No matter what, you learn more by doing than by just about any other method. And after 12 years of doing the entrepreneur thing in 5 different businesses (naturalist trainer, veterinary software trainer & management consultant, copywriter and marketing consultant, real estate investor, and now SuccessStream) I’ve definitely learned a thing or two.
While I’d rather learn from my success, there’s no doubt I’ve learned the most from my mistakes. So I’d thought I’d save you the struggle and share 10 of my top business-building lessons. Some were told to me, others I learned the hard way. Enjoy!
1) Owning a business and being self-employed are two entirely different things. When you own a business, you make money even when you’re not working. And you can go on vacation without everything grinding to a halt.
When you’re self-employed you’re it. If you aren’t working nothing gets done and you don’t make a dime. It’s more fun, and more secure, to own a business than it is to be self-employed —even if it does take a bit more planning and effort to get there.
2) Do at least one marketing activity each day. And do it at the start of the day so you can be sure it gets done. This could be writing an article or blog post. Calling a client to
check in. Sending a card. Updating your social networking page.
Whatever it is just do it, and you’ll be one more step ahead of most of your competition.
3) Test the market before you create the product or service. Too often people spend months, or even years, perfecting their book, seminar, widget or whatever. Then they launch and discover hardly anyone is interested. In the beginning it’s best to create your promotions first. Then produce on demand if anyone buys.
4) It’s your business, so you make the rules. If you don’t want to work nights and weekends...Don’t. If you don’t like answering phones or emails...Don’t. These days, there are almost as many business models as there are businesses. And with the introduction of Virtual Assistants, you can always hire out the tedious parts without having to actually hire an employee.
5) Change is difficult, but almost always worthwhile. And often the changes that come with bad news or hard times are the most worthwhile ones of all. Just remember, the first time you try something new it’s probably going to be hard, scary and uncomfortable. But it always gets easier.
6) Personally pulling in every client one-by-one is a long, slow road. When I first launched my old copywriting business I didn’t go after clients one at a time (it would’ve taken forever to build a business that way on my budget).
Instead, I connected with other marketing consultants, Web designers and graphic designers because their clients needed my services. That way any one connection might result in 5-10 new clients.
Public speaking and writing/publishing (online or off) are also great ways to attract many prospects with one action.
7) Focus on your strengths. When I was younger, I spent a lot of time trying to work on my weaknesses. And I still do in my personal life. But when it comes to my business it only makes sense to work on what I’m best at and leave the rest to someone else.
8) Outsourcing is like dating...You have to kiss a lot of frogs to find a prince. Overall, I’ve found it easier (and cheaper) to hire independent business professionals versus employees. Mainly because their work has a direct impact on their own business success.
That doesn’t mean finding good people is going to be easy, but don’t give up. They’re out there. And when you find someone stellar you’ll be thrilled you didn’t give up the hunt.
9) Never go it alone. It’s much easier to build a business with support. That doesn’t mean you need to bring on a true partner. But strategic partners, mentors, mastermind groups, coaches—even just someone else you can call on the phone periodically for an exchange of ideas—are invaluable.
10) Schedule time to work on your business, or you’ll always end up working in it. Set aside at least one hour per week to work on your marketing, write a business plan, create a promotion, find new service providers…Anything other than putting out fires, answering emails and servicing clients. It’s the only way to move your business forward.
Stacy Karacostas is on a mission to end entrepreneurial overwhelm and burnout! Discover how to grow a thriving 6-figure business & have a life by downloading your FREE “Success without Shackles Starter Kit” at http://www.TheUnchainedEntrepreneur.com
Learn more about the author, Stacy Karacostas.
Insightful read. I really enjoy your style and the way you break things down into lists gives the overall content greater impact.
This is a good mix of fresh ideas and reminders of once valued concepts that have drifted away from mainstream focus.
Reminders to play to our strengths & learning to market to potential clientel in larger numbers (as opposed to one at a time) were particularly helpful.
Thanks, Stacy!
Stacy, one day I'll write about all the mistakes I've made--but that would be a novel! Thanks for the great article.
Great tips and I don't think I could have stated many of these better. Just the other day I was talking to someone about a product they were developing and I asked them exactly who did they see was going to be the end user. When the person couldn't answer the question I knew it was unlikely to be a success. I recommended the person contact some past clients of a similar product and conduct a short focus group to see if this new item would be a viable product that they could see themselves or others using.
