Over 4.5 million customers use QuickBooks.
Sign up for a free trial!
2015-04-13 00:00:00How To Run Your BusinessEnglishTarget audience, service value & funding; these seem simple to figure out, right? Here, Natalie Sisson debunks three prominent business...https://quickbooks.intuit.com/au/resources/au_qrc/uploads/2017/01/3BusinessMyths.jpghttps://quickbooks.intuit.com/au/resources/how-to-run-your-business/3-business-myths-holding-you-back/3 Business Myths Holding You Back

3 Business Myths Holding You Back

3 min read

Do you have a grand vision for your life and your business future? Does it seem unreachable? Are you spending money on what will lead you to a better business or do you feel like you’re squandering money on things that aren’t priorities? Are you valuing your services correctly or underselling yourself to get ahead?

If you are putting up with an unhappy, unsuccessful today for the scant promise of a better tomorrow, you need to change your ideas about money and small business success.

Myth One: I can’t charge too much for my products or services otherwise people won’t buy them.

Wrong. The exact opposite, actually. You can’t afford not to charge what you’re worth. If you set the bar too low, you’ll get two unwelcome results. First, you’ll attract the wrong clients. Clients who aren’t aligned with your vision will ultimately drain you, your time and your business resources. Second, your perfect red-carpet client — the one actually willing to pay what you or your products are worth — will question what sort of product he’s getting and whether you’re worth the commitment.

Solution: Value your business. Position your products and services according to the value you’re putting out into the world.

Myth Two: The more people to whom I market, the more money I will make.

I will get straight to the point on this one: not having a clearly defined, targeted, niche customer costs your business serious time and money every day.

To effectively focus your funds and create a thriving business, you must clearly identify who is your ideal customer. If you’ve ever heard yourself saying, “Oh, everybody could use my service,” then know this: you cannot afford to market to everybody. Targeting everybody means you’re effectively targeting nobody and your bottom line will reflect the imbalance.

Solution: Even if you don’t have the resources to do costly audience research, you can use these three simple steps to identify your niche:

  1. Who is it that you get truly excited about serving? Whose problems do you love to solve?
  2. Where do these people find the information they trust? Where do they hang out online? What products have they bought in the past, and where did they find them?
  3. Picture these people in your head. What type of work do they do? What are their fears? What are their desires?

Now every time you blog, market, podcast, or do anything at all to spread your business message, these are the people to whom you need to be speaking.

Myth Three: I don’t have the money right now to be successful.

The world has changed and there is nothing stopping you from choosing your own small business venture. By harnessing the power of people, online tools, technology and social media, you can change the way you do business and source the budget you need to get there.

For example, I knew I had a best-selling book in “The Suitcase Entrepreneur,” but it took a Kickstarter crowdfunding campaign to realise the upfront funding to get it there.

Your ideal customers are willing to support you to get the products and services they’re looking for.

Solution: Check out the major crowdfunding sites Kickstarter, Indiegogo and GoFundMe for cool, new innovations, and be inspired by what other entrepreneurs are doing.

Get your money mindset in order to work out what your priorities are in life and business. Don’t let money control your small business success. Instead, understand its value and relevancy in each stage of optimising and establishing your business from price setting to marketing and fundraising.

Understand money correctly and you can turn that fantasy life into a small business reality.

Rate This Article
Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Help Your Business Thrive

Sign up for our newsletter

Thanks for signing up!

Check your inbox for a confirmation email.*

*Check your spam folder if you don’t see a confirmation email.

Related Articles

Single Touch Payroll MythBusters: Debunking the myths from the facts

More than 700,000 Australian employers will be impacted by Single Touch Payroll…

Read more

7 myths about being self-employed

Thinking about taking the plunge and joining the entrepreneurs of the world?…

Read more

How you can use inventory analysis to optimise your operations

Inventory analysis is the process of examining inventory to determine the optimum…

Read more