What are the Most Overrated Pieces of Advice for New Small Business Owners?

As a seasoned SEO expert, I often come across pieces of advice that, while well-intentioned, may not be the best fit for new small business owners. Here are three of the most overrated suggestions:

1. Follow Your Passion - Do What You Love

I can think of three instances off the top of my head:

1.1 The Overrated Advice: Follow Your Passion - Do What You Love

The most idiotic piece of business advice I have ever heard is to follow your passion. This advice often overlooks the harsh reality of the business world. While it's true that passion can drive success, businesses are built on hard work, dedication, and often a touch of luck. This advice can lead to complacency, failing to recognize the need for additional skills and strategies to achieve long-term success.

2. Work Smart - Not Hard

Another overrated piece of advice is: Work smart - not hard. This is great for lazy people or those dreamers who think they can run their company from a beach in Mexico or a cruise ship. However, success in business requires hard work, persistence, and a willingness to put in the effort to build and grow your business. While smart strategies and efficient processes are important, they must be complemented by consistent hard work to achieve real success.

3. You Must Have a Unique Idea to Succeed

One of the most overrated pieces of advice is that you must have a unique idea to succeed. In my experience, the opposite is true. Businesses often thrive precisely because they meet a real need in the market. Try to find gaps in the market or areas that can be improved, and tailor your business around those opportunities. Unique ideas can be risky and may not always attract customers, whereas meeting a known need can be a more straightforward path to success.

A Better Approach to Business Growth

These overrated pieces of advice often fail to address the practical realities of running a small business. Instead, consider the following strategies for success:

Three Practical Strategies:

3.1 Website vs. Sales Funnels

The advice to “have a website” is another common overrated suggestion. Websites can be important, but they are just a step in the process.What a website does is to sit there and wait for someone to visit. However, visitors don’t always know where to go or what they are looking for, and if they don’t find what they are looking for quickly, they will likely leave and go to a competitor. Instead, consider using sales funnels. Sales funnels guide potential customers through the purchase process, just as you would if you were there in person, providing a seamless experience that works 24/7, 365 days a year. Newer technologies have made sales funnels more accessible and affordable for small businesses, so it's definitely worth exploring.

3.2 Gradual Commitment Rather Than Total Commitment

Another piece of advice that I find underwhelming is the suggestion to “go all in” day one. Going all in can be a risky move and may be the single worst decision you make, especially in the early stages of your business. It’s usually best to take a more gradual approach. Focus on fully committing to your business once you have a solid foundation, which typically means being about 12-18 months into your venture. This allows you to gauge the market and build a sustainable business model before making a full-time commitment.

3.3 Embrace Realistic Planning

Embrace realistic planning and prepare for the challenges that come with starting a business. Success often comes to those who are willing to work hard, learn from mistakes, and adapt to changing circumstances. Instead of relying on overrated advice, focus on building a practical and sustainable business model.

In conclusion, while these overrated pieces of advice may seem appealing, they often fail to address the complexities of running a successful small business. By taking a more realistic and practical approach, you can set yourself up for long-term success.