Business Tips I Learned The Hard Way

9 replies
I always dreamed of being an entrepreneur and doing my own thing.

I wanted to escape the 9-5 and follow my own passions. I wanted to help people, to solve their problems in an authentic way. I worked in sales for over a decade, and eventually transitioned into a digital marketing media role. I loved what I was doing, but hated how I was doing it. I hated just being in the sales and consultancy side - I wanted to actually do the work, and ensure my clients got what they paid for.

After years of dreaming and envisioning, I finally decided to take the plunge and open my own digital marketing agency. I used the word agency lightly, considering it was just me. But nonetheless, I was determined to create a business that appeared stable, established and successful right out of the gate. I didn't want everyone to know I was knew, and I certainly didn't want my first few clients to know they were my first few clients.

If I'm being honest, it was way harder than I thought it would be. Naive? That's putting it nicely. Stupid might be a better choice, but my sheer determination and work ethic is what got me through. There was no way I would go crawling back to my corporate job, begging for another chance. I was willing to do whatever it took, to sacrifice anything required, to be successful.

So, I thought I'd put together a list of tips I learned along the way.

Do a business plan.

I know this is old news, but it's really, really important. If you plan to work from home like I do, it's not quite as significant. But if you plan to rent a space, you need a business plan. If you're going to be purchasing inventory or looking for loans or investments, you need a business plan. No one will take you seriously without one. And, you really need to know what you're getting into. What is the bottom line? How much revenue do you need coming in every month just to make rent, keep the lights on, and make your loan payments? You must go into this with open eyes. Even if you're starting off from home, you'll still have a lot of expenses and your own salary to cover.

Save, save and save some more.
If you plan to quit your job, make sure you have at least 6-12 months worth of salary saved up. This business will not be able to pay you, and you need to survive. In my case, I launched my business in April, and didn't receive my first check in the mail until September. I had been working for months but that's how long it took to get from free consultations to actually completing the work, and getting paid. If people mail checks, you're waiting even longer. I knew it would take a few months to get the ball rolling, but I was not prepared for nearly 6 months.

Moonlight if you can.
If you're able to start and grow your business on the side, do it. This gives you the opportunity to test the market, and see if there's truly a demand for what you have to offer. Just because people like the idea of something doesn't mean they are actually willing to pay a decent amount of money for it. Tread lightly though, because if your employer finds out, you may get fired. This wasn't an option in my case, as it was a complete conflict of interest. I knew I had to resign before I launched my website. But, if the industries are completely unrelated, you may be able to get away with it for a while. Lots of people do. Just be prepared in case you get canned.

Get a website.

You absolutely can't and won't be taken seriously today without a website. If you're just starting out, chances are, you can't afford to hire someone. Use one of the free and easy DIY templates, so your only costs will be the domain, hosting, and email. Start as early as you can on this. It took me months of developing the content for my first site. Invest the time early on, so when you do land those first few opportunities, you have a professional online presence to back you up.

Start working on your social presence.
Something else you want to do months before you launch is working on your social media accounts, and even starting a blog. Assuming you don't have money for paid advertising, this is going to be the most effective form of marketing you have access to. This is how you will start getting traffic to your new website. I started with just Facebook and Twitter, and eventually included LinkedIn, YouTube and Instagram. I must admit though, I just couldn't manage all 5 effectively and now I mainly focus on Twitter. In my industry, Twitter is huge -- so for me, it makes sense. For other industries, you're going to want to do your research to determine where you should be prioritizing.

Do thing legitimately.
It's easy to just fly under the radar, but it can come back to bite you. I strongly suggest registering your business, setting up your bank accounts, and getting some accounting software. Assuming you're going to be successful, you want to do things right from the beginning. And if you ever want to approach the bank for a loan, you need to have a paper trail from the beginning. Setting up separate banks accounts and keeping your finances separate will provide major benefits come tax time -- you won't have a complete mess on your hands, as you'll be able to easily see what's coming in and out. And, using some proper accounting software is definitely a must. There's plenty of them out there that only cost around $20/month, and they will provide you with everything from tax reports to client invoices.

