Don't make the same mistakes I did...

[startinup]

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.

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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.

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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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[startinup]

You're right. I spend time at the end of each week writing about how the week went and what I could have done better or more efficiently. Analysing and adjusting is vital.

I have a slightly different view on money for your business though. I think you need just enough so that you can make the crucial investments, but not a comfortable amount. I quit my job so that I could focus on my business. I want it to generate it's own funds to reinvest, and this way I can concentrate on it 100%.

If I was working a job too I wouldn't have the same focus. That guaranteed paycheck at the end of the month can make you lazy. You know whatever you do in your business that month, you've still got your job money guaranteed. I think different people with different personality types need different motivation. For me, knowing that I'm burning through my finite pot of savings forces me to focus and hustle. If I don't feel like making a sales call, I make it anyway, because I know it's the only way I'm going to make income.

Burn the ships. There is no retreat. It's win or die.

I think both of us are actually right on the money point. It just depends on the individual and their risk tolerance.

If you are the type of person to be very careful with your money or have responsibilities that require money, then it may be beneficial to have a buffer so that you don't hold back investing in your business and fully committing.

By contrast, if you don't have any responsibilities and it's just you working, then going all in and burning your boats might be a better play.

In either case, you need to adjust your strategy given your situation to maximize your chance of success.

 

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[Bon Appetit]

Thank you for sharing startinup.

True, without money when you start a business, it will be some much stressful. If you don’t have this money cushion, it will be more difficult to start a business since you have also to life expenses and others expenses related to you business. So building a small capital to allow you to be more confortable while you will start to build your business it’s recommended.

Ajusting everytime you fall is a big part of the game. Treat failure like event that give you valuable experience, not like a defeat. This is true in many aspects of life not only in business.

 

[Ocelot]

You're right. I spend time at the end of each week writing about how the week went and what I could have done better or more efficiently. Analysing and adjusting is vital.

I have a slightly different view on money for your business though. I think you need just enough so that you can make the crucial investments, but not a comfortable amount. I quit my job so that I could focus on my business. I want it to generate it's own funds to reinvest, and this way I can concentrate on it 100%.

If I was working a job too I wouldn't have the same focus. That guaranteed paycheck at the end of the month can make you lazy. You know whatever you do in your business that month, you've still got your job money guaranteed. I think different people with different personality types need different motivation. For me, knowing that I'm burning through my finite pot of savings forces me to focus and hustle. If I don't feel like making a sales call, I make it anyway, because I know it's the only way I'm going to make income.

Burn the ships. There is no retreat. It's win or die.