In this world of information overload, there is an abundance of material on how to run a successful business. Some is true and some is regurgitated from long held misbeliefs. The Bottom Line is here to dispel some of the myths and keep it real.
Myth 1 – You must be an expert in all aspects of business to compete well in your industry.
We all have strengths and room for growth. The important thing is to clearly identify your own. If you are familiar with your talents, you can use them to your advantage and make the most of your time and energy. You can get exponentially further by building on the things you do very well, rather than focusing on overcoming weaknesses. You have numerous resources at your disposal. There is training available to teach you skills you may be lacking. You can also hire an expert or outsource for those aspects you just don’t do well (or don’t enjoy doing). Finding a mentor or accountability partners may also fill gaps in your business strategies. The Bottom Line…become intimately familiar with your own assets and limitations.
Myth 2 – If you offer a product no one else offers, you won’t have competition.
It may feel like you should have little or no competition if your product is brand new and no one else has offered it before, but think twice. What is the problem your product solves? You may offer a unique solution, but what alternative solutions are available to your consumers? Or, it could be the reason no one else is offering a product like yours is no one wants or needs the solution you’re offering.
Alternately, if you are offering a product others already offer, this can be used to your advantage. They may have already identified their target market and how to attract them. You’ll definitely need to establish your unique value proposition, but you can learn a great deal from those who have already walked a similar path. You may even have the opportunity to partner with business owners offering similar products.
Myth 3 – You have a store front with a local presence. You don’t have a need for an on-line presence.
This depends. Do you have all the clients you want and need already? If so, you might be right. However, we would challenge you to be sure you have a clear plan for retaining existing clients and replacing those you may lose.
These days, a remarkably high percentage of consumers check out websites before visiting storefronts. They are looking to gather information to determine if your store is worth a visit, or even a phone call. If your competitors have well designed websites and an effective social media presence, you are fighting an uphill battle.
Myth 4 – Failure is a dirty word.
Failure is part of the process. Period. End of story. If you can’t get comfortable with failing, success is highly unlikely. Here are 7 reasons to celebrate every failure:
- You took a risk!
- You learned something!
- You’ve grown!
- You are now better equipped for future challenges!
- You are better able to serve others!
- You have a story!
You are one step closer to success! Failure is just part of the journey.
Myth 5 – You have to work twice as hard and twice as many hours to double your revenue.
The equation for success is not that simple. Working twice as hard leads to burn out and low productivity, and eventually causes you to abandon your business altogether. The key to doubling your revenue is actually spending more time on the tasks you are good at and enjoy, and less time on those that drain you. Reallocate the time you are already putting into your business.
We can show you how!