Debunked: 3 myths about starting an online business you should not fall for


If thereís one thing harder to solve than a math problem, it is no other than counting how many services are available online these days. Frankly speaking, there is no need for reminders on how hard the business world got hit by technology as well as how it has helped in relieving some of our first world problems. Over the years, many industries went through a complete renovation process when they realised how profound the transformation can be. The impact has been significant and whatever that is written here does not do any justice unless we experience it ourselves. Letís just say that it is nothing short of great as its presence has definitely made our lives better and more efficient. From hailing a cab on the streets to booking a ride online, much more can be done in our own comfort and with just a few clicks away. However, all of these would not be possible without the courage and risks that entrepreneurs have invested in an idea that probably sounded outrages at first.


In fact, they played a huge role in shaping the online business landscape as their contributions have helped to create demands and grow the economy as a whole. To describe the whole process of starting a business online as easy would be an insult to many as it takes hard work and time to build it up. Ideas are often not generated overnight but there are individuals out there who have thoughts on starting an online business, regardless of the industry. However, reality becomes a drawback for many; self questioning and doubting come in the way and majority ends up surrendering without taking any risks in the first place. Becoming an entrepreneur may not be for all, but if you do have what it takes, it is probably worth looking into. In the meantime, do look out for misconceptions as some of these myths about starting your own business may turn opportunities away.


Myth 1: You canít start a business without having a lot of money

Truth: Regardless of the circumstances that we are in, we canít deny that money has always been one of the most important elements that revolve around our lives. While many struggle to make ends meet, some are still dwelling on how to start a business without having enough money. Without any intentions of making you feel better about this, rest assured that you do not actually need a lot of money to get started in the first place. In fact, if you are absolute about getting your business rolling, there are actually a lot of ways you can explore to kick things off. All you need is to start micro-testing your product or service to a set of potential users. Get them to share their valuable feedback as they are the best people you can reach out to. Be it a minor or comprehensive improvement you need to make, this aids in scaling your growth incrementally. Big chunks of capital might help your business grow faster, but sometimes a slow and steady growth rate can help you stabilize and get your business legs underneath you while your profit margins grow. After all, demands are driven by acceptable and satisfied product or service.


Myth 2: You canít make it without any experience in prior

Truth: Itís easy to read stories coming from successful people telling us not to let fear get in the way of our goals but how often do we practise it? For some reasons, we live in a society that forms a stigma towards individuals who chose to start their own business without any experience in that particular field. Since we were young, most of us were steered with the mindset of building a solid foundation prior to exploring any new ventures; we were taught to believe that a certain amount of skills, knowledge, contacts are needed before looking into starting a business. However, this is not true as many entrepreneurs proved this otherwise. Just do a quick search on some of the successful startups in the market today, scroll to the foundersí biography and youíll be surprised to find out how they managed to pull things off even without any relevant experience before this. No doubt that having experiences adds value to the business, but they can also be accumulated during the whole process of building it up. A better way to live is first of all just be an entrepreneur and work towards your passion. Eventually, you will do all the things that entrepreneurs do and have the necessary things you thought you needed before you could start.


Myth 3: Safe data protection and payment gateways are not needed

Truth: Now, for those who are interested in setting up a small business that focuses on e-commerce, you might assume that you donít need to pay much attention to data protection. Unfortunately, it is far from the truth and itís time for you to take your data responsibilities seriously. Of course, given the size of your business, you might wonder, why is this step even necessary, as your customers are still in a manageable amount. In spite of that, that does not constitute as an excuse for not securing your website with up to date internet security and reliable data protection system to secure your customersí information. As a matter of fact, a promising website motivates visitors as it assures them of their cyber safety especially if they decide to make a purchase. In contrast, an e-commerce site that functions without basic protection increases the chances of exposing customerís data to hackers. Hence, demotivating customers from returning or even visiting the site.


Similarly, you should never compromise the security of your online payment system. As a business owner, nothing is more important than keeping your customersí personal information protected in exchange for the trust they placed on your website. To ensure that all transactions are safeguarded on your site, you should look for a trusted and reliable payment gateway provider that is equipped with a fraud protection system to filter each transaction from any possible fraudulent activities. iPay88 supports highest security standards imposed by central banks and complies with PCI Data Security Standard (PCI-DSS). In other words, your customers get to enjoy a peace of mind while they perform any transactions on your website. Thus, increasing more chances of repeated sales in the future.


We hope that you learned a thing or two from the above article and if you are keen on setting up your own business one day, we are more than glad to help out and have a discussion with you. Feel free to reach out to us if you need an extra hand; we aspire to provide the most optimal solutions for your business.


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