Maintain a good attitude.
Creating something out of nothing is hard. Really, really hard. Surround yourself with people who support you, and are happy to eat bologna sandwiches with you when it's all you can afford. Remember why you started down this path, and be prepared for tough times. Running your own business is like existing on an emotional roller coaster. One day, you're as high as a kite and the next day you feel an inch tall. You just need to keep moving forward. Seek out groups - both in person and online - that are full of people just like you, who are there to support and help one another. I belong to few local networking and entrepreneurial Facebook groups, and I get a huge amount of value from them.

Make changes when you need to.

The last thing I learned the hard way is that sometimes, you just need to pull the plug and change your plan. You will learn SO much in the first few months, and even years, of being a freelancer or running your own business. I'm a few years in and I learn something new every day. I'm still making changes to my game plan on a regular basis. Make sure you listen and absorb everything you learn. If something isn't working, change it. Don't give up too quickly, but recognize when something isn't working and try a different approach.

What tips do you have for new start-ups?
#business #hard #learned #tips
  • Profile picture of the author Anthony Shama
    great tips you have for start up.
    i think to be entrepreneur you need to have the entrepreneur skill and spirit.
    of course, not everyone has it, but it can be developed.
    you can go into business and start learning it the hard way, or you can learn what about the skill and spirit first before you go in. the choice is yours, but i recommend the second choice.
    you can development these skill through reading personal development books, and here in the forum, and you should join the seminar, and get yourself a mentor and coach to help when you really start out. these will save you a lot of time and money.
    Signature
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  • Profile picture of the author gingerninjas
    Originally Posted by MalamaxMarketing View Post

    I always dreamed of being an entrepreneur and doing my own thing.

    I wanted to escape the 9-5 and follow my own passions. I wanted to help people, to solve their problems in an authentic way. I worked in sales for over a decade, and eventually transitioned into a digital marketing media role. I loved what I was doing, but hated how I was doing it. I hated just being in the sales and consultancy side - I wanted to actually do the work, and ensure my clients got what they paid for.

    After years of dreaming and envisioning, I finally decided to take the plunge and open my own digital marketing agency. I used the word agency lightly, considering it was just me. But nonetheless, I was determined to create a business that appeared stable, established and successful right out of the gate. I didn't want everyone to know I was knew, and I certainly didn't want my first few clients to know they were my first few clients.

    If I'm being honest, it was way harder than I thought it would be. Naive? That's putting it nicely. Stupid might be a better choice, but my sheer determination and work ethic is what got me through. There was no way I would go crawling back to my corporate job, begging for another chance. I was willing to do whatever it took, to sacrifice anything required, to be successful.

    So, I thought I'd put together a list of tips I learned along the way.

    Do a business plan.

    I know this is old news, but it's really, really important. If you plan to work from home like I do, it's not quite as significant. But if you plan to rent a space, you need a business plan. If you're going to be purchasing inventory or looking for loans or investments, you need a business plan. No one will take you seriously without one. And, you really need to know what you're getting into. What is the bottom line? How much revenue do you need coming in every month just to make rent, keep the lights on, and make your loan payments? You must go into this with open eyes. Even if you're starting off from home, you'll still have a lot of expenses and your own salary to cover.

    Save, save and save some more.
    If you plan to quit your job, make sure you have at least 6-12 months worth of salary saved up. This business will not be able to pay you, and you need to survive. In my case, I launched my business in April, and didn't receive my first check in the mail until September. I had been working for months but that's how long it took to get from free consultations to actually completing the work, and getting paid. If people mail checks, you're waiting even longer. I knew it would take a few months to get the ball rolling, but I was not prepared for nearly 6 months.

    Moonlight if you can.
    If you're able to start and grow your business on the side, do it. This gives you the opportunity to test the market, and see if there's truly a demand for what you have to offer. Just because people like the idea of something doesn't mean they are actually willing to pay a decent amount of money for it. Tread lightly though, because if your employer finds out, you may get fired. This wasn't an option in my case, as it was a complete conflict of interest. I knew I had to resign before I launched my website. But, if the industries are completely unrelated, you may be able to get away with it for a while. Lots of people do. Just be prepared in case you get canned.

    Get a website.

