COMMON MISCONCEPTIONS
Don't be fooled by these 5 misconceptions
that most entrepreneurs have
about starting a business.
If you've decided to take the leap and start your own business, congratulations. You're about to head out on the journey of a lifetime. The road will be bumpy and there will be many sharp turns and roadblocks, but at the end of the day, the majority of entrepreneurs agree that it's all worth it.
I want to share with you the 5 misconceptions that most small business owners have about starting a business, especially during the first year when they're still learning the rope.
If you can identify whether or not you also hold these misconceptions, then you are better able to mitigate or avoid them completely and your business will have a better chance of surviving in the long run.
Your product or service is the perfect fit for everyone
I'm sorry to say that if you think that everyone is going to love your product, you would be incorrect. Not everyone is going to love your product. In fact, only the people who truly need the solution that you offer will even consider it, but may ultimately end up purchasing it from your competitors.
How to counter this misconception: start by getting clear on your perfect customers (and keep in mind who your imperfect customers are, as well), creating a strong value proposition, and outlining your customer service standards.
You get to set your own hours
You might want to hold off on booking that beach trip to the Caribbean, because even though you'll be your own boss and can (theoretically) decide which hours you will be available to the public, you will still be on-call 24/7 as you build your new business.
How to counter this misconception: start by identifying the daily tasks that you need to complete to not only keep your business running but to grow it as well. Then, work to eliminate time-wasting activities during your working hours, such as scrolling through social media. Meet with a business coach who can work with you to create a plan that moves you and your business forward without costing you your sanity.
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I get to lead the design process
While this may seem like the most enjoyable aspect of starting a business, it can be incredibly detrimental to your business's public perception if done improperly. There are a lot of things to consider when creating the visual elements of a new business: the brand colours, fonts, and even its language must represent your company, its offerings, and its values, be present in everything the business says and does, and remain consistent across platforms.
When it comes to your brand's identity, it's best to leave the design of those most important and public-facing elements of your business (the logo, labels, and website, for example) to a professional. Graphic designers and website designers know how to truly capture your brand's identity and create a visual story that is uniquely yours.
A business plan isn't necessary
This is one of the biggest misconceptions about starting a business that hinders a new start-up right from the get-go and is one of the reasons that businesses fail. A business plan is as important to a business as a roadmap for a vacation; you need to know what direction you are going and plan out what you will need to do in order to get from Point A to Point B.
Oftentimes, entrepreneurs avoid writing business plans because they don't know where to start or they are worried that they will get lost in the process. Asking a business coach to work with you to create a coherent business plan is a good way to make sure that you don't miss anything important.
How to avoid this: start by reading this article that explains why a business plan is important in further detail. Consider taking this course on Business Planning or meeting with Linda Prafke to discuss how BizAcademi can help you write a business plan and set your new business up for success.
Selling your products for cheap will help you get into the market
Actually, you don't need to short-change yourself in order to get your product or service into the market. In fact, devaluing what you offer in the beginning will only make it harder for you to raise your prices in the future when you've got your foot in the door.
If you are going to sell something, you need to take the time to determine how much it costs to produce (or how much your time is worth, in the case of service-based businesses), assess its true value, and have confidence in your offering as you put it on the market.
Now that you have all of this information, where do you go from here? Or, conversely, who can you turn to for help with identifying and mitigating all of the factors that have been identified in this article?
Here at BizAcademi, we work with entrepreneurs to build and grow their businesses. With decades of practical knowledge and learned experience, Lana and Linda help startups avoid common mistakes while guiding them down a path to business excellence. To learn more about how BizAcademi can help you achieve your business goals, contact us.
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