7 Big Myths About Small Business Growth
Many ambitious entrepreneurs dream of running their own business company and becoming successful and influential leaders. However, the road to success is usually full of bumps you need to learn to overcome to reach your ultimate goal. Entering into the unknown does not only include challenges you have to struggle in order to build a successful career, but it also includes a number of tall tales. When people don’t have appropriate knowledge of the specific matter, they tend to form their opinion based on popular beliefs and assumptions. As a result, a number of inaccurate information or myths are born.
Here are the 7 most common myths about small business growth.
1. I’ll have more time for myself
The common misconception about being your boss is that you will have more free time. On the contrary, once you start running your own company tasks keep piling up. There are so many things that you need to keep under control, that’s virtually impossible to navigate your time the way you want to. If you accept the concept that being an entrepreneur is more of a lifestyle than a job, you will more easily prepare yourself for long working hours and high demands that await you.
2. If I create website, I’ll draw more traffic
Before starting your own business you must be aware of the fact that magic doesn’t just happen if you make your own website. There are a number of factors that can make or break your marketing campaign. If you want search engines to find your site and help you get your brand to the top ranks, you need to consult SEO experts and marketing specialists about how to grow a business and find the way how to draw more customers.
3. I don’t need a marketing strategy
As much as you think that your product is unique and that it will sell like hotcakes without conducting a marketing campaign, you are wrong. Even the biggest corporations have to create a marketing plan and constantly increase their brand’s awareness. Learn from the biggest and most successful entrepreneurs and hire designers and marketing professionals to develop a basic marketing strategy. In this way, you will avoid potential failure and build recognition of your firm.
4. My team will love it
One of the things that most entrepreneurs tend to neglect is the happiness of their staff. They think that by delegating the tasks and prioritizing the business plan they will build a road to success. However, if you want your business to succeed you need to consider investing in project management software for small business, involve your staff in the project and encourage them to work towards the same goal. In this way, you will create a healthy and cheerful working atmosphere where your business plan will thrive.
5. I need lot of money to start
Although many small business owners think that they need a large investment to scale their growth, it actually isn’t true. Sometimes a steady and slow growth rate can help you stabilize and create a solid foundation as your business profits grow. Of course, you also need to do customer profitability analysis in order to easily manage your expenses.
6. When I become my own boss I don’t have to work as hard as I do now
Not only will you lack a considerable amount of time, but you will also have to invest much more energy, hard work, and resources in order to achieve the desired goal. What’s ironic about it is that you will “want” to do more work once you realize that you are the one everything depends on. That’s the sacrifice you’ll need to make if you want your dream to come true.
7. I need a full business plan
Although starting your own business is undoubtedly a mission you need to prepare yourself for, creating a full business plan that outlines all the details is simply unnecessary and inefficient. Create a simple, two or three-page business plan that will clearly lay out your vision and marketing efforts and you are ready to go.