Trends, technology, and the constantly evolving lifestyle of people often change the landscape of business. Several years ago, having an almost equal footing in terms of advertising between big companies and small businesses is an unrealistic concept. Now, social media has made it the norm. With this continuously changing world, could you be guilty of holding on to some small business beliefs and practices that have long gone defunct?
Whether you are an aspiring or existing small business owner, you need to realize that you should be as open to learning as possible. Part of this learning process is reassessing the way you currently run your business. You don’t want to be the reason why your company can’t reach its full potential.
Here are top 5 small business myths to forget now:
Small Business Myth #1:
You will have more free time if you start a small business.
Many people quit their 9-5 job and decide to start a business because they think they will have more time on their hands. If you are one of these people, it’s time to gain a new perspective: starting a new business will not mean more leisure time.
Sure, you don’t have to punch in every 9 o’clock and work 8 hours a day to complete a work day. You will, however, invest more time in research, marketing, product development, and improving your business every day. Business operations do not mean you have a stringent schedule to follow. While it is true you have more control over how you use your time, it does not mean you will always be out on vacations.
This may seem disheartening at first, but remember that the hours you put in determine how high your business can take off. Sacrificing a few leisure hours at the first stages of your business is crucial. The sooner you learn to accept this, the earlier you will ease yourself into the flexible and dynamic world of entrepreneurship.
Small Business Myth #2:
You must be on top of everything to manage your business.
It is common for new business owners to feel that they should be on top of every little facet of their business. Realistically speaking, however, you cannot spearhead marketing and supervise administrative work simultaneously. You cannot be the company’s social media administrator and manage your local store all at once.
If you want to optimize your time, you cannot spend hours on the desk doing the same task all the time. Managing multiple business operations means that you are not giving each part of the work your A-game. You need to be comfortable with the fact that outsourcing is not just for big companies. You can get an administrative assistant even if you are just starting out in business. This will give you more time to focus on your managerial responsibilities and still ensure that the paperwork and other administrative tasks are taken care of.
Small Business Myth #3:
Success is guaranteed as long as you follow your plan.
If you want to go far in business, you must learn to accept that success isn’t achieved overnight – or more accurately, after your first attempt to launch your business. This also means that your initial business idea or strategy is the only notion and technique you can dabble in. Flexibility, the humility to learn, patience on your progress, and open-mindedness are key ingredients to a company that lasts.
Small Business Myth #4:
Hire associates with a 5-year plan and extensive experience.
It is understandable to choose associates with the best résumé. However, this doesn’t mean dismissing aspirants who are just fresh from school or those who do not yet have years of experience in their field.
You must take into account the talent, interest, and passion that people have for what they do. Ultimately, a person who enjoys and is passionate about what they do will do better work than someone who has years of experience but is only there for the paycheck.
Small Business Myth #5:
Digital marketing is overrated.
One of the most critical mistakes you can make as an owner of a small business is thinking that digital marketing is overvalued.
If anything, digital marketing is something you should focus on and make sure to optimize. After all, this branch of marketing gives you an almost equal foothold with bigger companies. You have direct access to your market through social networks and Google makes it possible for local businesses to be seen in its search results pages.
Business success is a moving target because strategies that worked years before may only be just myths today. Knowing the top 5 small business myths to forget now ensures you are not trapped in the past. What business operations are you shifting today?
About The Author:
Catherine vanVonno, the author, is the President and Executive Director of 20Four7VA, a global Virtual Assistant (VA) Service Provider. She holds a doctorate degree in Applied Statistics, Research Design and Program Evaluation from Virginia Polytechnic Institute and State University and has over 10 years experience in facilitating evidence-based strategic planning, product development, brand management, legislative communications, and medical policy. She is married and has four children. You can reach her at firstname.lastname@example.org.