Stacy,
Great article! I've been operating my own business now for six years, and I agree with what you've said 100%.
Number 5 is especially important. I've discovered in my own life that what you think is going to be the end of your world can turn out to be the first step to a better life.
Ken Peters | Nocturnal Graphic Design Studio
Stacy, I really enjoyed your article. It reminded me of stuff I already know but don't always do and gave me some new ideas as well. Your writing style is very accessible. Thank you for sharing your wisdom!
David Bilbrey l Employee Benefits Specialist
Hi Everyone, Thanks so much for your wonderful comments. I'm glad this article was helpful to you all. Sometimes it seems all we hear about are the success stories, but I think it's often even more valuable to hear about other people's mistakes so hopefully you can avoid them yourself.
If you want even more help avoiding mistakes in marketing and growing your businesses please do grab a copy of my free report on "The 7 Deadliest Small Business Marketing Sins" by clicking the link below or going to http://www.7deadliestsins.com.
Here's to your future success! Stacy
Good work Stacy. I've been a self-employed graphic designer for many years and believed that I was always "too busy to self-market." I guess I've been lucky to always have work. Well, I started adjusting my attitude and approach to marketing my services less than a year ago and so far the results are amazing. I've been able to weed out I work I didn't have fun with, and take on work that's not only fun but challenging.
The start-up was a huge time investment, but now it's down to about 20-30 minutes a day, and it's paying off nicely. And you're right, I learned a lot from my mistakes and false starts. Keep writing.
Thanks Stacy.
I frequently profess your No. 5. The only way to expand your comfort zone is to step outside of your comfort zone.
And about mistakes - not one of your 1 through 10, but in your opening. Anyone that has never made a mistake has never really tried, and as a result, has never really learned. And their comfort zone is puny.
As a writer, #6 really hit me.
Although I do reach out to individual businesses, I also cast the net to wider audiences through speaking, blogging and writing articles. You're spot-on - it does net more clients in less time.
Stacy, Thank you for your article. Unfortunately, I have already made some of the same mistakes but I hope to avoid some others by following your advice!
As far as mistakes go, making them isn't necessarily unfortunate as long as you don't make them twice. :-)
Warmest, Stacy
Stacy, Thanks for writing this article. Good advice to someone just getting started in business. My husband is starting his own business and I am going to pass this on to him. It's nice to have Biznik members who like to share.
Take Care.....Angel
Hello Stacy,
Thanks for saving Us entrepeneurs some time on the battlefileds with regards to buisness. Your article was insightful & comes from real life experiences. Thanks for caring & sharing so much of you. Great information ..........
Best Wishes!
Scott Perry
Change may be difficult, especially if that is the story we keep telling ourselves. Changing our thinking about change is the the solution! Thank you for pointing out so many useful things.
Hi Stacy,
Thanks for a great article! Reading point #7 is already saving me time!
Your writing style is wonderfully clear and concise - keep up the good work!
Best, Verne Lindner
Thanks for another great article Stacy. #9 is what I am working on right now, not doing it all alone. It is so easy to get isolated working from home that you forget to reach out for help and advice.
I am looking forward to reaching out and joining or starting a mastermind group soon. The opportunity to connect and help others and receive support in return is an exciting prospect.
Thanks again! Marta
My dad taught me that you don't make mistakes, you make "learning experiences" - and boy have I had my fair share of learning experiences! Thanks for a great article Stacy.
Thanks for the wonderful comments eveyone! It means the world to know my articles are helpful to you!!
Warmest, Stacy
Stacy,
Your obvious grasp of the business of business is refreshing. This venue has so many members with so much to learn that could really turn their businesses around. I am constantly amazed at my events how little actual business training or experience most "entrepreneurs" have. I always recommend Michael Gerber's E-Myth Revisited.
I just sent a link to your website to my eBusiness 101 Platinum Protege group as a model of a well-designed, very effective information marketing website. (I also need to follow my own advice and get my website looking and performing more like yours!)
Hi Stacy, You've validated some of my practices and provided some valuable insight into others. Starting a business is very hard and anyone who can offer guidance and support in a way that is giving back is greatly appreciated. All the best, Wendy
Thanks Richard. I love the E-Myth Revisited too. Also The 4-Hour Workweek is another good one that will change the way many people run their businesses.
Warmest, Stacy
The article is very useful ! This is a good mix of fresh ideas and reminders of once valued concepts that have drifted away from mainstream focus.
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