If you’re considering starting your own business, the first thing you likely did was get online and look up some small business tips to help you out. Unfortunately, as useful as some of this information is going to be to you, there is a lot more that’s completely misleading and could cause you to make some major mistakes. The world of business is full of myths, and if you’re to be successful, you need to separate these myths from the facts and genuine advice. To give you a hand, here are ten examples of small business myths that you should reconsider.
It’s The Best Way To Get Rich
If money is your only motivation behind starting a business, then you might want to rethink your plans. Of course, there are plenty of entrepreneurs that do make it big and get rich with their businesses, but I think all of these entrepreneurs would agree that it isn’t the easiest and certainly isn’t the best way to become more financially stable. If you want to start a business, it should be because you are passionate about it, not because of the money.
You Need To Rent An Office
Renting an office can get pretty expensive, and this is an expense you don’t need to deal with, especially in the earlier days of your business. Rather than waste your cash, you can work from home, and spend this money on more important areas of your business, like marketing and inventory. If your home isn’t a suitable place to work, then you could try coffee shops and local cafes.
You Should Know What You’re Doing
Unless you’ve got years of experience in business, you’re probably not going to know what you’re doing in the beginning, and that’s okay. Being inexperienced doesn’t mean that you’re going to fail, as long as you now take the time to learn the ropes. It’s also not necessary to have a gigantic and thorough business plan; Of course, you should have a general timeline for your business with some key objectives, but then you should be good to go.
The Product Is What’s Important
You’re going to need an amazing product that people want to buy, but if you think that coming up with a great product is enough to guarantee success, then you’re wrong. In business, the product is, of course, incredibly important, but what’s much more important is your marketing, your money management, and your customer service. Without all of these things working together, there are going to be some major problems along the way.
It Doesn’t Need The Internet
You might want a brick and mortar business, but that doesn’t mean that you don’t need the internet. You need social media accounts to provide support, a website and a blog to provide valuable content, and websites like File-Extensions.org to convert this content into a file that customers can use. These days, the internet affects everyone’s lives all the time, and without it, you’re not going to be able to market or run your business effectively.
Work Is Non-Stop
In the beginning of your business, you are going to be working pretty hard for some very long hours, but that doesn’t mean that you should be working twenty-four hours a day, seven days a week. If you’re constantly on the job, you’re going to burn yourself out, which won’t do you or your business any good. Of course, you need to work hard, but you also need to eat properly, get enough sleep, and take breaks so that you can do something you enjoy and makes you happy.
You Have To Do It All Yourself
Your business might be your baby, but even new mothers get some help when they’re tired and have a lot to do. If you’re to avoid burning out, but still keep your business running smoothly, you need to get some help and delegate certain tasks and responsibilities that you don’t specifically need to handle yourself. This will give you some time to unwind and relax a little, which is essential if you’re to have the motivation to keep going, even when things get rough.
You Need To Hire Employees
Although you are going to need some help with your business, that doesn’t necessarily mean that you have to hire any staff. Employees are expensive to hire and manage, and this is an expense that you just might not be able to handle right now. Instead, you could outsource certain tasks to freelancers or agencies, and could even ask friends and family to help you out every now and then.
Spamming Social Media Is A Good Strategy
Most businesses need social media to get noticed, but that doesn’t mean that you should be posting every five minutes or messaging people constantly like some sort of spam account. If you’re to get noticed, it should be for the right reasons, and not because you’re constantly in peoples faces. If you want to get some attention, create value for your followers by posting interesting content or offering freebies like ebooks.
The Customer Is Always Right
Without customers, you won’t have any money, and without money, your business won’t survive for very long. However, just because you need to consider a customer’s viewpoint and try to make them happy, it doesn’t mean that you should back down and let them have things their way when you know it’s wrong. You should remain as polite as you can, but you should also stand your ground, and let customers know that you won’t just do as they tell you to.
In business, there are so many myths and twisted facts, and, unfortunately, this list doesn’t even cover a fraction of them. If you’re to be a success and make the most out of your business, then you need to take your time considering all of your decisions, and decide logically whether or not you’re making the right decision. Whether you have tons of experience or very little, you should always trust your gut, rather than taking every piece of advice you receive as gospel.