The Good, the Bad, and the Reality: Busting 5 myths about starting a business

by Erika Rollins


Whether you’re launching a sole proprietorship or busily staffing a startup, you’re operating under quite a bit of solid data—and maybe some serious misconceptions as well. In the startup world, myths abound, and some of them can hurt you or hold you back. Today, we’re exploring common myths around being your own boss, having a flexible schedule, and kicking off that million-dollar idea.

Myth 1: Your plan must be perfect

You need a business plan, but you don’t need to spend six months perfecting it—and then six more adjusting it based on how the market’s changed over the past half year. Markets simply change too quickly for you to sit on your plans for very long. Of course you should have your mission outlined, and enough market data to start producing and selling intelligently. But as long as you have a few realistic projections and an idea of how to work towards those goals, you’re golden. And in the end, actions matter more than words on paper.

Myth 2: It takes money to make money

It takes money to spend money, but earning can begin with minimal investment. Of course this varies among industries, but the bottom line is that having more money to throw at a problem doesn’t necessarily fix it, and having more money to sink into a business won’t necessarily make it sustainable. Spending slowly and steadily, and investing in the proper tools and technology, helps your business get off to a stable start and gives you time to grow your acumen along with it.

Myth 3: You’ll be your own boss

You will be your own boss, in the sense that you won’t have another boss. But you’ll still be beholden to clients, suppliers, partners, employees, prospects, vendors—and to the work itself. While startups can rarely be choosy about the first customers they take on, they need the ability to respond to customers quickly through features like click-to-call forms and IVR menus with call back features. This will help you take on the world “like a boss”.

Myth 4: You’ll work 24/7

Human beings simply can’t work every day and every night, 365 days a year. If you try, you’ll run out of steam much faster than you’d ever run out of money. Small business owners have to respect their most valuable resource—themselves—and find ways to use technology tools to help strike a balance. Call tracking platforms, such as CallTrackingMetrics, can help manage inbound and outbound calls and provide complete visibility into your marketing and sales ROI- saving valuable time and resources. Take advantage of the dozens of workflow optimization tools available and let them do the heavy lifting for you.

Myth 5: It’s all about timing

If only you’d thought of your million-dollar idea a year ago. Or if only the economy were better, or your finances were more stable. The truth is there will always be a source of anxiety, an excuse to delay, or a glitch in the timeframe. But if you’ve got the entrepreneurial itch, go ahead and scratch it. Whatever your idea, project, or plan: start now. The timing will never be right—which of course means that the timing will always be right.

CallTrackingMetrics got its start as a small business, launched by husband and wife Todd and Laure Fisher from their basement. As such, we understand the unique challenges that startups face, and provide cost-effective tools to help them thrive. Want to learn more about how CTM’s call tracking, routing and reporting tools are helping entrepreneurs increase conversions and manage agent performance? Download our one of our various guides.