When it comes to starting a business, there are a lot of misconceptions out there. It seems like everyone has an idea on what it takes to make it. Some misconceptions are repeated so often that they have become facts by default. Worst of all, these false beliefs often hold people back from trying to achieve their dreams.
So let’s dispel three of the biggest myths right now. In our nearly three decades of helping people start their own vending businesses we’ve come across these myths plenty of times. We’re proud to say our approach to starting a business completely eliminates the following myths:
You Need A Great Idea
Sure, having a great idea helps. But it’s not everything. In fact, some would say it’s nothing.
Think about it.
Ideas in and of themselves have no value. If they did, you could just come up with an idea, sell it, and be done with it. But there is no marketplace for ideas. Ideas only have value when they are executed. And even then people only care about them when they are executed well.
So it’s not the idea that’s really important. It’s you. It’s your ability to execute and get things done that plays the biggest role in the success of your business.
More Than Half Of Businesses Fail
This one is true.
Or, at least it could be. Depending on who you ask. Also depending on what data you’re looking at. The truth is, this often cited statistic is so vague that it has no real bearing. It includes vastly different businesses in vastly different markets. No doubt there are some types of businesses that have an abysmal success rate. But there are also businesses where more than half of proprietors succeed.
In the vending industry, for example, the success rate is decent—not great, not horrible. However, when people get started in the vending industry using our UTurn startup packages, success rates jump above 92%! I think even the most pessimistic statistician can agree that’s a pretty good success rate.
Big Success Requires Big Risk
Falling prey to this myth can cost you a lot of money. Success in business isn’t the same as wanton gambling. It can be easy to confuse the two because sometimes business does involve a degree of risk.
But it’s calculated risk.
It’s the same kind of risk as J-walking. Sure, you could get a ticket or possibly hit by a car if you do it, but if you look both ways and confirm no threats are in your vicinity, then your risk is dramatically lowered. Unless you’ve got money to burn, that is the kind of risk you should be taking in business. Don’t go blindly running across an eight-lane highway.
When it comes to getting started with a business, dispelling the above three myths can lift a big weight off your shoulders. Even so, I’m sure you’ve encountered myths that I haven’t listed that can be equally as paralyzing. So the next time it feels like something is holding you back from starting your business, consider if it’s fact or fiction. Or, you could click the button below to see how the vending industry might be the answer to your problems: