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If you are about to start off in business you will have no doubt heard these comments:
“So many businesses fail. Why are you doing this?”
“I hear that you need a large amount of money to get a business off the ground these days.”
“Why are you throwing away the security of your job?”

These, and more of the same, are typical of the barriers that so called friends and advisors, put in your way if you are thinking of starting a business. These barriers are built on the back of myths about the pitfalls and challenges which surround running your own business.

In this article, we’ll take a look at some of these myths and reveal them to be exactly that ? just myths! Don’t get me wrong, being an entrepreneur can be tough and there are hurdles to cross, but let’s bring some common sense into the debate!

You Don’t Have a Personal Life

Yes you will! It can be hard juggling the responsibilities of running your own business and spending time with the family, but at the end of the day, you are going to have far more flexibility with your personal life, than any employee will ever have. The real issue is, do you have the time management and planning skills to get things done, thereby allowing you time to spend with your family.

You Have To Be Cunning and Ruthless To Be a Successful Entrepreneur

Ok, it may help you in the short term but this is not a sound, long term strategy. To be a successful entrepreneur you need to build relationships with both customers and suppliers who will stick by you during the rough times. Being ruthless over pricing may get you one or two good deals but you are unlikely to build a lasting and profitable relationship. Your aim should be to strike a balance between what you want and what your customer or supplier wants.

You Won’t Have To Work As Hard

Your current job may be stressful and subject you to long hours. The idea of running your own business is appealing because you can slow down and take life at your own pace. To a degree this is true but there’s no getting away from the fact that it will be hard work. Most small businesses don’t achieve profitability until year 3 and so it’s a long slog. Remember, if was easy, everyone would be doing it!

What does make the difference though, is that you are finally doing something you love and so the hours and the struggles don’t seem like hard work at all. So perhaps this myth may be true after all!

You Have To Have an Original Idea

No you don’t. Most businesses are built around a central idea. The difference is usually how it’s delivered. The core products of all fast food places are the same, as are clothes shops, newsagents etc. You can make a decent living effectively copying someone else’s idea but done in a slightly different way. Don’t be put off by the doomsayers who will gleefully point out that “it’s been done before”. Your response should be, ‘Great! That shows the idea works!”

You Will Be Your Own Boss

No way! There’s only one boss in your new business ? the customer. They are essential to your success. When you were working for that large, faceless Corporation, the loss of the odd client wasn’t that big a deal – plenty more where they came from.

In your new world you have to do whatever it takes to keep your customers and keep them happy. The customer is the one who calls the tunes. You have to listen and take note, before someone else does. However, at the end of the day, when all their demands are met, then perhaps you can have some time to yourself and enjoy the pleasures of being your own boss after all!

You Need A lot Of Money To Get a Business Off The Ground

Some businesses do need a fair bit of cash to get moving but there are many areas you can go into without the need to invest in a large amount of stock, machinery or equipment. The low-capital businesses involve the use of three very cheap commodities ? your brain power, your knowledge and your time.

A business where you sell your expertise, not actual goods, to other people can be cheaply set up and carry high profit margins. All you may need is a PC, a desk and a telephone line. What’s stopping you?

You Only Have To Do What You Want To Do

Unfortunately this myth is wrong. We all have areas or skills in which we excel and it’s this expertise which usually forms the basis of your business. Your dedication to paperwork, bank statements and the VAT man may not be that high, but branching out on your own doesn’t mean you have the choice to avoid these terrible tasks.

Whilst you were able to do this when you were sitting in the big corporate office, you can no longer hide. These tasks have to be done otherwise the deck of cards can start to collapse.

If you do have serious misgivings on certain areas, marketing for example, then consider taking a course to improve your skills. If it’s something you seriously can’t do, then go and find someone to do it for you ? don’t hope it will go away because it won’t.

You will have seen that some of the myths not being true is good news and others not so good news! Be sensible in considering the myths which are thrown at you. See it for what they are – comments from people who don’t know what they are talking about! In the next issue I’ll have some more myth-busting ideas for you.