    You absolutely can't and won't be taken seriously today without a website. If you're just starting out, chances are, you can't afford to hire someone. Use one of the free and easy DIY templates, so your only costs will be the domain, hosting, and email. Start as early as you can on this. It took me months of developing the content for my first site. Invest the time early on, so when you do land those first few opportunities, you have a professional online presence to back you up.

    Start working on your social presence.
    Something else you want to do months before you launch is working on your social media accounts, and even starting a blog. Assuming you don't have money for paid advertising, this is going to be the most effective form of marketing you have access to. This is how you will start getting traffic to your new website. I started with just Facebook and Twitter, and eventually included LinkedIn, YouTube and Instagram. I must admit though, I just couldn't manage all 5 effectively and now I mainly focus on Twitter. In my industry, Twitter is huge -- so for me, it makes sense. For other industries, you're going to want to do your research to determine where you should be prioritizing.

    Do thing legitimately.
    It's easy to just fly under the radar, but it can come back to bite you. I strongly suggest registering your business, setting up your bank accounts, and getting some accounting software. Assuming you're going to be successful, you want to do things right from the beginning. And if you ever want to approach the bank for a loan, you need to have a paper trail from the beginning. Setting up separate banks accounts and keeping your finances separate will provide major benefits come tax time -- you won't have a complete mess on your hands, as you'll be able to easily see what's coming in and out. And, using some proper accounting software is definitely a must. There's plenty of them out there that only cost around $20/month, and they will provide you with everything from tax reports to client invoices.

    Maintain a good attitude.
    Creating something out of nothing is hard. Really, really hard. Surround yourself with people who support you, and are happy to eat bologna sandwiches with you when it's all you can afford. Remember why you started down this path, and be prepared for tough times. Running your own business is like existing on an emotional roller coaster. One day, you're as high as a kite and the next day you feel an inch tall. You just need to keep moving forward. Seek out groups - both in person and online - that are full of people just like you, who are there to support and help one another. I belong to few local networking and entrepreneurial Facebook groups, and I get a huge amount of value from them.

    Make changes when you need to.

    The last thing I learned the hard way is that sometimes, you just need to pull the plug and change your plan. You will learn SO much in the first few months, and even years, of being a freelancer or running your own business. I'm a few years in and I learn something new every day. I'm still making changes to my game plan on a regular basis. Make sure you listen and absorb everything you learn. If something isn't working, change it. Don't give up too quickly, but recognize when something isn't working and try a different approach.

    What tips do you have for new start-ups?
    Thank you for sharing your experience of venturing out on your own and your tips on how to do this successfully. I could not agree with you more; it is a very tough decision to leave the security of a 9-5 job to pursue your passion or your dream but when you do it is so very rewarding. I believe that you do require the list of things you mentioned as well as an endless quantity of passion, belief in yourself and guts!

    I particularly agree with your last point in regards to always be willing to make changes within your business. I believe this is important because due to globalisation we work in fast paced, evolving markets that change at a rapid pace. Being able to keep up with this pace, make changes and have strategic plans in place is crucial for a business to be successful.

    Best of luck to all those starting up.
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  • Profile picture of the author NestZone
    Thanks for the tips.
    Basically if you have never lived a cooperate life, it will be difficult telling people how to be self-sufficient.
    After spending years, trying to be on-top of my job, I discovered there is nothing more excited than being your own boss.
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  • Profile picture of the author cynthiaSEL
    Originally Posted by MalamaxMarketing View Post

    Creating something out of nothing is hard. Really, really hard.
    I would add focus on the positive while being real. Recognizing that what you're doing is difficult helps. Invest at least some time regularly in building up your attitude by paying attention to what you're grateful for.
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    http://howtolivebiggerdreams.com/ Risk! Apply expertise, serve people's needs. Get video skills...
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  • Profile picture of the author gingerninjas
    Originally Posted by MalamaxMarketing View Post

    I always dreamed of being an entrepreneur and doing my own thing.


    Do a business plan.


    Save, save and save some more.


    Moonlight if you can.


    Get a website.


    Start working on your social presence.

    Do thing legitimately.

    Maintain a good attitude.


    Make changes when you need to.



    What tips do you have for new start-ups?
    I would also add

    - Surround yourself with really talented affiliates - such as designers, web developer and hosting groups, who are as passionate about your business as you are. This allows you to offer a holistic offering to your clients and a one stop shop if you like.

