• How These Profit Hurting Fallacies Can Hurt You in Business

    Profit Hurting Mistakes

    So, you set up your business, burn your wallet, hire people, do marketing, manage your customers, deal with vendors, and do everything else you have to do. Yet, nothing seems to move the needle. Your cash register isn’t ringing and you are barely able to sustain your livelihood.

    Since the Internet always full of positive-sounding, easier-than-you-thought kind of information, you’ve been led to believe that running a business should be just that: easy, and make a billion dollars overnight.

    Stop reading that trash and focus on a few profit-hurting fallacies that can hurt your business beyond repair:

    I’ll do this, because it works

    If something works today, there’s no guarantee that it’d work tomorrow. Take the case of Facebook: there was a time when you could put up a Facebook Fan page, post updates, and enjoy the organic growth that comes with it.

    Today, you won’t be able to bring a single like without paying. Facebook has raised the bar and has put up a payment gateway.

    Things have changed.

    Stay open to changes and go with the flow. Entrepreneurs are adamant by nature, and sometimes, it’s a reason to worry.

    I know what I am doing

    You might. You might not. No one (including you) can be sure. The reason why this can hurt is because you might think that you know but you really don’t. If you did know, whatever you “knew” could have changed by the time you thought you figured it out.

    Assuming you realized that whatever you knew isn’t working anymore, it’d be too late (not to mention the thousands of dollars in expenses, assets, efforts, and time spent) to do much about it.

    There’s a reason why they say that learning is eternal. The day you stop learning, that’s the day your downfall begins.

    How to make $10,000 in an hour, flat

    If you are just starting out, and if you haven’t used leverage yet, you won’t be making that kind of money anytime soon. Business is pure blood and sweat. We suggest you stop being swayed by titles like that.

    Don’t even waste 7 minutes of your life reading anything of that sort.

    If you have to do anything, you should be working on your business, even if it’s -$286 you make each month.

    Stop being lured by fantasies and tall claims.

    I need an office, staff, and invest in this and that

    You don’t need an office or a shop, or any kind of physical presence, unless you are into retail. You’d not need local staff unless it’s a restaurant, a coffee shop, a hospital, a school, an educational institution, or something else that demands people presence.

    As Jason Fried of 37 Signals who wrote Rework puts it, office space for regular business is a way to massage your ego and not to put profits on the table. How could you have overheads (when not needed) and expect to pull profit out of your operations?

    What’s hurting you?


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