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Myths & Facts About Small Businesses

May 01, 2022
Myth

Over time, there have been many generally-held misconceptions about small businesses. In this article, we will attempt to demystify some of these myths.

Small businesses are smaller than most and typically have single owners with little dependency on technology - they use more manpower. They are, in most cases, locally based with low capital and fewer legal formalities.

Small Business Myths

Small business owners have total control over the time they use at work

Many people assume that as a small business owner, you control the amount of work to be done at your business. Thus, you also have control over the time you spend at work.

However, many people fail to realize that small business owners are usually very passionate about their business and pour all their efforts into business so they can achieve both their short and long-term goals. Thus, their business determines how much time they spend at work each day.

For you to keep your customers, your products must be affordable

Affordable products may or may not attract many people, but one thing is sure; people love quality items.

I'd rather buy a product for a large sum of money knowing that I won't need to replace it sooner than expected due to spoilage or such.

So, instead of focusing on making your product cheap, focus on creating products that have good quality.

Your customers are always right

It is good to put your customers first, not because they are always right, but because they are consumers of your products, and to be honest, your business needs them to survive.

It is only healthy for you to set business standards and sound business policies that will cater to your customers' interests as well as your own.

If you keep allowing customers to "do as it pleases them," you stand a risk of being at a loss because, in retrospect, it is impossible to satisfy the desires of everyone.

Learn from your experience

Experience may not always be the best teacher in business because what works for business A may not work for business B. What is good for the goose is not always good for the gander, so it is best to make informed decisions and take advice from knowledgeable individuals in your business field.

Build, and customers will come knocking at your door

This is more encouragement than the business advice your business needs to flourish.

According to writer and playwright Milan Kindera, “Business has only two functions — marketing and innovation."

Marketing is the heart of every successful business, so you must take your products to potential consumers, bring them to their consciousness and help them see why they need your products and what problems your products will fix.

Facts About Small Businesses

There will always be products similar to yours in the market

This is why you must find a unique edge for your products to convince your potential customers why they should choose your products amongst other ones in the market.

Marketing is fuel

Marketing is the fuel you need to set your business at the top because for every business, there is a competitor.

Business plans are important

Creating and following informed business plans will help prepare your business for the dooms that may occur in the future.

Building relationships with customers helps.

Creating a healthy relationship with your customers is a lot more profitable than having only transactions with them. Your work is not done when you sell a product, but when you get feedback from your customers to see if they are satisfied with your products, as well as getting feedback, you are building a relationship.

Storytelling is important

Storytelling is the best way to sell your products because stories appeal to the imagination, humanity, and emotions of listeners.

The opinions expressed in our published works are those of the author(s) and do not necessarily reflect the opinions of the National Association for the Self-Employed or its members.

Courtesy of NASE.org
https://www.nase.org/business-help/self-made-nase-blog/self-made/2022/05/01/myths-facts-about-small-businesses