Your Lesson Learned

Be bold in declaring the ideal client you want to serve so you can do more of what you love for the right people.

Don't try to be an expert in everything. Surround yourself with people for whom your headache is their celebration. Spend 80% of your time in your genius, and let others do the same.

Forget perfect. 80% is often good enough just about all of the time.

• Pick a partner or investor REALLY REALLY CAREFULLY. It's almost more important than picking your mate.

• LISTEN to your customers. Nuff said.

• Cash Flow just may be more important than Profit in the beginning, and in the middle, and in the end.

• If YOU don't believe it, you won't achieve it.

• Never burn bridges. It's a small world after all.

• You can never have enough friends.

• Never litigate. The only winners are the attorneys.

• Protect your creditworthiness at all costs.

• Add MISTAKES to your expenses chart of accounts and don't skimp on it's budget.

• Do It!

• Patience and Perseverance Prevail

• There are Many, Many, More - Get an experienced mentor or be doomed to repeat all the lessons they never taught you in school at great cost.

I agree with Howard on his comments on creditworthiness, burning bridges (we're all more interrelated than we think), cash flow (choice of vendors make a huge difference here), listening, and picking a partner (very hard to do).

I wish my clients could always avoid litigation, but I've found there is a certain segment of the attorney and business population that "goes to guns" immediately, and, unfortunately, that needs to be answered FIRMLY. Then some cases can be solved without further litigation but many times you just cannot get the other side to the table. There is a small, but significant percentage of the business population that uses litigation as a business and revenue producing or conserving strategy.

I think location is an important consideration both virtually and physically. This was an issue I really struggled with and am still working on properly positioning myself. I had to send my fourth or fifth case in less than a year out to an Oregon attorney yesterday, and I'm thinking that maybe I should get licensed in Oregon as well. Do I pick up extra space at my main office, go for better or additional satellite office space, have a more focused web site for each line of business I've been getting from out of state clients and attorneys? Maintain an office at all since my most profitable business comes in over the internet?

Most recently, LISTEN rather than TALK, ASK rather than TELL.

Don't leave marketing as an afterthought.

I have a hard time with this. My business is to create software that solves business problems, so I spend a lot of time in front of my computer or working with my existing customers, and not a much time in front of potential new clients. But even happy customers have changing needs, and eventually some of them didn't need my services as much as they did in the beginning. So my advice is to pay attention to marketing even when business is good, so that you are better able to handle changes!

1. Don't put all your eggs in one basket. One or two huge clients who pay all your bills may seem like a good thing, until you lose one (or both) of them. Develop a broad customer base within your niche.

2. Find a niche and ground yourself in it. Do not work for customers who don't fit your niche.

3. Refine your message and speak to your customers' core buying emotions.

4. Market consistently. Market every day, even if it's just a couple of phone calls, an email, a thank-you note. Do the most marketing when you are busiest (affirming what Avonelle said above) because those customers will be ready for your services just when your plate becomes empty again.

Well, I have a whole cartload full of embarassing mistakes but let me share one here: Watch your cash flow, especially as you add employees and a benefits structure. Fulfillment commitments and benefits packages can eat you alive if you don't plan for them. And your accountant won't help you if you don't give him the right information. It really ruins your day when you find out that the $2000 you paid your CPA to give you pro forma projections 18 months out, implodes at the 9th month and you find yourself with a $40,000 budget deficit you have to make up with your credit card. Experiencing that blunder is one reason I went to business school...you should probably take a minicourse on "finances for non-financial managers" or at least read a book on the subject, there are several good ones.

Be fearless.

Not all networking groups or sites are equal or will be helpful for you.

Willingness to change can go a long way toward bringing success.

1. Work at something you enjoy and that's worthy of your time and talent.

2. Give people more than they expect and do it cheerfully.

3. Commit yourself to quality.

4. A commitment made is not to be dishonoured.

5. Underpromise but Overdeliever.

6. Value your time and that of your clients.

I just added my lessons learned to my blog (garageentrepreneurs.blogspot.com) from my first true summer of running my own business. Here are a few:

Put relationships with people first. Whether it be customers, family, friends, etc. People are the driving life force on this planet and the relationships you have with people should be a huge priority. Customers won't do business with you unless you make them feel special, make them feel cared for, make them feel like you care - compete for the emotions of the people you look to serve and they will buy from you. Friends and family deserve your attention at all times - put down the Blackberry, turn off the ipod and play an active role in the conversations going on around you.

