There are three main assumptions that small business owners make about their business, and they’re dangerous. They’re restricting a business owner’s capability to solve problems and innovate, making it harder for the entrepreneur to cut costs and speed up entire processes.
The best indicator that these assumptions need to be challenged is that big corporations have already unlocked the potential for growth they were guarding.
The three assumption holding your business back are these:
- You need an office or a brick-and-mortar shop to have a “real” business.
- You can only look for candidates for your open positions only in your own area.
- You get what you pay for.
Let’s talk about them, one by one.
Assumption #1: You need to buy or rent space for your business.
If you’re running a coffee shop, yeah, you’ll probably need to rent a space. If you run a taco truck, you’ll probably need to rent or buy a truck. If you’re recruiting staff, handling accounting, crunching numbers for financial investments, offering coaching sessions or providing any other service that can be done on a laptop or over the phone, you might not need an office. Commuting is stressful, both for you and your employees. A store or an office means paying money on something that has no or little impact on the quality of the service you’re offering. Only a fraction of what you’d normally pay for rent, can give you access to exceptional tools that would allow you to collaborate with your team and contractors and efficiently communicate with customers and serve them.
Assumption #2: You need to hire locally.
There are jobs for which someone’s physical presence is a must, but there are also countless jobs for which remote work delivers the same or even better results. Take it from someone who worked and is still working with people thousands of miles away. It works. You do have to learn how to share what you’re working on and use tools that would help you track time and progress made, but it works.
By hiring remotely, you’re opening your company up to more talented individuals, because your recruiting pool is now the entire planet, and to lower labour costs, because you can now hire people from parts of the world where the cost of living isn’t as high as in your own country.
Assumption #3: You get what you pay for.
You might expect me to say that I’m referring to cheap things that are actually high-quality, but you’d only be half-right. Another important thing, and this causes small business owners more trouble, is something you really need, that costs a lot, and doesn’t deliver. This can be the case with online advertising – buying ad space on niche websites, spending hundreds or thousands of dollars and getting only 2 or 3 clicks in return. This can also be the case with buying services like custom business cards locally, 4-5 time more expensive than in other parts of the world, without having the quality that would explain the huge difference in price.
Working with people who know the prices of services and products across the Globe, and who also regularly test systems and software, can help you spend less money on things that won’t bring in any value.
At Nollar, we’ve never thought we’ll end up recommending suppliers or contractors to our current clients, but ended up doing so because we were shocked to hear how much certain things cost and we knew there were better (and cheaper) way of obtaining the same products or results with the help of other globally-connected professionals.
If you have any questions about saving money while ordering business cards or hiring staff, give us a sign, we might be able to help by connecting you with the right people.