By Peter Wasmer, Founder & CEO of Pure Coastal Technologies Inc.
There are a lot of myths out there about small businesses. And while some of them may have a kernel of truth, they’re often exaggerated or false. According to American Express, “Small business owners believe a lot of myths about how to run their companies. These are things they assume to be true, but when put into practice, simply don’t work.”
Whether you own a pool service software company, a home watch services company, lawn care services software company, or a similar type of business, if you know the truth about small businesses, you can be a more informed customer or entrepreneur.
So, let’s take a deep dive into some of the most common small business myths and see what’s really going on.
Myth 1: Small businesses can’t compete with big businesses.
This is simply not true. In fact, small businesses often have an advantage over big businesses because they can be nimbler and more responsive to changes in the marketplace. They can also provide a more personal touch that customers appreciate.
Myth 2: Small businesses are always struggling to survive.
Again, this is not necessarily true. While it’s true that some small businesses do struggle to stay afloat, many small businesses are quite successful.
Myth 3: Small businesses can’t afford to invest in marketing.
Wrong! While it’s true that small businesses may not have the big budgets of their larger counterparts, there are plenty of affordable marketing strategies that can be effective. For example, small businesses can make use of social media, word-of-mouth marketing, and local advertising.
Myth 4: Small businesses can’t afford to invest in technology.
Small businesses often have an advantage over big businesses when it comes to investing in technology. They can easily make use of the latest technologies that larger businesses haven’t had a chance to adopt yet.
Myth 5: Small businesses don’t need to worry about security.
Small businesses are just as susceptible to hacking and data breaches as large businesses. In fact, small businesses are often targeted by hackers because they may not have the same level of security measures in place. That’s why it’s important for small businesses to invest in security technologies and make sure they’re up to date on the latest security threats.
Myth 6: Small businesses can’t benefit from the latest software.
Again, this is not necessarily true. Small businesses can benefit greatly from software that addresses their pain points, helps them save money, and makes it easier to scale up as their business grows.
There you have it: a deep dive into six of the most common small business myths. As you can see, many of these myths are simply not true. So don’t let them hold you back from starting or growing your small business!
As USA Today says, “All kinds of people can and do run successful businesses. The key: find the type of business that suits you.”