Launching a new business can be pretty daunting. You are probably struggling to find the capital for your business, while setting up your operations and building a team. New entrepreneurs are always on the lookout for good advice from successful business people. It’s not uncommon for budding business leaders to scour blogs, listen to podcasts, and seek out potential mentors to uncover the best business advice.
In many ways this is a good idea. Not only does referring to those how came before help prevent potential mistakes, but there are many pearls of wisdom that can save you a great deal of time and effort to work out everything for yourself. However, not all advice is created equal.
Read on to learn about the all too common pieces of business advice you should definitely ignore.
You Must Have a Big Office in the City Centre
Do you really think the location and size of your office will influence the success of your company? How flashy your office is and where it is located does not concern your target audience and your ideal customers. In fact, the only thing that matters to them is the quality of products and services you offer.
The only person that will benefit from you renting a luxurious office is your landlord. It is absolutely unnecessary, especially for startups. You can look for a big, expensive office once you start building your team, but until then this is an unnecessary expense and you’ll be throwing away your precious funds on exorbitant rent every month. You’d be much better off saving this for working capital.
Your Website Must Be Expensive
There is no denying your website is the first thing your audience will notice when they research your business online. Most people will judge the reliability of your brand by your website. While a professional and high-quality website is important for brands and it must represent your company appropriately, your website does not have to cost you a fortune.
Never compromise on the quality of your website. At the same time, don’t hire the most website designer simply because you think the more expensive it is, the better it must be. In fact, you can build a perfectly serviceable, professional-looking website yourself.
There are hundreds of thousands of website templates available online which you can customize for your business. Just because you use a free or affordable template doesn’t mean your website won’t be as professional or exciting as those that have to spend thousands on web design. All you need is some high-quality, engaging photos, strong content, and a user-friendly interface and you’ll have a winning site!
Build it and they will Come
Unfortunately, the days when people would come looking for new brands and products are long gone. Today, simply setting up a business, renting an office, and introducing your product to the market is not enough. All too often, entrepreneurs come up with products that claim to solve customer problems, but they fail to impress their audience.
Instead, you need solid online marketing to promote your products and build your business in today’s digital world. It is essential to come up with a digital marketing strategy that will let you stand out from your competitors and attract the attention of your target audience. This is the only way your business will thrive in today’s hyper-competitive market.
You Need a 100% Unique Product to Succeed
You’ve probably heard people suggest that a brand must come up with completely unique ideas if they want their business to be successful. Sure, your business should have original ideas that will drive traffic to your website and encourage sales, but that doesn’t mean you have to launch a product that is unlike anything else on the market.
In fact, it’s very possible to build a successful business in a crowded market with lots of competition. The success of your company will depend on your ability to convince your target audience to choose you over your competitors. If you secure the attention of your audience and convert them into qualified leads, you’ve already won half the battle.
Hire more People for Smooth Management
The more people you employ, the more working capital you will need. Don’t add more people to your team just because you think you should. Nowadays, technology has made it possible for businesses to use automation tools for all kinds of management tasks. For example, you could use automated online payment devices to receive payments and generate receipts, or you can implement HR management software to automate recruitment and staff management processes.
While experts may provide great advice, advice should always be taken with a grain of salt. Every business is unique and not every approach works for everyone. Therefore, take expert tips and past success stories on board, but make your own decisions based on your own situation.