As the owner of a small business, you no doubt receive a lot of advice on how to run your brand from friends, business associates, management books and leadership TED Talks, and blogs, but a lot of that ‘conventional wisdom’ is not worth taking. Here are 7 pieces of small business advice that you should NOT listen to.
1.) “There’s No Additional Room for Your Product (or Service) in This Market.”
You don’t need to reinvent the wheel, nor do you always have to go to a completely empty area to start or enhance your small business. Starbucks wasn’t the first company to sell coffee at retail, but they were able to win the market by not just selling coffee. They sold an “experience” along with a wide array of coffee products as well as pastries. And despite the dominance of Starbucks, there are many other boutique coffee retailers across the country, even though there may be a Starbucks on the next corner.
You don’t have to come up with a completely novel idea. Just look to fill a niche that has a large potential market.