5 Common Myths About Running Your Own Business
It seems like every day a new business makes a splash. This is no surprise, as many people dream of leaving their desk jobs behind for the entrepreneurial life. Stats show that plenty of people are taking the leap, with the U.S Small Business Administration reporting 30.7 million small businesses in 2019.
However, for every new business owner in America, there’s someone who dreams the same dream but is hesitant to take the first step. For some, the hesitation comes from belief in assumed facts that are complete misconceptions. Don’t let these myths stop you from starting your independent broker shop.
1. You Have To Know It All
You don’t need to have it all figured out before you get started. In reality, waiting until you’re a thought leader or a subject matter expert is one of the easiest ways to never start at all. If time and historic entrepreneurs like Steve Jobs and Elon Musk have taught us anything, it’s that all we truly need to start a business is an idea and the courage to pursue it. If there’s an audience you’re passionate about, like homebuyers or realtors, and a problem you feel compelled to solve, then you’re well on your way to entrepreneurship.
2. You Have To Do It All Alone
In today’s hustle work culture, this common myth comes as no surprise. There’s no shortage of “solopreneurs” making their rounds on the media circuit, reminding us of how many hats they wear or how many jobs they do. They make it easy to believe that the path to business success has to be a lonely one but going it all alone is one of the fastest paths to burnout.
When will your workday end if you’re the president, CEO, marketing manager, and the loan originator? Probably never. But you won’t have that experience if you partner with other business-minded people whose strengths complement yours. That way you’ll have teammates who can share the work, the risks, and the rewards.
3. You Have To Pay Massive Salaries To Get Quality Help
While the most highly skilled in the workforce tend to come at a cost, there are a few good ways around this. If your business is largely rooted in sales, like mortgages, you can create a commission-based pay structure that incentives your team.
Outsourcing is another great option that allows entrepreneurs to recruit help while keeping costs low. Of course, there are overrated agencies and bloated quotes, but in today’s gig economy finding a (reasonably priced) freelancer has never been easier.
4. You Have To Start At The Right Time
If you’re reading this blog, you’ve lived enough life to know that the timing will never be perfect. There will always be a reason to put it off: another mandatory sales meeting to attend, a new retail loan product to learn, a market fluctuation to wait-out.
Take Microsoft, for example. They reincorporated as a company in 1981, right at the starting point of a recession. Was this the “right time” to start a business? Was their path perfect and clear of all obstacles? Look at where Microsoft is today — no doubt those challenges sparked innovations that drove the company to success.
The timing may never be right. The question is, will you let that stop you from starting?
5. You Have To Take Huge Risks To Succeed
The romanticized version of entrepreneurship, the one you see in fictionalized tv shows and movies that are “based on true events,” has plenty of people convinced that the key to success in business is to take massive risks without hesitation.
In reality, most experienced entrepreneurs will tell you that’s the fastest way to close your company. Lean cost-effective startups tend to take calculated risks after surveying the playing field. They place small business bets that are more likely to pay off, and less likely to lead to disaster if they don’t.
Knowing the difference between good business risk and a bad one can be tough, but there’s plenty of help available and you shouldn’t be afraid to ask. A quick Google search will likely return services like BeAMortgageBroker.com, where mortgage industry veterans coach aspiring business owners into entrepreneurship.
The Bottom Line
Starting a business isn’t as difficult or tedious as most people make it out to be. If you have a business idea, some ambition and a bit of grit, you already have the keys to becoming an entrepreneur. Will you let the myths hold you back, or will you accept the risk for a chance at a great reward?
Are you ready to jump-start your career in the mortgage industry? Our team at BeAMortgageBroker.com is here to help you every step of the way.