5 Common Myths About Launching an Online Business in 2022
Let’s say you come up with a great business idea and you want to launch your online business with it. But it’s not as easy as it sounds!
Even though it’s exciting, to launch an online business, you need to undergo a lot of stress, hectic schedules, and sleepless nights, until it finally is up and running. Many even quit their regular jobs in the hope of launching a successful online business.
But there are so many misconceptions about the eCommerce world that quite a few times, aspiring entrepreneurs fall into the trap of myths and then make wrong decisions that cost them a lot later. To save you from falling for such myths, we have compiled five of the most common myths about launching an online business.
#1 The Passion Behind The Business Is Enough
How many times have you heard the words, “follow your passion”? A hundred times at least right.
Well, it’s not wrong to follow one’s passion, because it plays a very important role in holding your interest in whatever you are doing and brings out your zeal. But is it enough for launching a business on the internet? I don’t think so.
Passion is essential, but for a successful business, you need a lot more than that. You have to study the market, understand the demand and supply of the product, understand your target audience, and so many other factors.
We are not asking you to not pursue your passion, but what we are saying is don’t go blindly after making a decision that you might have to regret later. For instance, there are 3 business ideas you have in mind.
The first one is driven by just passion but doesn’t stand well in the current market scenario, the second one is perfectly fitting the market but way far from your field of interest. And the third one is somewhat suiting the market and also belongs to your field of interest, even if it’s not something that you are most passionate about.
In such a case, you should choose the third option, where you find the right balance between your passion and the feasibility and profitability prospects of your business idea.
#2 You Don’t Require Startup Capital
Another myth that keeps doing the rounds, and is supposed to be the most dangerous one is that you don’t require any startup capital to launch your online business. We’re not saying that you need a huge amount of money even to start a small business, but you will definitely need to set aside a decent amount that will come in handy for your business.
For instance, there are a lot of free tools that you can use for various activities like building a website, web hosting, email marketing, and so on. But will the free versions have all the features that you need? Not necessarily.
In many cases, you will need to opt for a cheap paid version even if you don’t go for the high-end ones. And for getting your exclusive domain name, you will again need to shell out some money.
To help you prepare for it beforehand, here are a few things that might need you to spend some money on:
- Domain name
- Website hosting
- Logo design
- Website template or designer
- eCommerce platform
- Product inventory
- Marketing and advertising expenses
- Licenses, fees, and taxes
#3 Social Media Is The Be-All And The End-All
The immense amount of popularity that social media has gained in the world of eCommerce is out of bounds, and most of it is well-earned. But the one wrong myth that it has created is that all you need for launching a successful online business is social media.
Even though it comes with a lot of benefits, it does not mean that it’s enough for you to market your business. You will still need to take other routes like email marketing, SEOs, paid promotions, and so on, to make sure your business reaches its target audience.
Moreover, social media marketing is not as easy as it sounds, and you anyway might not be able to take complete advantage of it. So why put all your eggs in one basket?
#4 You Can Keep Your Full-Time Job Forever
Even though we don’t recommend quitting your full-time job to dive into the world of eCommerce, at the very beginning, we can’t promise it will stay like that forever. Having a job on the side can be a good thing at the start, as it will give you the very money you need for launching a business on the internet.
But as you grow into your business, and it starts taking a bigger shape, there will come a time when you will have to focus all your time and energy on it. There is such a strong adrenaline drive in the beginning that you can sail on to boats just because of it.
But it doesn’t last forever, and when it starts getting overwhelming for you, it will damage your job and business both. Besides, we cannot completely overlook the possibility of a new business failing, even though we don’t wish that for you.
But for some entrepreneurs, a business idea or two might fail before they finally crack the perfect business idea. Having job security until you cross that stage could also turn out to be really helpful.
#5 Online Entrepreneurs Are Casual Globetrotters
You must have come across the myth that online entrepreneurs get to travel the world all the time. And if that is the reason why you are diving into this world, then prepare to be disappointed.
It goes without saying that online entrepreneurs have more freedom as compared to traditional job folks or brick-and-mortar business owners. But it’s not as flexible as people are making it sound.
There will be times when you might have to travel for work, and you get to enjoy living at a great hotel in a different city, state, or country. But the major part of your time will still be spent in your base city where you and your team are working from.
You might need to meet occasionally, if not regularly, to discuss business goals, for team building activities, recreational activities, etc. And for all of that, you will need to have a base location at least.
Rest assured, even if you don’t travel for work, you will have the liberty to take a few days off and go on a vacation whenever you need. And if required, you can continue working from there for a few days if you like it that way.
You will find two kinds of people. One that will say that launching a business on the internet is child’s play and anyone can do it.
Another will make it seem so hard that they will completely demotivate you before even launching your online business. You shouldn’t listen to either, because it’s all a myth.
Nothing is too easy, and nothing is too hard. If you think you have come up with a great idea, and have considered the important aspects like feasibility, profitability, market demand, target audience, etc., then you are good to go.
Besides that, the myths that might confuse any aspiring entrepreneur, we have already mentioned them above. Hope it helps you in launching a successful online business without any hassle.