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10 Myths about starting a business that you probably believe

ΜΥTHS ABOUT STARTING A BUSINESS 10MYTHS THAT YOU PROBABLY BELIEVE If you're thinking of starting a business, you're not alone. An estimated 42 million small businesses will be running in the U.S. by 2026.1 Over the years, you've probably heard business facts tossed around in casual conversations and board meetings. But a lot of what you think you know about starting a business might be untrue – especially pertaining to your finances. To start your endeavor out on the right track, it's time to dispel 10 myths about starting a business that you probably believe. 1 ΜΥΤΗ MYTH 2 ΜΥTΗ IT'S THE WRONG FACT TIME TO START A MOST NEW NEW BUSINESS. 550,000 BUSINESSES BUSINESS OWNERS DON'T EARN OPEN EACH ΜΟΝΤΗ.2 ENOUGH ΤΟ TAΚΕ REGULAR SALARIES. FACT $50,000 IS THE AVERAGE STARTUP SALARY FOR OWNERS. 3 ΜΥΤΗ YOU DON'T NEED A BUSINESS PLAN TO GET STARTED. MYTH 4 ΜΥΤΗ FACT YOU NEED A LOT OF CASH TO 34% OF STARTUPS FACT CREATE BUSINESS PLANS AND HAVE GET STARTED 64% OF BETTER CHANCES OF BUSINESSES ARE SECURING FUNDING STARTED WITH BECAUSE OF IT. $10,000 OR LESS.5 ΜΥΤΗ MOST STARTUPS ARE FUNDED BY VENTURE CAPITALISTS. FACT LESS THAN 1% OF STARTUPS ARE FUNDED BY VENTURE CAPITALISTS; MOST ARE FUNDED BY PERSONAL SAVINGS AND BANK LOANS. ΜΥΤΗ USING A PERSONAL ΜΥTΗ BANK ACCOUNT FOR A BUSINESS IS A SOLID YOU CAN FIGURE FACT FINANCIAL DECISION. OUT A FINANCIAL 68% OF BUSINESS FACT STRATEGY AS OWNERS REGRET 71% OF NEWN BUSINESS YOU GO. NOT LEARNING OWNERS USE THEIR PERSONAL ABOUT FINANCIAL ACCOUNTS FOR BUSINESS, MANAGEME LEADING TO POOR EARLY ON.7 RECORDKEEPING AND TAX HEADACHES. A SEPARATE ACCOUNT IS BEST. MYTH 8 ΜΥΤΗ YOU'RE TOO OLD TO START A BUSINESS. MYTH 9 ΜΥΤΗ FACT 51% OF SMALL YOU NEED A TEAM BUSINESS OWNERS ARE AGE 50–88.º OF EMPLOYEES TO 10 LAUNCH A ΜΥΤΗ BUSINESS. FACT YOU NEED FACT 62% OF BUSINESSES TO BUY OR HAVE FIVE OR FEWER 50% OF BUSINESSES LEASE EMPLOYEES. HAVE VIRTUAL OFFICE THERE ARE 23 MILLION OFFICES WITH SOLE PROPRIETORS IN SPACE. EMPLOYEES WORKING THE U.S.10 REMOTELY.11 PNCBANK The article(s) you are reading were prepared for general information purposes only and are not intended to provide legal, tax, accounting or financial advice. PNC urges its customers to do independent research and to consult with financial and legal professionals before making any financial decisions. These articles may provide reference to Internet sites as a convenience to our readers. While PNC endeavors to provide resources that are reputable and safe, we cannot be held responsible for the information, products, or services obtained on such sites and will not be liable for any damages arising from your access to such sites. The content, accuracy, opinions expressed, and links provided by these resources are not investigated, verified, monitored or endorsed by PNC. Sources: 1:https://www.inc.com/alex-chriss/starting-a-business-in-new-year-keep-an-eye-on-these-5-trends.html 2 https://www.kauffman.org/kauffman-index/reporting/startup-activity 3 https://www.inc.com/alyson-shontell/how-much-do-startup-founders-pay-themselves.html 4 https://smallbiztrends.com/2010/06/business-plan-success-twice-as-likely.html 5 https://www.census.gov/ces/dataproducts/bds/ ® https://www.entrepreneur.com/article/230011 7 https://quickbooks.intuit.com/r/trends-stats/know-small-businesses-start-10000-less/ 8 https://quickbooks.intuit.com/r/trends-stats/know-small-businesses-start-10000-less/ ° https://smallbiztrends.com/2016/11/startup-statistics-small-business.html 10 https://www.crowdspring.com/blog/surprising-small-business-statistics/ https://taxfoundation.org/us-has-more-individually-owned-businesses-corporations/ 11 https://www.crowdspring.com/blog/surprising-small-business-statistics/ 2018 The PNC Financial Services Group, Inc. All rights reserved. PNC Bank, National Association. Member FDIC

10 Myths about starting a business that you probably believe

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If you're thinking of starting a business, you're not alone. An estimated 42 million small businesses will be running in the U.S. by 2026.

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