Your Business Is at Risk! (Most Owners Have No Idea)

Summary

This conversation explores the role of social media in running a small business. While some business owners succeed without social media, the speakers emphasize its potential to boost visibility and growth. However, they warn against over-reliance on platforms like Instagram, Facebook, and TikTok, which are not owned by the business and can change rules at any time. The key takeaway is that social media should complement a business, not be its foundation, and businesses should own their websites to maintain control and avoid vulnerability.

Takeaways

• 😀 Social media is not required to run a small business, but it can be advantageous if used strategically.
• 😀 Some successful small business owners don't use social media for business purposes at all, relying on personal connections instead.
• 😀 Social media can be a double-edged sword: it helps gain exposure, but it also exposes a business to negative feedback that may be out of your control.
• 😀 Small businesses should not treat social media as their entire business presence; having a website is crucial for long-term success.
• 😀 Many small businesses only have a social media presence, but no website, which puts them at the mercy of the platform's rules and changes.
• 😀 Social media can drive traffic to a business, but it's important to use it to supplement a website rather than relying on it alone.
• 😀 Websites like Shopify make it easier for businesses to build their online presence, even without technical skills, providing a more stable platform than social media alone.
• 😀 Social media platforms like Instagram or TikTok are not owned by businesses and can change the rules at any time, potentially causing businesses to lose access or control.
• 😀 Entrepreneurs who solely depend on platforms like YouTube or TikTok for revenue risk their business being destabilized if the platform's policies change or their account is suspended.
• 😀 Just as a pet lion can become dangerous when it gets a taste of blood, social media platforms can turn on businesses if they become too reliant on them without owning their customer base.

Q & A

Do small businesses need social media to be successful?

No, social media is not required for small business success. While it can be advantageous for exposure, many businesses succeed without any social media presence.

What role does social media play in small business growth?

Social media acts as a form of leverage by helping businesses gain exposure, attract more traffic, and increase visibility. However, it comes with both benefits and risks, such as the potential for negative reviews.

What risks come with relying on social media for business?

The main risk is that social media platforms control the rules, and negative content, like reviews or comments, can affect a business's reputation. Additionally, platforms may change policies or suspend accounts, making the business vulnerable.

What is the problem with businesses using only social media platforms like Instagram or Facebook?

Relying only on social media can be problematic because businesses don't own their customer data or platform. Platforms like Instagram and Facebook are not the business's property, and changes to the platform can disrupt business operations.

How should a business owner integrate social media with their business strategy?

A business owner should use social media to drive traffic to their own website, where customers can purchase products and interact with the business. Social media should complement the business, not serve as the primary platform.

Why is it important for a business to have its own website?

Having a website gives the business ownership of its online presence and customer data. Relying solely on social media means the business doesn't control the customer relationship or the platform's rules.

What platforms are recommended for building a business website?

Platforms like Shopify are recommended for businesses selling physical products. These platforms are user-friendly and allow easy setup of websites without needing coding skills.

Why should businesses avoid using platforms like Instagram as their only business presence?

Platforms like Instagram control customer access and data. Businesses should use them for exposure but not rely on them exclusively, as they do not provide full ownership or control over the customer relationship.

What is the 'Lion' analogy and how does it relate to social media platforms?

The 'Lion' analogy compares social media platforms to a pet lion that appears harmless but can turn dangerous. Just like the lion, social media platforms can provide benefits, but they also pose risks to businesses when they become too reliant on them.

How can small businesses avoid the dangers of over-relying on social media?

Small businesses should build their own website, use social media for traffic, and ensure that they control their customer relationships and data. This reduces the risks of platform changes and account suspensions.