Don't make the same mistakes I have

I have no problem with being honest and I'm going to be honest in this article.  I made some HUGE mistakes with starting my own business; so big that I need to work outside of my home for awhile in order to bring in some extra capital in for my business.  I don't consider myself and expert, heck if I was an expert; I wouldn't have to get an "outside" job.  However, I want to share my experiences with you.

1. Learn your niche.   This is so important.  A niche is not a broad category of small business owners.  I mean you need to break it down to small business owners who only have 2 employees who are not computer literate especially in MS Excel.  That is how specific you need to be.   If not, you will fall into the trap of  marketing to individuals who don't even open up your newsletters and/or emails. 
   
   
2. Do What You Love.  This is so important and I made this HUGE mistake.  If a client contacted me on if I did newsletters and such; I would agree to it.  I even have it posted as one of my services on my web site.  The truth to the matter is that I HATE doing newsletters.  I actually HATE doing anything creative.  I am creative in the sense that you can tell me your business processes and I can create "creative" ways to complete them. I'm not creative in the sense of making things look "pretty".  I just recently turned down a client  that had posted he wanted an Excel expert which I am an expert at but after my conversations with him; he just wanted some one to make his spreadsheet look pretty.  I immediately turned his project down (that is another point I will discuss).  I told him; I'm wonderful at analysis but just making something "pretty" is not my expertise.  Most of us started our own businesses to do something that we love.  Don't let others in your industry make you add services that you don't like doing.  I'm a VA.  There are so many VA's out there and I felt I needed to add services similar to what they offered.  NOT!!!!!  Do what you love.  There are customers out there for you.
   
   
3. It's Okay To Turn Down Clients/Projects.   I recently turned down a project.  It's okay to do that and probably best for your business.  I know when you first start out, you want to say "Yes" to everything; however, this is a mistake.  Don't take on a project that you are not good at or that does not pay well (another topic I will discuss).  You don't want to take on a project in which your skill set does not match.  I made that mistake.  I'm not your typical VA where I'm good at scheduling, calendars, event planning, etc.  I'm a Financial VA.  I'm good at data analysis and keeping your books.  I made the mistake of trying to be something that I'm not and I failed at the job.  I'd rather turn down a job than have a client say something negative about me.  So turn down jobs, it's okay. 
   
   
4. Don't Underprice Yourself.  Yes I did this too.  I was only charging clients $10/hr.  Like I said, I'm going to be honest.  Yes I was a fool.  I made great money at my corporate job and I invested a lot of time in my education, why not pay me for my skills?  Once again as a start up business owner, you are anxious to take any job but I have to tell you, in most case, (not all) those that want to pay "flea market" prices usually don't end up paying you or are slow with paying you.  Don't waste your time.  You need to be paid based on your skill set, even if you are not a college graduate.  Don't sell yourself short like I did.
   
   
5. It's Okay To Fire Client.  If you have a slow paying client . . . FIRE THEM IMMEDIATELY!!!  Why are you wasting your time on emails and letters reminding them of this payment?  They know that they owe you this payment.  Get rid of them.  They are just zapping time and energy from you.  I suggest to always get a retainer from you clients and make sure you give them a legal contract so that they are also protected.

Like I said, I am not an expert nor am I claiming to be one.  I'm just using my mistakes and hoping I can share my experience with other business owners.