Follow me on Instagram:Timothywilliamsjr0 In this video I will go over 10 mistakes I made when starting a business.
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1. Not Having a business plan step by step is the first & honestly most important mistake that I made when getting into business. You have to plan for EVERYTHING when getting into business, often times we get into business just because of the money. Once things dry up, the money isn’t good we feel stuck & don’t know what to do next because we didn’t have a plan getting into things so it’s very important to come up with business plan ideas, and strategies.
2. Setting unrealistic goals. We all want to have million dollar months, or even days but honestly who walks into a business making that much? NO ONE!! We’re all not as lucky as Mega Millions Winner, so we have to be realistic with the goals we set when getting into business, start small with your goals, once you achieve them then begin to make bigger REALISTIC goals.
3. Trying to do it all. We’ve all been there before, being that business owner who opens the store, helps every customer, watches over everything then closes the store. We can’t do it all by ourselves we have to outsource the things that we’re not good at & hire people who are good at those things. Don’t worry about saving money, it’s about saving your time money can be be made back, but you can never get your time back.
4. Staying Organized. Having multiple copies, an accountant, and quick books helps keep you organized. If there is one thing for business that important it’s being well organized, make sure to stir away from clutter so you’re aware every year around tax time.
5. Not building enough relationships. I was always that person afraid to ask people for help, in business it’s all about who you know. It’s better to know someone on the other side of the fence to let you in rather than struggling to jump to the other side. Don’t be afraid to put yourself out there so that you can grow your business, and network.
6. Cutting Corners. This WILL cost you eventually, you don’t want to take any shortcuts in your business at all!! I did this & it cost me over $1,000 dollars, that made us lose money on a load all by looking to take the easy way out. Don’t cut corners ever in your business, hold your business to a higher standard.
7. Being a Stronger Leader. Leadership is a tough decision that’s not for everybody. There is only 1 quarterback, PG, Center, and team captain for reason. Their job is to lead the pack no matter what it takes in order to win. Some people will probably hate you, BUT they will have to respect you because you’re handling business and leading you and your business to success.
8. Written Contracts. You want to trust the person you’re going into business with enough to just take their word, but you can’t do that because business never goes according to plan. Once you have things in written then no one can turn their back on the other. This is a way to protect all parties involved.
9. Have a big enough nest egg. Money or credit is needed in any business I don’t care what anyone else tells you. Problems arise, and you don’t have money saved or the credit then you might just be out of business. When starting a box trucking business we had a pretty comfortable nest egg which we were fortunate about because problems a rised but we were well prepared. Make sure you have good credit, and money put away at all times.
10 Leveraging Credit. I just did a video showing you how to start a business with $0 by leveraging your credit. Keeping cash in the bank, and leveraging credit is something I’m continuing to learn in order for me to take things to the next level.
Thank you all hopefully this helps you guys avoid the same mistakes I faced when starting a business so you can be successful the first time!!
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