Edmonton Business Coach | The Small Business Myths
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The common misconception that I see in a lot of small business owners as an Edmonton business coach is that they think they’ve got it all figured out when they get started and this is just not the case. It takes many years to get to the point where your business is running smoothly and you’ve got a great team in place.
There is a number of systems and processes that need to be developed, that simply take a long time. In this article need to be sharing some of the myths that I see every day as an Edmonton business coach.
The myth that I see first-hand is that small business owners assume that everybody is the ideal customer for their product or service. This is simply not true and it leads to a lot of frustration and a lot of small businesses. It is simply impossible to create a product or service that appeals to absolutely everyone.
There is simply no way that you can do this. What I always recommend people do is identify the smallest viable market. The how you do that you can differentiate your customer in regards to where they’re located, their age group, their income level, whether they’re male or female, and a number of other questions you can ask about who your perfect customer is.
By taking the time to identify who your perfect and ideal buyer is you can then craft your service offering or your product offering for that particular buyer. What other hot buttons what are some areas of frustration that they have. What is a common need that they all have that you can satisfy with your product or service. The goal isn’t to create a product or service to try and find someone to buy it. The goal is to find a need and fill it.
Another common misconception that business owners have is that they will be an overnight success. Now I don’t assume that most people think that it’s going to be an overnight success, but it takes a lot of time and effort to make a business successful.
What I see a lot of business owners do is they make projections that are unrealistic. They think they’re going to capture a large amount of the market share because they are so unique so different than anybody else in the marketplace or they are so cheap that nobody can say no but it was so busy. This is not true. Bill Gates said and I quote “people overestimate what can be done in one year and they underestimate what can be done in 10 years.”
And this is an accurate estimate of what it takes to have a winning and successful business. Most overnight successes take a long, long time.
Edmonton business coach | more small business myths
Starting any new venture is very exciting. Being in Edmonton business coach I get to meet with a lot of new entrepreneurs. I even get the opportunity to work with some establish entrepreneurs and help them with their marketing with their branding and with building their team.
I was find it so rewarding yet still challenging. Our system is unique but the principles are simple. They simply work time and time again for every type of business that we encounter. As long as you have a business that is real, and you serve other people with it we can help you grow that business.
The main thing that we need from our clients, as in Edmonton business coach, is to be coachable and teachable. This is where a lot of entrepreneurs fall apart. They have decided to get into a new venture and never listen to another human being for as long as they live. A lot of new business owners assume that they’re going to be successful right from the start. They don’t ever think of the long days, sleepless nights, clients who don’t pay on time, and dealing with employees.
The good news is that we can help small businesses to create a culture that wins. As the Edmonton business coach we have tried and proven systems to help build that culture. One way to do it is to always be meeting with your team.
We meet with our team on a weekly basis to do all team training. Culture doesn’t happen by accident. It doesn’t happen by osmosis. It happens by persistent and consistent effort by the ownership and leadership of the company.
If you never speak with your spouse or significant other on a daily basis, you’re not going to have a relationship for long. It’s the same way with your employees. If you are not talking to them, encouraging them, and laying out what is required of them on a daily basis, how are they going to know.
If you don’t have a list of your mission vision and values posted on the walls of your business then how they know what the expectation is and what they’re fighting for. You need to do your best to address issues with employees right away. If they have questions you need to answer their questions. If there’s something that’s not being done right or according to your brand standards then it needs to be expressed to them, and talk to them.
This leads me to the next myth, only hire when you have a vacancy. If you only wait until somebody quits or you fire someone before you are interviewing new people, you’re gonna be in a lot of trouble.
What’s gonna happen is you can have a vacancy. And with that vacancy you’re going to have to be pulling the extra weight of fulfilling customer needs. The other scenario is you have to hang onto a guy or gal who is absolutely terrible at their job who are irritating customers simply because you need them there. Then you’ve got the handcuffs of a bad employee and you can get rid of them.
We use a group interview process so that we can see multiple people on a weekly basis and always have another person in her back pocket. Because employees never quit when it’s convenient for you, they always do what is convenient for them.