Running a small business can be a challenging venture. People often have plenty of misconceptions about what it’s actually like to run a small business. In this blog post,you’ll find just a few of those misconceptions and why they’re wrong. With this information, you'll gain the confidence you need to run successful business campaigns.
6. Businesses Should Be Profitable within Six Months
Many, many people believe that their businesses or startups should start turning profit almost immediately. The truth is that a few lucky businesses will turn a profit by the time they turn two, but others will celebrate their 5th anniversary before they can talk about profits. If you're running a small business that has yet to turn a profit, don’t panic—it’s often a slow process.
5. Mentoring Is Not Necessary
Fact: As a small business, you may not always be able to hire the best and brightest, even though you want to. That does not mean the people you hire are any less competent or passionate, however. And if you give them the chance to succeed, your hires might surprise you! But for people to truly succeed, they need support.
Mentoring your employees is an excellent opportunity to help them continue developing for bigger and better things. This could take the form of a big promotion when you need to add a new department or division to the company.
4. You Do Not Need a Team
Entrepreneurs often daydream about not dealing with office politics. Many entrepreneurs also believe that they can do everything. For some running a small business, they may believe that they have to do everything themselves. This may be because they do not have the right people on hand or because they don’t have the funds to hire someone.
Those who are running small businesses can tell you that a team is vital to the business’s success. You can’t be the expert at everything and you certainly don’t have the time to do it all. Get a helping hand from experts—even if you don’t hire in house, you can still benefit from others’ expertise by hiring consultants and contractors.
3. You Don’t Need Marketing
Your product or service sells itself, right? Many people think that, but how can people buy what you are selling if they do not even know you exist? Marketing is more than slick television ads and shiny pamphlets; it’s about getting the word out about your business and what you do.
A website and social media presence can form the cornerstones of your marketing campaign. But you still need something to help your would-be customers find you.
2. You Do Not Need a Plan
Strategic planning is one of the most important things for a business of any size to engage. When you’re running a small business, having a plan in hand puts you several steps ahead of the curve.
A strategic plan helps guide your business as it grows. It provides you with a vision for the future and often a road map for getting to that future. That means that small businesses need strategic plans, often more than their larger competitors.
1. If You Build It, They Will Come
This is a popular refrain among businesses—even those with plenty of experience behind the helm. However, simply putting up a great website or offering a great product or service does not guarantee that your target customers will choose your company.
You have to earn your customers. This means marketing effectively, reaching out, converting on sales, offering an excellent product or service,and providing exceptional customer support and experience. If you build it, they might come, but you still have to guide them.