Don’t undercut your price. You work harder, have less money and the client thinks you are only worth that much. If you are not confident in yourself enough to raise your fees, then you should not be in business.
I thought employee management would be easy – it’s not. Take extra HR classes and be prepared for tons of employee drama.
Working from home means you’re always working and you never turn off.
Don’t have too many junior employees or trainees at one time.
Don’t ever trust your competition to be honest / fair.
A huge mistake I made was not having enough in capital reserves for the lean months/years.
Don’t make commitments on behalf of a vendor. They do not have the same motivation you do.
Barter = Bad. Both parties always feel like they got the short end of the stick.
Never hire someone who is less intelligent than you.
Be kind to people always.
I did not ask enough questions before handing over money to buy into the franchise.
We did not plan for retirement/investments. That’s by far our biggest mistake.
Your clients don’t like you as much as you think they do. Think of who you would stay in touch with if you sold the business.
Fire a disgruntled employee. Today. They poison the well and will never be happy, no matter what you do for them.
Once you screw up a client, drop them. They will always remember that time when things went awry and will remind you of it as soon as things seem off again.
Do not take a partner. Money will separate you with at least hard feelings, and at the most a law suit. In my case criminal prosecution of my partner.
Some people do great things all by themselves. Not me. I’ve come to accept that I need a team – or at least a teammate.
The biggest mistake is not putting money (even a little) away for rainy days. We have been in business for 38 years and have always spent as it came in.
Not firing my partner when I knew it would be best for the business, in order to be fair to him. I should have let him go and continued on with the company I built.
I wish I always got it in writing. Now I always follow up a conversation with confirming email stating what transpired in the phone call.