Leverage adversity to make your career/life better. Critics are everywhere, they're the ones telling you "you can't" or "you shouldn't" or "I don't know about that". The faster you learn to tune out your critics and battle through adversity, the sooner you will be on your way to business and self-mastery. Take the road less travelled, grow, and you will come out of the end a better person. Life and business is about running toward, not away from, the things that intimidate or frighten you. Try new things all the time, if you don't you might just miss out on an opportunity to discover your new favorite _.

It's not possible to discover new oceans unless one is willing to lose sight of the shore. What a great phrase. You will never find your passion unless you step away (at least for a moment) from what you've always done. If you always do what you've always done, then you'll always get what you've always got - so true.

Life is terminal - we're all headed for the same end. Straight from Robin Sharma. When you remember that before you know it, we'll all be dust, the things that currently limit you (fear, pride, past disappointments) just fall away. No matter how long we get to live, we are all headed for the same end.

The climb offers more value than the mountaintop. It truly is all about the journey. I know I have yet to reach the mountaintop - far from it in fact, but I already see the value in, and am truly enjoying the journey. The climb shapes your character, offers opportunity to realize potential and tests you to see how much you really want to win. It transforms you. There are two kinds of people: those that see barriers and run, and those that see barriers and break through them. What kind of person are you?

Nobody can prevent you from being exceptional. You set your own limits on your potential, and no one can stop you from achieving what you want to. Act as if failure is impossible, wipe out every thought of not achieving your objectives and set no limits on your imagination. When you start accepting mediocrity in your life, you become a magnet for mediocrity in your life.

Run your own race. Explore self-mastery at your own pace. You'll know when you're ready to explore it. Lessons learned about time management, focus, abilities will come with time but only when you are receptive to the ideas. Go at it with a great attitude and act as if failure is impossible, read as much as you can but remember that there are no maps to success, only guides.

As more and more single moms are coming to me wanting advice about how to start a business from home, I've had to chance to mull over lessons learned.

Mine are:

1. Plan, plan, plan, plan, plan. I look back over the many months I've spent doing this and cringe at the "lost" money I spent - money that was spent without a purpose.

2. Research competition.

3. Take in as much solid, relevant and wise advice (free or paid) as you possibly can.

4. Turn OFF AIM on the days you really plan to get some work done. :)

Having jumped head-first into a retail business, with my own storefront and all, years ago -- no marketing experience, no retail experience -- and then losing my business to an underhanded partner, I swore I'd never have my own business again.

But I can't help myself, so I revised that rule:

I swore that if I ever go into business for myself again, I will start it small, in my closet, and let it grow organically.

This time around, I am also making sure that I ask for help, and have been visiting the SBA advisor once a week. It's a free service here in Portland, and my counselor has been invaluable, offering Business guidance, resources, direction, brainstorming.

CONTRACTS
Never work WITHOUT CONTRACT - even for trades.

• Have a default clause in the event the client doesn't provide reciprocation within a set amount of time.
• Mine is "trade is null and void if reciprocation is not received within 30 days of the end of Designer's portion of the project. After 30 days, balance will become payable in monetary funds only."
• I don't care if this person is the best feel good person you ever met. DO A CONTRACT! People have the best intentions and then their life goes haywire or they just end up being the "I'm too busy" type of person and you never get your payment in trade.

MONETARY WORTH for TRADES
Address what the MONETARY WORTH is upfront so the client knows the value of your services and what they will be paying if they screw up.

• This includes TRADE FOR PORTFOLIO as well. Please learn from one of my most painful mistakes ever! It cost me almost $2,000 and I have nothing to show for it.

LABOR ESTIMATES
How much time do you think it will take you to do the project? Ok, now double that for your estimate.

• I did this for my last project and I came out ON TARGET - finally! This method works!

I know I have more. Check out my Bumps on the Indie Road of Life article.

Gotta jet! Great thread!

Amy... For a young woman, you are becoming very wise. Thank you for sharing with the Biznik community. And, thank you for giving new life to this subject thread.

I would like to re-iterate one of my favorite lessons learned:

• Cash Flow - just may be more important than Profit in the beginning, and in the middle, and in the end.

I am in the start up phase, but here is my list of lessons learned so far:

1. Talk about what you are doing to as many people as possible. You never know where that might lead

2. If you are in manufacturing, start local

3. Hire a good graphic designer to develop your logo and brand.

4. Spend the money on good quality business cards. Make sure your logo and contact information is on everything you send out.

5. Find a good attorney to handle your patent application, trademark filings etc. Well worth the money.

6. If you will have a website, get your domain name first.

7. Don't be discouraged. More people will say no than will say yes. Keep going .

8. Create a daily schedule and stick to it.

9. Keep track of all your expenses. Set up a business account to keep your business funds separate from your personal funds.

10. Carefully select your partners and suppliers. Listen to your gut. If it doesn't feel right, move on.