5 Business Setup Myths You Shouldn’t Believe
Most people have certain notions and ideas about what it takes for a business setup and become a successful entrepreneur. These beliefs are inspired by media portrayals of business owners and can sometimes discourage someone from business setup and starting their own business. In this article, we explore some of the myths about business setup and why you shouldn’t believe everything you hear.
1. Setting up a business can be time consuming
A lot of us have the idea that business setup is something that needs to be painstakingly long. According to this myth, there’s a direct correlation between how long you take to start your business and long-term business success. After all, the more prepared you are, the more likely you are to be ready for the risks that plague businesses. This myth is far from the truth. The reality is that the amount of time you spend in business setup doesn’t necessarily impact how effectively your business will run. As long as you have the major details covered, starting a business shouldn’t be an extremely time-consuming process. Additionally, there are many resources available that can speed up the process even further. With SPC Free Zone you can get your trade license issued within 2 hours!
2. You need to be working all day and everyday
Movies tell us that a successful business owner is a pioneer for dedicating all their time and resources to their business. Continuous all-nighters, the lack of a social life, and piled up papers all point in the direction of an overworked and exhausted entrepreneur. Reality, however, paints a different picture. Business setup does not mean giving up every other aspect of your life. When you work for that long, you’re more likely to experience burnout, which can have more of a negative impact than just maintaining a good work-life balance. If there’s too much you need to do, opt to delegate those tasks to those within your company. Delegation or outsourcing your work can reduce the time spent on a given task, all while helping you maintain a manageable workload.
3. Everything needs to be perfect
One of the biggest fears of any entrepreneur is the risks that comes with business setup. The fear of the unknown and how it can affect your business can make starting a venture a tedious one. A lot of aspiring entrepreneurs believe that they should start their business at the right time and that it should be perfect in all aspects to ensure entrepreneurial success. However, this is simply not true. There is no perfect time a business setup and no matter how prepared you think you might be; unforeseen circumstances will always arise. Ultimately, a business setup is all about adapting to changes as they come and no matter how prepared you think you may be, risks will always arise, seemingly out of nowhere.
4. You need a lot of capital to start a business
The myth that you require a large amount of funds to start a business has deterred many from setting up the business of their dreams. Though money is an important contributor to business success, having a large amount of it does not guarantee the success of the venture. A business setup does not need to be expensive. There are several resources that can allow you to set up your business successfully. Here at SPC Free Zone, we provide entrepreneurs with zero paid-up capital requirements as well as affordable office lease options helping ease financial burdens.
5. You have to know how to do everything
People tend to assume that entrepreneurs know everything related to setting up and running a business. Reality, however, paints a different picture. Entrepreneurs don’t have the answers to all their business issues, and they have their strengths and weaknesses as well. Sharing business problems with the team can help you get a different perspective on various issues and delegate it to someone who has the necessary expertise to complete the task effectively.
Starting a business in the UAE can be a daunting task, especially if you’re unsure about where you need to start and what you need to do. Our experts here at SPC Free Zone can help you get on your feet and aid your business preparation and documentation, so that you can easily set up and operate your business effectively. Contact us at 800 SPC FZ to book a consultation with our business experts today.