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The economy has created a ton of new small business owners and entrepreneurs who are just starting out on the self employment path.
Do you remember what it was like when you started your business? Pretty scary for most of us. You had a million things to do and no idea where to get help or where to turn for advice. I remember those days (still have them sometimes!) like they were yesterday even though I started my business in 1996.
You can help those new small business owners out by sharing some of the lessons you’ve learned. There will be a really cool prize in it for some lucky person — a one year blog hosting package from Network Solutions.
Here’s the scoop. To enter the contest, answer the following by leaving a comment with your best advice — What I know now that I wish I’d known when I started my business.
The contest is open until December 24, 2009. The winner of the hosting package will be selected by random drawing and will be notified via email so please leave a valid email address in case you are the lucky winner. Package must be activated by December 31, 2009.
Leave your best advice in the comments now. You could be the lucky one!
UPDATE 12/25/09: I’m thrilled to announce that Amel Mehanaoui – @amelm is the winner of the blog hosting from Network Solutions by random drawing. Congratulations Amel!
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Disclosure: I love providing tips, tactics and tools to small business owners and entrepreneurs like you who take the time to stop by looking for help. The information I provide on this site is free, but is often supported by external products. Please be aware that some links you click on from this site could result in me being paid a commission. Also know that I will never steer you toward anything I do not believe in. Thank you for your support. :-)
A small business owner since 1996,
Twitter: PpcMom
Says:
December 13th, 2009 at 10:55 pm
What I know now that I wish I’d known when I started my business:
I would advise them to be true to themselves. When I first started, I thought I had to be like everyone else. The truth is, there is value in being unique, individual, and real.
Let your personality shine through and follow your heart. Otherwise you run the risk of your business being exactly like every other business out there. Be different! Be You! Good Luck!
December 14th, 2009 at 7:31 am
What I know now that I wish I’d known when I started my business.
Do what you love!
Love what you do!
Do not let fear be a contributing factor.
Shake lots of hands and just be real. People can spot a phony.
Do what you say you are going to do.
Put time aside for personal development. Learn something new every month.
Say what you mean and mean what you say.
Twitter: Joshco0752
Says:
December 14th, 2009 at 9:33 am
When starting a business or running a business, same advice…..Cash flow is king and more important than profits….if you want to survive, you better have positive cash flow.
Twitter: adrianacopacean
Says:
December 14th, 2009 at 9:47 am
I’d say be organized: set yourself up to be able to track your income, your expenses, and see exactly where you are going with your business.
December 14th, 2009 at 11:13 am
Two from me
“Its all bullshit until the check hits the bank”
and
“Promises mean nothing until they are written down somewhere”
Both based on personal experience getting ripped off repeatedly.
Twitter: retta719
Says:
December 14th, 2009 at 2:57 pm
What I know now that I wish I had known when I first started, oh gosh so many millions of little things that add up to a lot of time I could have spent elsewhere.
I wish I had realized that I didn’t have to be rich to start outsourcing. Outsourcing any small task that frustrates you will save you time, money, and stress. It’s just completely invaluable.
That I didn’t have to live in a shell of a world all alone. I was participating in forums, but there were just a bunch of head nodders and daily chatter. When I joined a mastermind group online I really started to see my business and my life flourish.
I’ll shut up now and save some space for other people to add their thoughts, I could write a book here LOL
Twitter: reginabaker
Says:
December 14th, 2009 at 6:24 pm
What I know now that I wish I’d known when I started my business: Niche marketing, search engine optimization and traffic generation.
December 14th, 2009 at 6:27 pm
My advice is reflective of where I am at right now and it could change. Now having said that my answer is based on my experience and the experiences of the many accomplished people who I have interviewed.
Have a success team, consisting of about five people who you can call on. They also keep you accountable
Trust yourself – follow your instincts even if it may be unpopular
Take action
Read continuously
When things get tough, persist because it pays
Do the extraordinary and blaze your own trail
December 14th, 2009 at 6:41 pm
I wish I had known how important time management was and that I had learned the tricks to not getting trapped in the time sucks a lot earlier. It’s so easy to get caught up in learning mode and put off getting into the doing mode.
December 14th, 2009 at 6:46 pm
What I know now that I wish I’d known when I started my business…
I’m like Loretta, I could write a book. What I will say, though, is that “everything doesn’t have to be perfect to get started.”
Twitter: latarahamying
Says:
December 14th, 2009 at 7:00 pm
What I know now that I wish I’d known when I started my business is that you can’t try to do everything at once. Slow and steady wins the race. Pace out projects so that you are not unnecessarily burning the midnight oil and wearing yourself out.
Take your time and it will come together!
December 14th, 2009 at 11:50 pm
What I know now that I wish I’d known when I started my online business would be…
#1 – Find a mentor and follow them. There is so much out there that you can easily get overwhelmed by all the noise and go nowhere. Get focused!
#2 – Perfectionism is a disease! It will never be perfect. Have fun and just be yourself (minus the perfectionism of course).
Twitter: thebizcoach4mom
Says:
December 15th, 2009 at 2:00 am
I tell new clients all the time: write out your vision; because as your business grows (or maybe it won’t) you’ll become so distracted by the new ideas,frustrations,unexpected joys, family responsibilities, etc. that you’ll forget why you’re doing what you’re doing.And many days you’ll ask yourself, “who am I to think I can do this.”