    - Network - this may not be your ideal situation, however you do need to network and build your business brand and this is the quickest way to do it. Get out there and start networking in your industry or to your target market.

    - Continue to brush up your skills - while you may think you are super talented and the most experienced kid on the block, you do need to continue to upskill as things change very quickly and you want to continue to stay ahead of the game.

    - Listen and then listen some more - sometimes we can be so caught up in ourselves and our new business we forget to listen. Listen to everyone, pick people's brains, find out as much as you can and really soak in the knowledge.

    - Take time out - while you may not think there is time to sleep it is essential to take time out of your start up and smell the roses. It can be all consuming and if you go at break neck speed you will burn out.

    All the best!
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  • Profile picture of the author Reimaru
    Nice work! If you're planning to start a business, it's best to pull out all the stops (business plan, save, learn to market it, build a website, etc.). That's how you avoid the "90% of businesses fail" statistic: Thorough Preparation and Action.
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  • Profile picture of the author wordsandthebees
    Originally Posted by MalamaxMarketing View Post

    I always dreamed of being an entrepreneur and doing my own thing.

    I wanted to escape the 9-5 and follow my own passions. I wanted to help people, to solve their problems in an authentic way. I worked in sales for over a decade, and eventually transitioned into a digital marketing media role. I loved what I was doing, but hated how I was doing it. I hated just being in the sales and consultancy side - I wanted to actually do the work, and ensure my clients got what they paid for.

    After years of dreaming and envisioning, I finally decided to take the plunge and open my own digital marketing agency. I used the word agency lightly, considering it was just me. But nonetheless, I was determined to create a business that appeared stable, established and successful right out of the gate. I didn’t want everyone to know I was knew, and I certainly didn’t want my first few clients to know they were my first few clients.

    If I’m being honest, it was way harder than I thought it would be. Naive? That’s putting it nicely. Stupid might be a better choice, but my sheer determination and work ethic is what got me through. There was no way I would go crawling back to my corporate job, begging for another chance. I was willing to do whatever it took, to sacrifice anything required, to be successful.

    So, I thought I’d put together a list of tips I learned along the way.

    Do a business plan.

    I know this is old news, but it’s really, really important. If you plan to work from home like I do, it’s not quite as significant. But if you plan to rent a space, you need a business plan. If you’re going to be purchasing inventory or looking for loans or investments, you need a business plan. No one will take you seriously without one. And, you really need to know what you’re getting into. What is the bottom line? How much revenue do you need coming in every month just to make rent, keep the lights on, and make your loan payments? You must go into this with open eyes. Even if you’re starting off from home, you’ll still have a lot of expenses and your own salary to cover.

    Save, save and save some more.
    If you plan to quit your job, make sure you have at least 6-12 months worth of salary saved up. This business will not be able to pay you, and you need to survive. In my case, I launched my business in April, and didn’t receive my first check in the mail until September. I had been working for months but that’s how long it took to get from free consultations to actually completing the work, and getting paid. If people mail checks, you’re waiting even longer. I knew it would take a few months to get the ball rolling, but I was not prepared for nearly 6 months.

    Moonlight if you can.
    If you’re able to start and grow your business on the side, do it. This gives you the opportunity to test the market, and see if there’s truly a demand for what you have to offer. Just because people like the idea of something doesn’t mean they are actually willing to pay a decent amount of money for it. Tread lightly though, because if your employer finds out, you may get fired. This wasn’t an option in my case, as it was a complete conflict of interest. I knew I had to resign before I launched my website. But, if the industries are completely unrelated, you may be able to get away with it for a while. Lots of people do. Just be prepared in case you get canned.

    Get a website.

    You absolutely can’t and won’t be taken seriously today without a website. If you’re just starting out, chances are, you can’t afford to hire someone. Use one of the free and easy DIY templates, so your only costs will be the domain, hosting, and email. Start as early as you can on this. It took me months of developing the content for my first site. Invest the time early on, so when you do land those first few opportunities, you have a professional online presence to back you up.

