Reader's Digest

Small Business

When you open your own business, you’re sure to get plenty of unsolicited advice. Some of that advice is so false it can be considered a myth. Don’t listen to these myths!

Business Plans Are Only For Big Businesses

If you don’t make a plan, you plan to fail. A business plan gives concrete definition to what your business is now and what it will be in the future. Writing a business plan requires researching the market and making feasible plans.

Many small businesses fail because they’re not sustainable. The research required to make a thorough business plan will help to identify weaknesses in your business before these weaknesses present themselves in the form of a profit loss.

You’re God’s Gift To The Community

Some small business owners think that by simply opening a business they will get customers. This is a huge myth! To get customers, you need to effectively market your product or service. Whatever you sell needs to be comparable or better in quality, price, and convenience to similar products and services available to customers in your market. If shopping with you doesn’t make sense for customers, they’ll shop elsewhere.

In their efforts to increase quality, some business owners have fallen into another pitfall.

You Need To Be A Workaholic

While it’s not uncommon for small business owners to work for every hour their business is open, it’s extremely unwise. A business owner must work very hard, but all work and no play isn’t good for anyone. If you don’t take time to recharge, both your own health and that of your business will suffer.

Small business owners are still business owners. Despite the myths flying around, you must approach your business the right way.