Business Lessons I've Learned The Hard Way
1 - Don't buy things you don't need that exact moment. This includes equipment, cars, supplies, marketing material, etc…
2 - Make sure those who have a share in the company have invested something - either money or skills. Don't give out stock until all contingencies have been met.
3 - Get a virtual office if you don't need a physical place to work out of on a day to day basis. It’s much cheaper and offers everything you need.
4 - Make sure everyone is involved by having regular meetings and plans of action. Everyone should have a role, otherwise they are not necessary. Get everyone pumped up and don't lose sight of the goal.
5 - Make sure the entire company doesn't hinge on one person. Have succession plans and replacements planned out.
6 - Set milestones for progress. Don't let things linger and become extended across months when it was planned to take weeks. When things start going off track, meet and discuss what is going wrong, what was not accounted for, and how to get back on track.
7 - Never overestimate the market. Make conservative forecasts, and then cut them by 10%. How long are you willing to wait before seeing any income?
8 - Research the market before any major financial investments. Go out and talk to potential customers and see if there is a need for what you are providing.
9 – Be wary of people that are more interested in personal gain instead of what the company as a whole will get. This will cause a lot of tension.
10 – Start as a sole proprietorship or partnership, and then become a corporation when there is income. This will save thousands of dollars.
11 – If possible, fund the company with one large deposit instead of incremental deposits. This makes it easier to see how much money is available.
12 – Budget all possible expenses, then increase it by 15% to compensate for unforeseen expenses.
13 – Have contingency plans for every possible scenario.
14 - Last and most importantly: Don't get overwhelmed. It might seem like there is too much to do and too much effort required, but if there is anyone that can do it, so can you. Lay it all out, then tackle one task at a time. The big picture can sometimes be frightening.
Stay tuned for more.
1 - Don't buy things you don't need that exact moment. This includes equipment, cars, supplies, marketing material, etc…
2 - Make sure those who have a share in the company have invested something - either money or skills. Don't give out stock until all contingencies have been met.
3 - Get a virtual office if you don't need a physical place to work out of on a day to day basis. It’s much cheaper and offers everything you need.
4 - Make sure everyone is involved by having regular meetings and plans of action. Everyone should have a role, otherwise they are not necessary. Get everyone pumped up and don't lose sight of the goal.
5 - Make sure the entire company doesn't hinge on one person. Have succession plans and replacements planned out.
6 - Set milestones for progress. Don't let things linger and become extended across months when it was planned to take weeks. When things start going off track, meet and discuss what is going wrong, what was not accounted for, and how to get back on track.
7 - Never overestimate the market. Make conservative forecasts, and then cut them by 10%. How long are you willing to wait before seeing any income?
8 - Research the market before any major financial investments. Go out and talk to potential customers and see if there is a need for what you are providing.
9 – Be wary of people that are more interested in personal gain instead of what the company as a whole will get. This will cause a lot of tension.
10 – Start as a sole proprietorship or partnership, and then become a corporation when there is income. This will save thousands of dollars.
11 – If possible, fund the company with one large deposit instead of incremental deposits. This makes it easier to see how much money is available.
12 – Budget all possible expenses, then increase it by 15% to compensate for unforeseen expenses.
13 – Have contingency plans for every possible scenario.
14 - Last and most importantly: Don't get overwhelmed. It might seem like there is too much to do and too much effort required, but if there is anyone that can do it, so can you. Lay it all out, then tackle one task at a time. The big picture can sometimes be frightening.
Stay tuned for more.
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