    Start working on your social presence.
    Something else you want to do months before you launch is working on your social media accounts, and even starting a blog. Assuming you don’t have money for paid advertising, this is going to be the most effective form of marketing you have access to. This is how you will start getting traffic to your new website. I started with just Facebook and Twitter, and eventually included LinkedIn, YouTube and Instagram. I must admit though, I just couldn’t manage all 5 effectively and now I mainly focus on Twitter. In my industry, Twitter is huge — so for me, it makes sense. For other industries, you’re going to want to do your research to determine where you should be prioritizing.

    Do thing legitimately.
    It’s easy to just fly under the radar, but it can come back to bite you. I strongly suggest registering your business, setting up your bank accounts, and getting some accounting software. Assuming you’re going to be successful, you want to do things right from the beginning. And if you ever want to approach the bank for a loan, you need to have a paper trail from the beginning. Setting up separate banks accounts and keeping your finances separate will provide major benefits come tax time — you won’t have a complete mess on your hands, as you’ll be able to easily see what’s coming in and out. And, using some proper accounting software is definitely a must. There’s plenty of them out there that only cost around $20/month, and they will provide you with everything from tax reports to client invoices.

    Maintain a good attitude.
    Creating something out of nothing is hard. Really, really hard. Surround yourself with people who support you, and are happy to eat bologna sandwiches with you when it’s all you can afford. Remember why you started down this path, and be prepared for tough times. Running your own business is like existing on an emotional roller coaster. One day, you’re as high as a kite and the next day you feel an inch tall. You just need to keep moving forward. Seek out groups - both in person and online - that are full of people just like you, who are there to support and help one another. I belong to few local networking and entrepreneurial Facebook groups, and I get a huge amount of value from them.

    Make changes when you need to.

    The last thing I learned the hard way is that sometimes, you just need to pull the plug and change your plan. You will learn SO much in the first few months, and even years, of being a freelancer or running your own business. I’m a few years in and I learn something new every day. I’m still making changes to my game plan on a regular basis. Make sure you listen and absorb everything you learn. If something isn’t working, change it. Don’t give up too quickly, but recognize when something isn’t working and try a different approach.

    What tips do you have for new start-ups?
    Hi Malamx,
    This is a great post and one which speaks loudly to me.

    I've recently left the corporate world to start my own business too and while it's been tough, it's the most rewarding thing I've ever done and I'm learning valuable lessons by the day.

    The biggest lesson I've learnt in a very short space of time is to not take things personally. I'm a very hard worker and give 110% to all of my projects. When I have a client say they're not happy with something, or they want more, or they want to pay less; in the early days, I took that very personally. I felt that I wasn't doing a good job, I was charging too much or that my work wasn't up to it.

    I had to thicken my skin up to the fact that a lot of my clients are in their own business too and need to watch their budget, or even if they don't need to, they often want to pay less.
    As a writer, if someone doesn't like something I've presented them with, that really used to cut deep. But now I've learnt to toughen up, accept their feedback and present them with their requests in their next draft. It doesn't mean I can't write, it doesn't mean I'm not good at my job, it just means that our tastes on that particular task were opposed.

    So toughen up (but not in a cold, harsh way) and not take things personally is the biggest piece of advice I could give to a new business owner.

    Good luck with your venture, it's so far been the most exciting time of my life so I'd recommend it to anybody!!
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  • Profile picture of the author sgsavvydad
    Thank you for the great tips, I believe many entrepreneur will benefit by this.

    Well, I think it is very important for an entrepreneur to know his number well and save cost wherever possible and it is true to save at least 6 - 12 month worth of money.

    When I started, I burn through my saving within 3 months and worse still my break even calculation is totally out and I end up charging my customer at the wrong price. This cause me to bleed cash and I have to took a loan to recover.

    So i learnt my lesson by almost losing my business and even now I am making many mistake along the way.

    Good luck to everyone venturing out and know that things will always work out.

    Cheers,
    Tommy
    https://sgsavvydad.blogspot.sg/
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  • Profile picture of the author felisitie
    Wow! Awesome post. After i had been going round and round in circles trying to learn everything about IM i finally learned that i did not need to reinvent the wheel. the fasted way to succeed in business is to find a tried and tested system to follow as soon as possible and stick with it till you see some results or else your learning curve will be increased trying to learn everything before you start. This leads to confusion and frustration and most give up before they reap the rewards because success would have taken too long to come.
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