Lessons Learned with Starting a Business

Here are my thoughts on what I've learned and what I would do differently. Feel free to comment and add your own lessons learned.

Lessons Learned:

1. Find a mentor - If possible, talk to others that have learned the hardway. Don't repeat the mistakes of others, if you can help it!
   
2. Create a business plan - It really is a good idea! Make sure to have a plan to act as a guideline for your growth.
   
3. Accounting software - Research and develop (and keep up to date!) a good accounting software program to help you during tax season. You could also write it yourself possibly using Access and/or Excel.
   
4. Inventory Control - If you have an inventory of products to sell, make sure you have a good way to track it.
   
5. Sell via Amazon only to start - This would have allowed me to do market research and have a clearer idea what is selling without incurring the overhead of having my own ecommerce site or store front.
   
6. Buy small quantities of products to start - This would have also allowed me to lessen my risk of buying a bunch of inventory that is not selling well.
   
7. Ecommerce site (start small) - I would probably have began selling using PayPal or Google Checkout, and not payed for the credit card Gateway and processing. This would have saved me a lot of money.
   
8. Ecommerce (choosing the ecommerce platform script) - I should have done more research on the best and easiest script to maintain. I learned the hard way with osCommerce, as it's not very easy to maintain compared to others.
   
9. Webhost (choosing the best one) - I should have done more research as to the best webhost for my needs. The last thing you would want is to be brought down during peak season because of a bad webhost (as I've learned the hard way).
10. 
    [*]Don't take on more than you can handle - This is an important part of maintaining your sanity, especially if you have a full time job and a family besides.
11. Passion - <edit> As mentioned by Giorgioarmani, if you're not doing something in which you're passionate, then when things get really tough or simply monotonous, then you're much more likely to fail. Find something you're passionate about first and foremost!

 

interesting lessons.... most important I think is to feel passion for your business! too many people going into business thinking they will come out rich without realising how much is required on input side... Without passion input suddenly becomes boring, tiring, and business hardly succeeds without that..

 

nice ones, I'll also add, enjoy(also goes with passion as said previously)

Don't force yourself into something you don't like doing.

 

Good point! Passion is really the most important ingredient.

 

Godd lessons, will keep them in mind.

 

Anyone else have any lessons they'd like to share?

 

I have yet to meet an American who doesn’t have a hustle or second plan/job. I’m sure there are plenty of them out there, but one lesson I learn is that no matter how much research and planning you do, you still have to leap and learn. I’ve spent a lot of money trying to learn how to make more money online because I wasn’t patient. . .but I’m more vigilant now with how I spend my dollars and how I promote my projects.

The get rich quick reality exists because all you need is that one good idea. You can spend your whole life looking for it; but if and when you find it, you will a better business person for it.

I would suggest another lesson: read the Alchemist and How to Win Friends and Influence People. Both are easy reads and well, you’ll get my drift. Maybe you’ve already read these books.

 

I loved, New commer never know how hard is going to run and getting profit

 

I would add;

13. Don't wait too long getting other people in (outsourcing or employees); doing everything yourself will hold you back and it will prevent to unlock your potential
14. BE PATIENT!!!!
15. Hire an accountant right away
16. Did I mention the hiring of people?

 

Im not downplaying hard work. I do think u need a little bit of optimism and patience.

 

If you are not optimistic, you'll fail. Inherent negative people should never start companies; just find a boss.

 

Here's another; always treat your customers with respect, even if they are disrespectful to you.

 

For me a realistic business plan and a daily budget control is the KPIs to all your way. Dont go anywhere without those

 

• Also, make sure you find a good bank. A bank with lots of fees, bad service and horrible hours could derail you pretty quickly.

 

+rep

Good post.