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Hey Fastlaners,
Haven't been active on the forum recently. But I wanted to take a moment to help some people avoid some mistakes I made when starting my first business.
Last August, I started working, like many here, to sell websites to local businesses. It was a great experience, even though I didn't do an amazing job. I've reflected on the mistakes I made and want to help you avoid making these same mistakes.
---
1. Acting without enough adjusting
This seems so obvious to me now, but at the time, I wasn't spending enough time analyzing my mistakes. I'd make a bunch of cold calls, send cold emails and look at responses. But I wouldn't analyze what is working and not working and adjust for the future.
Now, I'm sure many of you are thinking, "I already know that". I did too. MJ talks about this topic in both books, and I knew it. But I hadn't internalized it enough. And when I felt stressed and uncertain, I didn't think of it.
Don't make this mistake. You cannot succeed without adjusting.
Do whatever it takes remember this:
- Make a poster for your wall
- Put a reminder on your phone
- Tattoo it on your forehead
Ok... maybe not that last one
2. Not having enough money in the bank.
As a person fresh out of college, I never had a full-time job. So I didn't have much money before starting my web design business. I see now that this was a huge mistake.
Why? Because my mindset was all wrong. I was coming at business from a mindset of scarcity and was afraid to invest money into my business.
I bought a domain and hosting and spent time working for nothing. But there were expenses I avoided, which I now realize would've made a difference. And it was all because I didn't have a lot of money before starting this business.
There's actually an interesting psychological side effect of my lack of investment.
Because I wasn't investing money in my business, I didn't invest as much time and energy as I would have. Whenever you invest more time, energy, thoughts, or money into something. You're more afraid of losing your investment and will work harder to keep that investment.
This is why it's so hard to end a long-term relationship with someone, even when you know it should end. You've already invested a ton of time and energy into it, and don't want to lose your investment.
So if you are like I was, and don't have much money saved up that you're committed to spending on your business. Getting a job, may not be a bad first step. Get some money in your account, so that you are willing to put some at risk. Because if you're committed to starting a business, you'll find a way to make it work, even while working a job.
---
I'm sure that I made a million and a half other mistakes, but those are two of the biggest ones. So if you've started or are thinking of starting your own business. Take some time to consider these two pitfalls and how you'll avoid them.
Hope you've gotten some value out of reading this.
Keep striving
Haven't been active on the forum recently. But I wanted to take a moment to help some people avoid some mistakes I made when starting my first business.
Last August, I started working, like many here, to sell websites to local businesses. It was a great experience, even though I didn't do an amazing job. I've reflected on the mistakes I made and want to help you avoid making these same mistakes.
---
1. Acting without enough adjusting
This seems so obvious to me now, but at the time, I wasn't spending enough time analyzing my mistakes. I'd make a bunch of cold calls, send cold emails and look at responses. But I wouldn't analyze what is working and not working and adjust for the future.
Now, I'm sure many of you are thinking, "I already know that". I did too. MJ talks about this topic in both books, and I knew it. But I hadn't internalized it enough. And when I felt stressed and uncertain, I didn't think of it.
Don't make this mistake. You cannot succeed without adjusting.
Do whatever it takes remember this:
- Make a poster for your wall
- Put a reminder on your phone
- Tattoo it on your forehead
Ok... maybe not that last one
2. Not having enough money in the bank.
As a person fresh out of college, I never had a full-time job. So I didn't have much money before starting my web design business. I see now that this was a huge mistake.
Why? Because my mindset was all wrong. I was coming at business from a mindset of scarcity and was afraid to invest money into my business.
I bought a domain and hosting and spent time working for nothing. But there were expenses I avoided, which I now realize would've made a difference. And it was all because I didn't have a lot of money before starting this business.
There's actually an interesting psychological side effect of my lack of investment.
Because I wasn't investing money in my business, I didn't invest as much time and energy as I would have. Whenever you invest more time, energy, thoughts, or money into something. You're more afraid of losing your investment and will work harder to keep that investment.
This is why it's so hard to end a long-term relationship with someone, even when you know it should end. You've already invested a ton of time and energy into it, and don't want to lose your investment.
So if you are like I was, and don't have much money saved up that you're committed to spending on your business. Getting a job, may not be a bad first step. Get some money in your account, so that you are willing to put some at risk. Because if you're committed to starting a business, you'll find a way to make it work, even while working a job.
---
I'm sure that I made a million and a half other mistakes, but those are two of the biggest ones. So if you've started or are thinking of starting your own business. Take some time to consider these two pitfalls and how you'll avoid them.
Hope you've gotten some value out of reading this.
Keep striving
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