If you have started your own business...

[Deleted]

...what are one, two or many things you wish you had known or would do differently to be more successful?

I've started a business before, and was very ill-prepared for it: I didn't develop a business plan, marketing plan, cost projections, etc. I just winged it, and was ill-disciplined to handle all of the things that come with being the one-person show.

I'm about to venture into it again, different business (social media consulting/management), and have already completed much more preparation and ground work than I did last time. I've got one client, and have a couple more on deck. Financing is coming together. I've completed my business plan, marketing plan, cost projections, etc. I have a far larger network now, and the means to tap it for referrals and clients.


I'd love to hear what your hindsight, as a business owner, would provide as far as insights. I really appreciate anyone's thoughts.

[jln]

I owned a business. I also just winged it as I started very small, but I didn't have enough capital to continue the way I wanted. In hindsight I would have had more before starting.

I would have a well-developed business plan with backup options. DH was a partner in a transportation company until last month. The company started really small but the business plan wasn't properly revised when they started to grow. Their growth happened so quickly that they couldn't keep up and hadn't thought about their next steps in time.

[Deleted]

Just going to post since H and I will be starting a business soon, most likely early 2016, and would like to hear what others have done. We don't have to worry too much about start up costs since he's basically turning a long time hobby into a business. My questions will most likely be about starting an LLC, what is involved. I have a good friend who is a lawyer and specializes in helping small businesses so he is going to help. And at this point I think we are going to use Square Space to build our online shop/website.

[gpw]

winecat

[jinkies]

Sept 4, 2015 11:56:50 GMT -5 jln said:

I would have a well-developed business plan with backup options. DH was a partner in a transportation company until last month. The company started really small but the business plan wasn't properly revised when they started to grow. Their growth happened so quickly that they couldn't keep up and hadn't thought about their next steps in time.

My H ultimately closed his business for the same reason. He worked for himself, but as the business grew he couldn't handle everything himself. He had no growth plan in place, and as work snowballed he became completely overwhelmed and panicked. 

He's in an industry where knowledgeable, reliable help is hard to find, and hadn't really thought through what he would do when his client base grew beyond what he could manage alone.

[msmerymac]

Sept 4, 2015 13:24:51 GMT -5 @slayerkate said:

Just going to post since H and I will be starting a business soon, most likely early 2016, and would like to hear what others have done. We don't have to worry too much about start up costs since he's basically turning a long time hobby into a business. My questions will most likely be about starting an LLC, what is involved. I have a good friend who is a lawyer and specializes in helping small businesses so he is going to help. And at this point I think we are going to use Square Space to build our online shop/website.

I already work as an independent contractor, but I'm thinking of trying to expand my client base and create my own LLC. So... I also need to look into this.

[Deleted]

Sept 4, 2015 13:31:42 GMT -5 gpw said:

winecat

I hope she opines, though I have asked her thoughts offline, too. She's one of my go-tos for this particular topic.

[mrspez07]

Have a tax guy, talk to the tax guy. If you are working from home you can expense some of your utilities, part of your internet, cell phone, etc and count your office space towards business expenses. He may also help calculate the quarterly taxes for you.
I have a local guy we've liked if you are interested. He manages my consulting income, our rental, etc.

Check out who you need to register with to do business, state, city, etc.
I also found some of the local small business organizations helpful. I forget the one I used, but I think it was a Metro area one.

[tiramisu]

I wish I'd looked into forming an LLC to start, doing more research on potential business names, maybe opened a business account. Also I should've between now disciplines about logging expenses and income from the beginning instead of playing catch up two months later. What I didn't realize when I started is that I really was starting a business. It just didn't occur to me to think of it that way. Luckily though, I can keep it small until I'm ready to expand and can create a plan for expansion, what that would look like, and how I would scale up my hours there and scale back in my full-time job.

[LadySusan]

@slayerkate msmerymac   We used a NOLO kit to form an LLC. It was very straightforward and I'm happy we went that route instead of hiring a lawyer. I guess the real test would be if someone filed a suit against us but I feel comfortable with the decision.

You (general you) and your business may be different, but we make iPhone apps and I'm really glad that we hired a graphic artist to do the icons for our flagship apps.  It is the main way that customers interact with us.  It seemed like a lot of money at the time but it is really polished and I think it has been a good return on investment for us over the years.

Also, is this a good place to toot our small business horns?

[vinoveritas]

I wish I knew how important mastering sales was, before starting my business. I would have spent more time doing sales training and reading sales books. I also wish I spent less time on business plans and strategies, and just getting into business.

[Deleted]

Sept 6, 2015 0:13:06 GMT -5 LadySusan said:

Also, is this a good place to toot our small business horns?

I defer to the mods. I know we weren't allowed on That Place Which Shan't Be Named.