7 Lies We're Told About Being a Small Business Owner (ep 143)

boutique business boutique ownership education coaching ecommerce retail the inventory genius podcast Aug 21, 2023

Today, we're having a really important conversation. We're diving into 7 myths or lies that business owners regularly hear. We'll debunk these myths and talk about the truth of each topic. My goal is for you to leave this conversation with confidence in your capabilities as a small business owner.

Here's an overview of the 7 lies (remember, NONE of these is true!):

  1. You are and always will be a hot mess.
  2. Not paying yourself as a small business owner is okay, normal and expected of you.
  3. Lost inventory is just the way that it works. You'll always be behind on inventory counts. You'll never quite know what you have in stock.
  4. You'll never have the right amount of inventory. It's just not something you can get a handle on.
  5. Stress just comes with the territory. You have to learn how to deal with it.
  6. You have to use other mechanisms to cope with small business problems - a daily glass of wine, a regular middle-of-the-night panic wakeup is just how it's going to be.
  7. You'll always be a chaotic boss. You're not good at being confident.

Now...let's go back and look at the truth to each of these lies:

Lie 1: You are and always will be a hot mess.

Absolutely false! You can be a confident CEO. In fact, I expect that of you! You are a smart, intelligent business owner. There are tools available to you. You just have to have the desire and the belief that you can be confident when it comes to your business. Here are a few ways you can develop that confidence:

  1. Know and understand your numbers.
  2. Acknowledge what those numbers are today.
  3. Then, create a profit roadmap for where we want to be in the future. 
  4. Learn the skills needed to put that profit roadmap in place. Once you have a plan in place, hot mess mode will go away. Instead of chasing sales, you'll be chasing profitability.

Lie 2: You're never going to pay yourself.

I don't know where this came from - maybe it's because small business owners are so visionary. The details can sometimes get lost in the vision, and business owners so often sacrifice for their vision.

But here's the truth: you can build reliable profit into your business.

First, take a look at what you want. What does success look like for you? Once you know this, you can put a profitable plan in place.

Lie 3: Lost inventory, inventory out of control.

You can create systems and processes that ensure your inventory is accounted for and that you know exactly what you own. Inventory is your biggest asset and you can have control over it.

Lie 4: You'll never have the right amount of inventory.

You can create a system and a process for your buying. With an open to buy plan (which follows your profit roadmap), you can ensure you have inventory flowing in and out at a rate that makes sense for your business.

Lie 5: Stress just comes with the territory.

The systems and processes you put into place will ensure you can run your business without always feeling stressed! 

Lie 6: You have to use other mechanisms to cope with small business problems.

With the stress-relief that comes from your new systems and processes, you can learn to love your work and your business. You won't have to lean on coping mechanisms 

Lie 7: You'll always be a chaotic boss.

Once you stop chasing sales, you'll no longer be a chaotic boss. With a plan in place, you'll feel a sense of calm and confidence. Your employees will become more efficient and will look to you for guidance. They'll love working for and with you!

Now that we know the truth behind these seven lies, take a look at which of the lies you've been telling yourself. Think of the truth behind that lie and lean into what you need to do to make that truth a reality in your business.


Here's a glance at the episode:

[2:37] The 7 lies small business owners often hear

[4:25] The truth to counter each of the lies

[14:25] Final thoughts and a challenge

Click here to listen to the episode.

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