Myths About Running a Small Business

If you’ve got an idea for a small business, you’ve probably been talking to some people about it. It can be great to get feedback from others, but unless they are small business owners themselves, they may have absorbed some myths about running a business and shared them with you. Being aware of some of the common myths can help you avoid mistakes associated with them.

Passion is Enough

This one is everywhere: the idea that following your passion is key to your success. It would be nice if this were true, but it’s not really your own passion that is the issue here. You need to ignite that passion in your customers for the product or service you are offering, or at least give them something they need. This myth is often accompanied by the belief that you don’t have to market, a kind of mentality that says customers will magically appear if you just open your doors. If your budget doesn’t stretch to marketing, the solution is not to just ignore but to find ways to fund your marketing efforts. Having small business loans available can be key here, offering a range of different types of loans and payment schedules along with additional services, such as access to coaching and other support.

You Must Grow Quickly

You’re working long hours; you’re not making as much money as you anticipated and you’re hearing stories about entrepreneurs that jumped right in and took their business to stratospheric heights. This can make the idea of fast growth seem tempting, but in most cases, doing so is a mistake. It’s much better to find your footing first and then expand slowly in response to the demands of your customers.

Sales Are King

The mistake with this one is not the assumption that sales are important but in not taking other factors into account alongside it. Some business owners see their sales skyrocket and get careless about their finances, but good sales don’t mean you have unlimited money. It’s your cash flow that you need to keep an eye on, and this means staying on top of profit and loss statements and other indicators of your financial health.

You Do Everything

It can certainly feel as though you’re doing everything, and in the early days, this may be true. However, learning to delegate is a good idea, and it can be particularly important if there are certain aspects of your business that you are not very good at. If you aren’t great with computers and online sales is a big part of what you do, you may want to have someone else design your website and set up your online shop.

You’ll Have More Flexibility

There are many advantages to being a small business, but at least in some aspects, this is not one of them. You probably lack the cash reserves for a great deal of financial flexibility. In addition, it can be hard to take time off. However, this may change over time, and there are other rewards to entrepreneurship to balance this disadvantage.

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