You see, putting yourself out there and “throwing spaghetti,” as we like to call it, to see what sticks and what doesn’t can be far more productive than spending months of planning and planning what “could happen” instead of letting you react and adjust to what actually IS happening. You may find very quickly that you completely your nailed your idea and know the direction you are taking. But far more common and more likely, is that you will realize the exact idea you had in your head is not resonating like you thought and allows you to think through some new and even better ideas that you would not have thought of without this experience. The framework that we teach at Elite Blog Academy teaches you to “throw spaghetti” in an extremely low risk environment.

Just do it

Sometimes you just have to “start by starting,” and let the chips fall where they may. You will never have an idea perfectly fleshed out and ready to go out the gate. It is only once you put something out there that you can receive feedback on how to tweak and improve your business. You must be able to continually learn, grow, and adapt to achieve success. EBA gives you the tools and motivation as well as a step-by-step framework to help you create a profitable, sustainable business. We know exactly what works and what doesn’t, and the strategy we teach at EBA will get you earning a lot more money a whole lot faster than if you try to do it on your own! The doors to EBA open just 5 short days a year, but join our waiting list today and get our Small Business Roadmap for free! What is your biggest frustration or fear when it comes to launching your own business?