3 myths about starting an online business you need to know

Australia has long been renowned for its innovative and vibrant small business sector, a community of over 2.3 million people pursuing their passions and driving their careers. Pursuing a dream has rarely felt as appealing or important as it does today. One in three Australians are considering taking the plunge and starting a business they’re passionate about this year, according to GoDaddy’s Project Resolution research, writes Tamara Oppen, Managing Director at GoDaddy Australia

It can be an incredibly rewarding way to live and work. Yet, many believe it’s too expensive, time-consuming, risky, or that they’re not an expert. Finances, understanding, and innovation are all important ingredients, but so are courage, determination and passion. By using those traits and debunking some common business myths, more Aussies may choose to turn consideration into action and bring their business idea to life online.

Debunking the myths about starting a business

Myth 1: It’s too risky. I’m no expert

It’s easy to think that without a business degree or a game-changing idea, starting an online business isn’t right for you. This simply isn’t true. Practical knowledge, career learnings and life experience should never be underestimated. For many, the best way to learn is by doing, and that’s no different when it comes to starting an online business. Sure, there might be setbacks along the way, but don’t let the fear of failure put you off. Treat every challenge as a chance to learn and grow. Even the world’s biggest businesses faced setbacks, doubts and challenges along the way.

Often, breaking the process down into individual steps can help make everything feel less daunting and more achievable. Start with the idea and focus for your online business. Next, create your business name, and then you can search for, and register, your business’ domain name. Consider securing several domain extensions – for example .com, .com.au, .net – as a strategy to divert more traffic to your site. Next, register for an Australian Business Number (ABN), the unique number used to legally identify your business. With that behind you, it’s time to create the foundation for your online business – your website.

Myth 2: It’s too expensive and too time-consuming

One of the common myths we hear is: ‘I don’t have enough money or time’. However, most people don’t realise that creating a small business – particularly online – is more straightforward and less expensive than they think. Internet access and eCommerce have boomed in recent years, bringing the world closer together and making an online business more affordable and accessible than ever before.

So, if you have dreams of selling homemade knitwear but don’t have the money for a retail shop, don’t worry. eCommerce sales reached record highs in 2020, and building an online presence to reach these audiences might be easier and more affordable than you think. And if time is your concern, starting as a side-hustle can provide an opportunity to test the waters without investing as much time or money.

Myth 3: I’m not tech-savvy enough

Contrary to what many people believe, you don’t need deep technical skills to create a website or start and scale an online business. In fact, 61% of respondents in GoDaddy’s Resiliency research launched a website within a month of starting their business – emphasising that it’s both important and easier today than many people might realise. Platforms like GoDaddy’s Websites + Marketing provide pre-designed, beautiful and customisable website templates, helping aspiring entrepreneurs to bring their vision to life online.

Whether it’s something technical like creating a website or digital marketing strategy or something more long-term like a business plan, there are many helpful resources, communities, and forums to help you. Small businesses form some of the most supportive and encouraging communities, so if you know a small business owner don’t be afraid to reach out and pick their brains. When you break the process down into small steps like this and know where to find help, the entire journey feels more manageable.

Small businesses are the engine of the Australian economy, accounting for over 97% of all business and 32% of total GDP. This dynamic and inspiring community will play a crucial role as Australia seeks to maintain its economic recovery. By supporting each other and debunking some common business myths, more budding entrepreneurs may feel now is the time to take their first steps to getting online and embracing their dreams.

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