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The 7 Biggest Myths About Running a Business

running a businessRunning a business is difficult, but the process can be made even more quarrelsome when we fall victim to the silly but relentless myths that plague the world of entrepreneurship. For instance, despite what you may have heard, it is possible to start a business with almost no capital, and Donald Trump is not hiding under your bed or in your closet while you sleep. Still, you may be operating under some of these false and potentially detrimental notions as we speak, so before you explore our full range of free flyer templates and other business essentials, check out this business myths checklist and make sure you haven’t been taken in by needless hype.

1) It Takes Money to Make Money

Granted, most businesses require some degree of initial investment, and sometimes that investment is substantial, but the danger here is the generalization. Far too many businesses take the misguided approach of funneling more and more money into their enterprise while falsely assuming that greater investment equals greater payout. But that’s like buying fancy gifts to assuage your unsatisfied spouse when really you should be thinking of ways to improve the relationship (hint: stop having late night “meetings” with your secretary). A successful business learns how to succeed by making their investments go further, rather than just throwing more money at every challenge that presents itself.

the money funnel
Far too many businesses take the misguided approach of funneling more and more money into their enterprise while falsely assuming that greater investment equals greater payout

 

2) It’s All About Low Prices

Many would-be entrepreneurs are afraid to even enter the arena out of fear that they will never be able to compete with their competitors’ prices. Sure, everyone loves a great deal, but consumers don’t always choose the lowest price. What you really need to deliver is value. If you can beat your competitors in terms of quality, branding, or customer service, you will quickly learn that price isn’t everything. For instance, we can all save money by switching to Bob’s Box o’ White Wine, but surprisingly, most of us still opt for pricier bottles. They taste better, they look better, they present an air of sophistication, and they don’t feature the name of the product in Comic Sans.

3) I Don’t Need a Formal Business Plan — I’ll Just Wing it

Every great business is born from an idea…but the idea alone isn’t going to carry your enterprise very far. You need a solid, thorough, written business plan that outlines your vision, budget, funding sources, goals, marketing avenues, demographics, projections, and all the other minutiae that won’t just magically fall into place. After all, you wouldn’t construct a building without a blueprint. “Yeah, let’s stick a wall over there, and maybe get me some hardwood for the floors, I’m thinking about 20 or 25 feet in length, give or take. How about a hot tub right in the middle of the lobby? Yeah, that sounds good. Somebody get me a shovel and a hose.” You get the idea. The more detailed your business plan, the stronger your foundation.

winging it in business
No winging it! You need a solid, thorough, written business plan that outlines your vision, budget, funding sources, goals, marketing avenues, demographics, projections, and all the other minutiae

 

4) I Can Quit My Day Job

If you’re just starting out with your new business, do not quit your day job. Even successful businesses can take months or even years to turn a profit (in general, even great businesses take at least 2 to 3 years to become profitable), and the owner of the business is always the last to get paid. So be patient, let your business grow, and don’t get ahead of yourself. It means you’ll have to work a lot of 16-hour days in the beginning, but no one ever became successful without great personal sacrifice. Except Kim Kardashian. But unless you’re very comfortable in front of a camcorder, you may not want to follow in her footsteps to success.

5) The Government Will Help Me Start My Business

Good luck with that. Despite what you may have heard from any number of sketchy late-night infomercials, the federal government has no programs aimed at funding small businesses. Some states have small programs aimed at assisting veterans and people with disabilities, but these programs have very stringent requirements and seldom offer the funding necessary to fully get a business off the ground. If you plan to ask the government for a grant, you better show up with Chuck Norris at your side, because nobody says no to Chuck Norris.

government handout for business
Don’t believe what people may tell you

 

6) Social Media is My Most Important Marketing Channel

In the digital age, few phenomena receive more hype than social media. After all, it seems like even our grandmothers are using Facebook now (“Let’s see what happens when I put this sewing machine on max power #yolo”). But while the numbers are impressive, don’t fall into the trap of assuming that social media is the alpha and omega of online marketing. There are a number of other important channels to consider, including search engine optimization (SEO), search engine marketing (SEM), conversion optimization, and even more traditional advertising. For instance, here at Next Day Flyers, our free flyer templates remain enormously popular, because businesses recognize that there is still tremendous value in traditional advertising. We’re bombarded with online advertising every minute of every day, so sometimes it’s nice to have real paper telling us what to do.

7) I Don’t Need a Separate Legal Entity for My Business

Sadly, many entrepreneurs still operate under the false assumption that they don’t need to establish a legal entity for their business simply on the grounds that their business isn’t risky enough to warrant the expense. But when you assume full personal liability for your business interests, you’re standing on very shaky ground. No business is immune to risk, and as annoying as those filing fees can be, they’re far less annoying than bankruptcy. “Hey honey, the bad news is we’re being sued for $200,000; but the good news is that I saved us $800 in franchise taxes by not registering the business as an LLC. So it sort of balances out.”

Next Day Flyers — Browse Free Flyer Templates and Start Your Business Off Right

Yes, there are a lot of persistent myths in the business world, but there are also a lot of common-sense truths: customer service is paramount, a little courtesy goes a long way, and success isn’t measured by numbers alone. If you’re looking to spread the word about your business, check out our wide selection of free flyer templates and let us help you create the kinds of advertising materials that are guaranteed to turn heads and promote sales.

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