The Myths Surrounding Starting Up Your Own Small Business

If you are thinking about, or in the process, of starting your own small business, you may come across several myths on your journey. It appears that there’s nothing some people like better than dispensing their opinions on what it means when you begin on this exciting path. However, it is worth knowing which are valuable perceptions and which are merely myths!

The Myths Verse the Reality:

Myth: Those who create small businesses can work and live exactly how they want to!

Reality: With a strong desire to make their small business financially profitable, a small business owner will have to forgo any ideas of the perfect lifestyle when first starting out and work all the hours they possibly can. For many, the concept of strolling in and working whenever you feel like it is laughable when it is considered that you are entirely responsible for your business’s success!

Myth: Those small businesses who choose to operate from home are entitled to more tax breaks than others!

Reality: Those businesses with their base in the home can claim on some expenses that most non-home-based companies cannot, but it is only a proportion of the costs, and they must meet criteria to be able to qualify. They indeed don’t get rewarded for choosing this alternative route as their base!

Myth: Smaller businesses do not need to register if they are tiny!

Reality: The size of your business is not in question when registering it, instead the amount you are earning and if you are going to exceed the threshold requirements. Once a company is eligible to become taxed on their profitable earnings, then they have no choice other than making this information known to the relevant tax departments, which ultimately leads to registering their business affairs.