No matter what kind of business you’re running, there will always be people who are eager to give you advice on how to do your job. Still, this doesn’t mean they’re always right. In fact, there are people who might think they’re helping you but what they do is give you terrible pieces of advice. That’s why it’s very important that you know how to recognize counseling that you shouldn’t take seriously. That said, we’ve come up with a list of 5 terrible pieces of advice “business gurus” tend to give.
Say goodbye to your day job
When launching your own startup, you’ll probably hear a lot of people say you should quit your day job and fully focus on your business endeavors. Still, this may not be something you’ll want to do since it means you’ll have less money to invest in your new business. Not only this, but imagine your project falls through – you’ll hardly be able to get your old job back. Therefore, it’s a much better idea to keep your day job in the beginning, and only quit once you’re sure you’ll startup will be a success.
It’s all about doing what you love
”Business gurus” will advise you that it’s all about doing something you love. Still, if there’s no space on the market for another business in the industry you’re passionate about, you’ll simply have to try to come up with a different idea. When starting a business, it’s more important to spot a gap in the market and fill it, rather than do something you find interesting. Of course, a certain degree of love for the work you do is always a good thing, but it’s not absolutely necessary.
Be cheaper than all the other businesses
People who don’t really understand how business world works will probably tell you that you should make sure your prices are lower than the prices of your competitors. It may feel like this is the easiest way to attract customers, but if you don’t earn yourself enough money, there’s no point in starting a business in the first place. So, in order to keep your business going, you’ll have to determine correct prices for each of your product or service, even if this means you won’t be cheaper than all the other businesses in your industry.
Do everything yourself
Why outsource when you can do absolutely everything yourself? This is something you’ll hear from people who want to help you but it’s very important that you ignore it if you want to survive in the world of business. There will be tasks you or your employees aren’t specialized in, and learning how to perform them can be very time-consuming. That’s why outsourcing those tasks to experts near you is always recommended. For example, if you’re based in New South Wales and you need someone to deal with taxes for you, make sure you turn to a tax accountant from Sydney.
Market on social media because it’s free
Marketing on social media sure is great, but don’t trust anyone who tells you that it’s completely free. There’s just so many companies advertising on platforms such as Facebook and Instagram, and if you want to stand out from the crowd, you will have to invest some money. First of all, there’s paid marketing that might just be necessary in order for people to learn about your business. Moreover, you’ll need to pay someone who’ll help you come up with the right social media marketing strategy and manage it for you.
Trust us, you will hear at least some of the abovementioned pieces of advice, if not all of them. Still, don’t let people who believe they know everything shape your business endeavors. Only trust the people who have proved to know much about business or simply listen to nobody but your guts.