7 Rules About Small Business That Are Meant to Be Broken

“Rules are made to be broken” is a saying that many people like to use when they want something, but the rules are telling them otherwise. Rules should only be followed if they make sense. In this blog post, we will talk about 7 rules about small business that are meant to be broken!

Why Should You Break The Rules?

You should break the rules that don’t serve you. These rules slow down your progress and cause you to waste valuable time. When you first start testing your idea is more important than standard protocols. As you grow, some of these rules may need to be followed.

1. You Need a Business Plan

You don’t need a business plan to start a business, this is an outdated rule in my opinion. Rules should only be followed if they make sense. Rules are made to be broken, and this rule about small business is meant to be broken!

When you’re first getting started it’s more important to test your idea rather than spending months creating a business plan. You could do all of that work only to find out your business idea doesn’t work.

2. You Love it, So Do it

Just because you love a business or business idea doesn’t mean it’s going to work. Too many times you hear the saying “Do what you love and you’ll never work another day in your life!” While it’s true you need to like what you do, it also has to be a business that make money.

Often times people start a business in a niche that they love only to find out it’s not profitable. A perfect example is when someone loves board games so they rent a local business space and open up shop. They never even bother to research whether or not Amazon sells these items and if they can compete.

A good rule of thumb, if Amazon sells it, you should probably keep searching for other ideas.

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3. Family and Friends Think it’s a Great Idea

Just because your family and friends tell you that your business idea is a great one doesn’t mean you should run out and start it. Your family and friends might love your idea, but that doesn’t mean it’s going to work out in the real world. Family and friends are not experts on what will happen with a specific business so you need other people who know more about your business.

At the very lease you need to test your business idea in front of real customers to see if they are interested. One of the easiest ways to do this is by using Facebook Ads. For as little as $50-100 you can place an ad and send it to your target market. If no one shows interests you need to either tweak things or rethink your business idea.

4. Never Work For Free – Break this Rule

This is another one of those rules about small business that are meant to be broken. Working for free is a great way to allow potential customers to sample your product or service before they buy.

If you have a business that is in an industry with products or services that are intangible this isn’t always possible. You might be better off offering your product at a discounted price as opposed to working for free.

However, if you’re in the online space, selling a service, or some type of software, this is one of the best ways to turn prospects into customers. Once they have a chance to experience your service or product they are much more likely to buy and more importantly, remain loyal customers.

5. You Are Too Young To Start a Business

You are never too young to start a business. The age of the entrepreneur doesn’t matter, what matters most is your level of expertise in that space. Do you have the skills that are necessary? Have you gained enough experience with those skills to make sure they are effective?

One great example would be a 16 year old who knows how to code but has no other experience. If he creates a business around coding and he knows it inside and out, this can be very successful. If he’s an expert in that field he can always find others to fill in different roles as the company grows.

We are in the age where there are kids under 10 years old making hundreds of thousands a dollars and even millions on Youtube. You have to be passionate, persistent, and dedicated to be successful and many times age has very little to do with it.

6. No Business Degree, No Chance

This might have been more true 30 years ago but even then, a degree does not guarantee success. Once again, this is one of those rules about small business that are meant to be broken.

If you have dedication and drive you can find success without a degree. The key is to gain skills in that field and then learn how to translate those skills into something your business can provide customers. Many times we still feel like we need a degree, if it’s a burning passion for you, you can get a degree online for free.

When you look at the characteristics of some of the most successful entrepreneurs in the world, you will find that many of them never had a college degree. Even if they did, it was not from an Ivy League school or one in the top 20 most prestigious universities on Forbes list.

You have to be passionate about your idea and know how you can translate those skills for customers who will buy what you offer.

7. Build it and They Will Come

“Build it and they will come!” this line was made famous by the movie “Field of Dreams”. If you think this is true then you are certainly dreaming! Just because you start a business doesn’t mean everyone is going to magically show up.

You have to market your business and find people who want what you are offering before they will buy anything from you. If the reason for starting a small business is because it’s easy, then this isn’t true either. It takes time and energy if not more than going into an established company with higher pay-days.

Not sure on what type of marketing you should be doing for your business? Check out these great marketing ideas in this article.

I know I have already stated this earlier but it really comes down to testing your idea in the marketplace. The only votes that count are the ones where people are ready to enter their credit card information and make a purchase.

In Summary

While there are many rules about small business that are meant to be broken, there are a few that will always remain the same.

We will always want the lowest prices for items.
The widest selection is the best.
People aren’t patient, we want things right away.

It’s important to keep these 3 rules in mind when you are creating your new business or side hustle. If you’re still in the stages of figuring out your business, this article about side hustles might help give you some ideas.

Break These, Not Those Above

Many of the rules in this article were established before the internet when times were much different. Before the internet, if I wanted to start a business I would have to have money to get started.

If you were offering a product then you would need money in order to create that product. This often times required a bank loan and of course they wanted to see a business plan. Business plans aren’t bad, you just don’t need one when you’re getting started.

Even if you were starting a service business you would need to tools necessary to perform that service. Once again, this often required not just a business plan but also a few of the other rules above.

Before the internet we had to print flyers, print business cards, make phone calls, and go door to door and hope people would buy our product. Obviously that is no longer the case. I highly recommend that you check out this Facebook Course if you’re serious about testing your ideas.

The internet has changed the game for small businesses, you can find a niche in seconds and make money right away if it’s something that is trending on social media or an industry need. If there’s not enough demand for what you’re offering then don’t spend any more time trying.

What Rules About Small Business Do You Think Should Be Broken?

Did we miss an rules about small business that are meant to be broken? What would you add to this list? Let us know in the comments below!