Financial Freedom Nigeria

Financial Freedom

Myths about Starting your Own Business

Young businessman relaxing at his desk in the middle of a green

By Comfort Barida

Starting your own business is one of the ways to take control of your financial independence and make plans for the future. But it will be nothing like what you expect. Whether it is a small and sustainable business that you love doing and from which you want to derive a steady income or a huge capital investment, you will hear a lot of stories that might not necessarily be the truth but because it is said often it is beginning to sound like one. Here are a few of them.


You need a lot of money to kick off

You don’t necessarily need a lot of capital or cash to start a business. In fact, many entrepreneurs begin with little money and simply use personal connections when starting a business. You can start your business on a small-scale level, growing it gradually over time as you build a clientele and have more money to put back into the business. Although you may need to purchase a few things to get started all you really need to do is to find customers.

You cannot juggle between a Job and a Business

There is a popular saying that you can’t do two things and succeed at both. That is not true because there are lots of people today who have their 9-5 jobs and still run their businesses and are successful in both. The key is good planning and organisational skills.

You need to take a lot of huge risks

You do not need to take huge risks when starting a new business. But you do need to make calculated bets and take small risks. It helps you stay around for a lot longer.

Related: 15 Lies you must Ignore to be Successful

You need to rent an office space

You don’t need to rent an office space to start a new business as you can always work from your house. If for instance your business is about selling a product and you have a car, that’s an added advantage because the delivering of your products just got very easy. If you need to have meetings with clients, you can always set up the meeting at any fast food joint, restaurant or café.

You will become your own boss

This is not true because in order for your business to function you need customers. There will be no business without customers. In essence, your customers are the real bosses and not you. You have to treat your customers well and put their needs ahead of yours. Like the popular saying, “customers are always right” and they are the real boss.

Spend money to make more money

If you have to spend your money, spend carefully and measure each investment results rather than throwing your money or resources at the challenges you have to face. That is wasteful and not an answer to any solution.

You will make tons of money

Success isn’t necessarily about making money. Sure, everyone hopes to make money from their business but if the focus is only to get money, you may never achieve it. Build your value first and you will definitely reach your financial goal.

You don’t have to register your business if it is really small

Registering your business is very necessary and it has nothing to do with the size of your business. It helps in securing your brand name and makes it more genuine

Social media is a waste of time

People believe that social media can be a huge waste of time. That is not true. People make tons of money daily on social media being a PR game changer. Ensure that all your products are marketed on the various social media platforms. Your customer might just be a click away.


Comfort Barida is a legal practitioner and works in the editorial team of Financial Freedom


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