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Misconceptions Small Business Owners Have About Growing Their Business

2 Mins read

Growing your business as a small business owner is very important. Even if you want to stay the same size, you need to make sure you’re focusing on getting and retaining customers. It isn’t all about gaining new customers. If you focus on new customers and forget about previous customers who have worked with you, you’re just asking to fail.

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Shutterstock Licensed Photo – By YP_photographer

There are many misconceptions that a small business owner can have about growing their business. Here are some of them:

You Don’t Need To Work As Hard As Big Business

Big businesses or businesses who want to get big do need to work hard. However, that doesn’t mean you don’t. You’ll still need to be willing to put the time and effort in to grow your business and get your name out there consistently. You can’t just sit back and wait for people to bang down your door!

It’ll Happen Naturally, On Its Own

No business ever grows naturally all by itself. A marketing strategy is imperative to getting your name out there and ensuring your audience can find you. You need to make sure you work on your SEO, PPC, social media marketing, and more. Marketing a business is tough, and there’s a lot to remember. This is why many choose to outsource the job to a reliable company. Trying to do it yourself could cause more problems!

Your Competitors Don’t Matter

Your competitors do matter, and you need to know all about them if you’re going to differentiate your business, do things better, and encourage your audience to come to you. Doing the research on them before you’ve even begun is imperative and will set you up for success.

You Don’t Have Competitors, So It’s Fine

You do have competitors. If you think you don’t, you haven’t done enough research. This part should never be taken lightly.

You Must Be Rich To Consider Yourself Successful

You definitely don’t need to be rich to consider yourself successful. The idea of success varies from person to person. Some would just consider owning a business that helps people success. However, you want your business to be up and running for a few years at least, with a steady stream of customers and income before you start calling yourself successful.

Market Research Isn’t Necessary

Market research is imperative. It’s the only way you’ll know if there’s a viable market for your product or service. Having a ‘build it and they will come’ mentality will leave you disappointed.

A Profile On Every Social Media Platform Is Important

You don’t need a profile on every social media platform. It can drain so much of your time for little return. You want to focus on where your customers are actually have a conversation so you can set up there and focus on it. Don’t worry about other platforms, especially at the start. Eventually, you could get a social media manager.

Do you have these misconceptions about growing your small business? Leave a comment below!

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About author
Ryan Kh is a big data and analytic expert, marketing digital products on Amazon's Envato. He is not just passionate about latest buzz and tech stuff but in fact he's totally into it. Follow Ryan’s daily posts on Catalyst For Business.
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