3 Myths That Kill Good Business Ideas

Ah sorry, question - I went a bit on a ramble here. One of things that hold me back is: What is the product/service I offer worth.

I'm a traditional schooled photosetter, just before the pc made its entry into the schools. I've experienced the glory times of the graphic industry and sold work for quite a lot of money. Now, years later I'm struggling to keep up. Lot has changed. The world has changed. Printing happens less and less and the demand for digital work increases.

I've worked my way up from using a phototypesetter to desktop publishing, and from working traditional on paper to digital - and it just seems I'm a few steps behind each time I develop or improve my skills.

No longer do I compete with local graphic designers and illustrators - it's a global market now and because there are so many people competing for the same area of expertise it really puts the pressure on. I do have to eat and bills to pay. And clients are paying less and demand more.

So what's fair... I'm a creative person so I find it hard to put a value on something. I also am a terrible salesperson and give away too much for too little. Every time I have a commission with a face to face client I'm embarrassed when I have to ask for the money, even though I earned it because I did the work and they're happy. It drives me crazy.

(sorry for more rambling ugh it's one of those days I guess).

Ugh, yeah that sounds so familiar. The process is a everlasting spiral of making up ideas (reinventing wheels) and then find all kinds of ways to crush it. I think there's something wrong with my brain - it's hyperactively sabotaging all my ideas even as I type.

I think the biggest myth for me is the first you mentioned. It has to be unique. Because of that I never can think of an idea that actually meets my inflated standards. Truth is, an idea only has to be interesting.

I never have money so point 2 was irrelevant - you can't spend what you don't have and if you don't have it you mustn't need it. Right?

Myth 3 is also true for me. Even now I have to be careful not to fall into this trap again. See, I have a tendency of trying to improve myself, improve the weaknesses that I have. But! I have had them for so long, it almost becomes a habit - hence I keep getting stuck at I'm not ready yet. That's a moment where I have to make a stand for myself and say: "Wait a minute, if I have the tools to do that I wish - there's no reason for me to wait. I should just shaddap and do it already.

Thanks for sharing Daniel. I loved the video and you're good at getting the point across. I'm a fan.

The biggest myth is you need business cards to have a business... I spent more time and energy worrying about what my business cards should look like rather than actually building my business.... excuses excuses i made... needed that.

Great post Daniel. My biggest excuse has always been that I don't have time for a side business AND a full-time job. But thanks to your posts, videos, and other motivational info I've found online, I'm finally getting rid of the excuses and starting an online business selling fair trade and local artisan jewelry. I laughed when you mentioned registering with the state, forming an LLC, etc. because in order for me to get wholesale prices from my fair trade suppliers, I have to get a federal EIN, which requires me to actually be a registered business. Thankfully the process is not as intimidating as I thought it would be and next week I'm attending a workshop on starting a business just to make sure I have everything covered. I have no idea if this business will actually be successful but I plan to work as hard as I can and see what happens!

Awesome post as usual.

Always hits me in the gut/abs lol

"I need to have x amount of experience in fitness to really help someone else" or "I'm not certified yet so I shouldn't get paid".

I finally created a "fitness" gmail account...

Currently running two bootcamps a week in my building and I have 2 one on one clients.

I could be doing a lot more...

Well, the whole montage about, "Do I need to form an LLC?", "I should secure a domain!" and so on has been a HUGE hold back for me and my partner. We've been spinning our wheels for a few years... thank you so much for posting this video, it helped clear the air a bit.

The myth holding me back is that you need to have the perfect product/service at launch! Thanks Daniel

The myth I deal the most with is "you have to spend money to make money." I started my business over a year ago, and I've spent way more money than I've made on advertising, website, software, etc. I'm hoping all that nonsense is tax deductible because it really hasn't helped.

"I'm not ready" and "Oh I need a website first! Do I need a logo? Should I brand myself or brand my site? When and what should I outsource?" are what has held me back.

Yes I really appreciated that you responded to everyone with a video response!

Great post dan! would love hto hear some of the simpler examples like starting a dog waking business, just something that I can share with others who feel they have no sklls to start a business!

Hi Daniel,

Great post, and definitely great advice. For good reason a lot of your posts focus on getting started, but I was wondering if you have any tips and tricks for expanding a small side business and taking it to the next level? I have my first couple clients for my side business but the work is sporadic and unpredictable. I'm struggling with getting more clients so I can start to have regular work and make my side business a real contributor to my income.

Any and all advice is appreciated!

Carl

@michaelducille You needed an excuse exorcism.

An excuseorcism.

LOL. I'm trademarking that!

@Benita Glad to hear you have some momentum! :)

Can you use your SSN in place of an EIN?

@Keeli Z Awesome work on the boot camps!!

Ok — this is important: If you're making progress, NEVER get down on yourself that your work isn't good enough.

Recognize areas where you can continue to improve, but don't forget to praise yourself for the work you are doing.

I remember about a 6 months ago, chatting with you and you hadn't even started training people yet. Now you have 2 bootcamps and 1-on-1 clients too. That's HUGE. :)

@CheBar Awesome, no problem! What are you working on?

@ShaunCoffey Loved this question. Make sure you see my response to you from the first post. Copied here:

http://youtu.be/ytg7mv9nnvU

Also, check this out:

http://www.rich20something.com/the-70-solution-just-do-it/

@TawnyC You've identified a huge myth. The phrase should really be: "You have to spend money strategically, in the right place, little by little, to make money."

Unless you have systems in place to make things like ads/software, etc meaningful, they are often just a big waste of $$.

@phil2006 No prob, dude. LMK how else I can help?

@Justin Tan Good question, J.

Have you checked out this? Download the little PDF at the end for ideas: http://www.rich20something.com/start-first-business-actually-make-money/

Great example of developing something new from scratch with no "skills": My GF's brother wanted to start a moving company, but he had no moving truck. So he tested the idea by running ads in the paper/craigslist to see if there was interest.

Then, when he got some clients, he rented a Uhaul and built the cost of that rental into the price so that he still made a healthy profit. Standard moving rates are $50-75/hr, but rental rates for Uhauls are like $20 I think....still lots of margin.

Boom. Instant business.

Easy $200-400 every weekend as business continued to increase. $1,000-1,500+/mo is no prob, and it's about 5-7 hrs per week.

@Carl Gabriel Hey man, great question. I'm just reposting this video from your question on the other post, as it pretty much answers it :) http://youtu.be/AQ9bcsUh1Tg LMK if you need some more insight.

@Rich20Something I think I definitely need an EIN to open a business bank account and possibly for tax purposes. I also like the idea of keeping my personal finances and business finances as separate as possible. Actually, going through this whole process to get registered makes me feel more committed, like I have to see it through even I hit a few roadblocks.

@Rich20Something @ShaunCoffey

You're sooo right, gah ...

@Rich20Something @Justin Tan Damn that is a good example, something IO acne definitely share with a few friends!!

@Rich20Something @Carl Gabriel Thanks for the responses Daniel! I know this question was just about the same as the last one, I jumped the gun and figured you wouldn't revisit old posts. I'll know to wait a hot second next time.

I'll dig in and get 2015 started with your suggestions. Thanks!

@Benita @Rich20Something Hey, as long as you're actually doing it, it doesn't matter.

I've had business checking accounts with BoA and Wells using only my SSN and setting it up as a DBA (Doing Business As), which is essentially a sole prop. Either way, like I said, long as you're making progress, go for it!

@Carl Gabriel No problem, and no need to wait if you feel like re-asking a question. This is my domain. I see EVERYTHING!

Haha!