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If you operate a mobile business and worry about taking credit card payments the old fashioned way, rest assured that a mobile merchant account can provide you with up-to-date technology that will give you the lowest retail rate and instant card feedback while in the field. You won’t have to worry that you might not learn that a customer’s credit card is rejected when you return to the office. Nor will you have to leave a statement and hope the customer remembers to send in a payment. Now you can apply for a mobile merchant account that will provide you with up-to-date wireless equipment that can provide confidence and security while you are processing payments on the road.

When you are ready to apply for a mobile merchant account, you will be happy to know that many companies can give you an answer the same day. As long as your company has a decent credit history and is able to pay monthly fees for account services, you should have no problem in getting approved for a merchant account. If you conduct business while on the road, for example, by delivering floral arrangements, making service calls, or providing transportation, you can collect credit card payments at the point of sale rather than waiting to send a bill or hoping the customer will have the correct amount of cash or pay with a check that won’t bounce. If you plan to attend a trade show, a conference, a convention, or a seminar where you will be selling products, you can take along a wireless credit card processor to make sure you get paid the same day. Wireless units come with or without printers. They will let you get the lower retail swiped rate, along with immediate authorization and sales confirmation, instead of paying the keyed-in rate if you call the credit card number into the office for processing.

Your mobile merchant account will help you save money and time. You can handle the credit card processing yourself instead of hiring accounting staff to send out bills and call for collections when checks bounce from the back. You can even get additional mobile equipment to support your business transactions while in transit, like a pager or an e-check processor. Most units are small and easy to transport in a vehicle of just about any size. They fit neatly on a table for indoor business purposes, too. No special training is required for operating them. Just read the instructions or talk to the account associate to learn how you can start accepting credit card payments quickly and easily.

The rates for utilizing a merchant account are not prohibitive. Plan to discuss the fees with your lender to be sure you understand the pricing for each type of service. Your credit card processor may be billed at so much per transaction, or you might be able to request a monthly percentage rate. Find out why so many business owners are using credit card processing equipment that can be obtained with the help of a mobile merchant account.

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A coffee vending machine is a common sight in most locations where there are plenty of people. Whether you are in an airport, a hospital or an office building, the chances of being able to get a cup of coffee, a snack or a soda from a vending machine is very good. However, the number of specialty coffee shops is proving to be competition for these vending machines. This is why many of the coin-operated coffee vending machines now offer customers the opportunity to enjoy specialty coffee.

When it comes to vending machines, soda, snack, or coffee, customers want freshness. Therefore, if you have a coin operated vending machine that dispenses coffee or snacks, you do have to make sure that the quality of the product is always fresh. If you have coffee vending machines placed in locations where they are not doing well, the best thing is for you to find a location where the product will sell better, After a while the coffee in the machine goes stale and customers will not buy any at all.

Most business owners and managers will be very receptive if you approach them with your idea for coin-operated coffee vending machines. Since most employees do slip out to the nearest coffee shop for a refill, being able to offer specialty coffee at the business location does a lot for company morale. A small store near an office building will also like to have a coffee vending machine because the workers that come in for coffee will also purchase something else. In a vending machine, soda, snacks and fruit are really cold which goes over well on a hot summer day.

If you are fortunate enough to be able to place your coffee vending machines in the staff room of a school or business, you will do well with your vending machine business. All you have to do is set up a schedule for visiting the coin-operated vending machines to replenish the supply of coffee. You also need to provide a telephone number so that if the vending machine, soda, snacks or coffee runs out, someone from that location can call you to let you know. Being able to keep the vending machines fully stocked is one thing you need to do to succeed in this business.

The coffee vending machines of today offer larger cups of coffee than the older models. There are also better thermal and brewing systems in these coin-operated vending machines, which translates into offering your customers a better cup of coffee for their money. You do need to offer the same quality of coffee from your coffee vending machines as the customers can get at Starbucks or Tim Horton’s.