Being an entrepreneur, your family and friends will most likely try to give you advice on how to manage your business. There is a lot you have to think about as a business owner. You will need to consider budgets, social media, and store design just to name a few.
Unfortunately, running your own business isn’t easy, which means following the suggestions of your friends and family may not be a wise idea. It’s best to leave that to professionals who have experience in the business world. Detailed below are the 5 pieces of advice you should NOT follow as a business owner.
#1: Hire Family and Friends
Hiring a person just because they’re your family or friend is not a good business decision. You need to handle their application just like every other potential employee. Have them do a proper interview and be sure to carefully review their performance if you decide to hire them.
#2: Gimmicks for Promotion
Promotional gimmicks are meant to be talked about, which is why they’re so great for publicity. You will likely hear about all sorts of gimmicks from friends and family. Don’t jump right into the first cool idea you hear, not every method is going to be right for your customers. Make sure you consider and create a promotional gimmick that is right for your target audience to really attract attention to your business.
#3: Best Marketing Method
There are several approaches to marketing a small business. Every business is different, so deciding on the right method for you will take a bit of research. It’s okay to consider a tactic someone tells you about, but be aware that it may not work for your brand or audience. There is not a one size fits all method when it comes to advertising.
#4: Following Bad Financial Advice
Finances are a very important aspect for small business owners. Listening to bad financial advice could cause your business to collapse, which is why you should only listen to the suggestions and advice of a professional who knows your industry and has looked over your finances.
#5: Be Personal On Social Media
As a small business owner, it is definitely a good idea to be active on social media, though it’s very important to be cautious about what you say. This is not a personal account, so you shouldn’t be commenting on every trend or popular topic with your opinion. Having a casual tone is good, but it’s important that you’re not too personal.
Have you been told bad advice in the past? Share your story below to help prevent someone from making the same mistake!