3 Myths That Kill Good Business Ideas

Gooooood morning and Happy New Year to all my wonderful Tribe members across the globe.

I sincerely hope you’re hungover.

As I mentioned on Monday, I’m kicking off a brand new, free series that will teach you, step-by-step, how to start a freelance business that will double your income in 2015.

Why? Because I love you and I actually give a damn if you do well.

Real quick, let me ask you a question…

Have you ever been reading/watching interviews with successful entrepreneurs and thought to yourself:

“WTF, their idea is NOT that special. I could totally do that.”

But secretly, you’re kicking yourself because you feel like the successful person has some missing “X-Factor” that you don’t.

or perhaps you’ve thought…

“It’s not fair! They make everything sound so easy…if only I had ______ (insert experience/luck/connections/etc) I could do the same thing.”

Meanwhile, you know that deep down, this is really just an excuse to make yourself feel better about not getting started sooner.

Look, I know I used to feel like that ALL the time…definitely no shame in it.

But there’s something you probably don’t realize…

Truth is, even really smart people have trouble making progress on big projects like starting a business because we over-intellectualize our problems and let our brains get in the way.

In fact, there are 3 Myths in particular that hold us back and kill our best business ideas.

As part of the new series, I made a kickass video for you.

Check it out:

Which myth is sabotaging you? Maybe all 3??

If you’ve EVER wanted to start a business, but failed to follow through, I guarantee it’s one of these 3 myths that held you back

Myth #1: “I need to have a _______ idea.”

Myth #2: “I need ____ to start.”

Myth #3: “I’m not _____ _______.”

Watch the 4 minute video, then leave a comment or reply to this email and tell me which myth has held you back the most.

So much great stuff planned for you in the next few weeks.

This is going to be an AMAZING 2015. Let’s do it! :)

-DD

PS — on Monday, I did something unprecedented.

I asked the Tribe to leave me a question about their biggest challenge getting started…and I responded to EVERY SINGLE PERSON with a personalized video.

Some responses were over 8 minutes, and there are almost 5 dozen Q/A’s so far.

I’ll be answering your questions personally, via video, all month. So leave me your question here. And feel free to read others’ questions and see my responses. You may find a lot of things that apply to you as well.

I do this because I’m so sick of online leaders who hide behind their computers and never actually talk to people.

I’m here for you, even if it means answering dozens of questions in my pajamas.

20 comments
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michaelducille

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.

Benita

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!

Keeli Z

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...

CheBar

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.

ShaunCoffey

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

TawnyC

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.

phil2006

"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!

Justin Tan
Justin Tan

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!

Carl Gabriel

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

Rich20Something
Rich20Something moderator

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


Can you use your SSN in place of an EIN?

Rich20Something
Rich20Something moderator

@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. :)

Rich20Something
Rich20Something moderator

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

Rich20Something
Rich20Something moderator

@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 $$.

Rich20Something
Rich20Something moderator

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

Rich20Something
Rich20Something moderator

@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.

Rich20Something
Rich20Something moderator

@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.

Justin Tan
Justin Tan

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

Carl Gabriel

@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!

Rich20Something
Rich20Something moderator

@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!