There are countless misconceptions about running a business that discourage wannabe small business owners from getting started. These wrong assumptions can be considered the facts of running a small business, but they don't always apply to everyone. Let’s explore 3 of the biggest myths that people think are true.
Great Products Sell Themselves
Have you ever had a great idea that you just knew would sell? Every ground-breaking invention starts with a strong belief in yourself. You already know that confidence is essential to getting things done, but it can become your biggest weakness. If you have an amazing idea, then you need to realise that it won't get you anywhere without a realistic plan.
Customers aren't just going to fall into your lap, and innovation doesn't guarantee exposure. You need to accept the fact that marketing is a necessary step in success. It takes more hard work to get your product in the eyes and ears of your potential customers than to come up with a valuable product.
Don't fall into the trap of believing that your business will take care of itself through word of mouth. You'll go bankrupt waiting for a streak of good luck to turn you into a successful entrepreneur.
A profitable business is 5% genius and 95% expertly planned marketing strategies.
A world-changing innovation without marketing is like a sports car without an engine. You'll be stranded on the road to success, and everyone else will leave you in the dust.
Invest in marketing when you believe in your idea, and you'll get the wheels rolling.
Having a Fancy Location is Necessary
Some small business owners fall into the trap of trying to look good to their friends. Having a luxurious office space adds a sense of status to your business. But most online businesses can operate without any physical location at all.
The same could be said for many of the product and service companies in existence.
Granted, some businesses need a spacious, beautifully decorated space, but do you REALLY need a fancy office to run your business? You need to ensure that you can put food on your own table before you start lining the pockets of an offshore, wealthy landlord.
There are many ways to have the look of a larger business, without the associated costs. A virtual office address at a business centre such as Sohovian will cost a fraction of the rent on a commercial space. You can avoid publicising your home address, whilst keeping your home office. When you need to meet clients, you can just hire a meeting room, again at a fraction of what it costs you to maintain your own commercial office.
If space at home is an issue, then start with a coworking desk or private office, again at your local business centre. Most centres will charge a daily or monthly rate, with discounts for taking longer term agreements.
You Have to Work Crazy Hours
You've heard the old saying that entrepreneurs have to work twice as hard to make something of themselves. Although on average, most small business owners do work around 70 hours a week, that doesn't mean YOU have to.
It all depends on what goals you have laid out for yourself and how many resources you can expend to lighten your workload.
You could outsource every part of your business without lifting a finger and still make six figures. Or you could spend 16 hours a day working your fingers to the bone for a middle-class income.
The main point to focus on is doing what makes you feel accomplished. If you love what you do, then you should enjoy the time you spend doing it. Always try to discover ways you can improve your quality of life by making your efforts more efficient through outsourcing. That's the easiest way to avoid investing too much of yourself into the wrong area of focus.
Try to understand that you don't have to micromanage everything, and you don't have to stay busy on less important tasks. You can surpass your goals without pushing your limits.
What False Assumptions Are You Making in Your Business Strategy?
If any of these three myths ring true for you, there is hope. You can test your strategies to discover their effectiveness.
Begin by increasing your marketing budget to see your great ideas turn profitable through a larger exposure to your target market.
Start your business without a physical location to find out how cost-efficient you can be, and you'll be able to upgrade to a physical location when it's a more viable option.
Finally, be creative with your plans to reduce the amount of work you need to personally put into running your business. Remember that your time is valuable, and you'll be able to increase your resources through strategic outsourcing.