You should write out your why, how & what, to help you stay focused.
December 15th, 2009 at 8:07 am
Get focused, have a goal, write down your goals, and when your business starts making money, reinvest in your business. Don’t spend your first dollar on that big screen TV. Reinvesting in you business helps to keep your business growing.
Twitter: shelhorowitz
Says:
December 16th, 2009 at 7:38 am
1. Be as helpful and friendly to others as possible, and be well-networked (both online and off)–cultivate relationships from an attitude of how you can be of service, and people will help you (our host Denise O’Berry is a total master of this). Introduce people who need to know each other.
2. Do outstanding work. Stuff that people will want to brag about. Turn it in on time or early, and on or under budget–and then suggest the next thing they need and you can help with that maybe they haven’t thought of on their own.
3. Stay true to both your ethics and your values. Do not cross the line to take on projects you shouldn’t. Keep honesty, integrity, and quality front and center.
4. Keep expenses down while starting out. And keep good records.
5. Make sure people understand what you do and how you can help–but do it without being salesy. Show that you know your stuff by answering questions, writing articles (and later, books), speaking,etc.–not by going on and on about how great you are.
December 19th, 2009 at 12:51 am
Believe in what you do, don’t mind what other people say. Beat the odds if you want too. Don’t be afraid to take risk, it’s where we learn. Do not follow everything you read, they could be references but the great teacher will always be your experience. Don’t forget to have a positive attitude as well, there’s no such thing as failure, it’s only people who stop trying….
Lastly, do not spend to much and leave you with huge debt, work around with what you have, earn first before spending on other activities. Manage your finances.
December 19th, 2009 at 9:35 pm
I am learning that if you don’t have a set goal and plans to carry it out you wander aimlessly and waste time and money without focus – something I have done most of my life.
Now I am finding focus by tuning in to what I really want and am gaining passion and seeing things that are taking me closer to what I want. Kind of like when you buy a car, then you start seeing cars like it. That is the way with goal setting, you start to find things that help you torward your goal. Also you start ignoring things that don’t matter.
My emails daily are at least one hundred or more. Now I get rid of the ones that waste my time and only focus on the ones that will do me good. That saves me a lot of time and misery.
December 19th, 2009 at 9:37 pm
I would immediately start to use PR/marketing tools. There are lots of Do It Yourself PR info on the internet, if you can’t afford to hire a professional. Determine your target market, build your media list, and write an announcement release and send to that list. Continue to send news items to the media such as, new hire, new products, promotions, new clients, etc. There are alot of ways to gain visibility with very little money. And, don’t forget to ask for help. Join local chambers and networking groups.
Twitter: amelm
Says:
December 19th, 2009 at 9:57 pm
My advice is to stay focused on your business and don’t get distracted by the latest business tool or strategy (keep expenses down).
Find something you’re good at and focus all your passion, energy on it. Be the best you can, offer the best services and create the best products.
I think all small business owners should read ‘From Good to Great’ Book by Jim Collins.
i wish you all the best,
December 19th, 2009 at 11:10 pm
If you don’t know how to do something, either educate yourself through books, audio, seminars, or simply ASK around – there is someone out there with the expertise you are looking for.
Twitter: Smallbiztrends
Says:
December 20th, 2009 at 6:23 pm
Find something to sell as fast as possible to bring money in the door. This should be obvious, but a lot of the time new business owners spend too much time during the first 6 months on marketing — such as networking events, getting a logo and business cards, etc. While marketing is important, don’t forget to have something you can sell — something with a relatively short sales cycle — and start selling it! It always takes longer to bring in revenues than you imagine, and you could run out of money in 6 months.
December 20th, 2009 at 10:36 pm
If anything is to change YOU have got to change. That change starts with developing a healthy, positive mindset. I recommend reading 177 Mental Toughness Secrets of the World Class. Feed your mind something great and positive every single day. This is help you make the transition to a business owner mindset. Secondly, find a coach or mentor that will give you the gift of belief when things aren’t going so well. Thirdly, be thankful for the little successes which will eventually lead to bigger successes. Finally, network, network, network. Always fill your pipeline with other professional individuals who can either become clients or refer you to potential clients.
December 20th, 2009 at 11:02 pm
Learn about basic business principles if you haven’t studied business and money management. We’re not born knowing concepts like return on investment, leveraging your time effectively, and generating multiple income and referral streams, but you must master them in order to succeed.
If you need help dealing with finances or understanding how to use QuickBooks, get good skilled help. Don’t thrash around and get frustrated when your time would be better spent creating products or doing business planning.
Spend money on marketing, and carefully track the response, so you know what’s working and what’s not getting results.
Don’t bother with a Plan B. Go for it, and don’t leave yourself an exit strategy. This will focus your mind so you will be productive and committed. Allow yourself this level of intensity when your business is new, and success is inevitable.
December 21st, 2009 at 9:45 am
What I wished I had known then that I do know now is that when it comes to business, nothing happens until I have a client; thus, have a marketing strategy rather than just tactics. You need to be able to answer 3 basic questions:
1. What is my message
2. Who do I want to deliver it to (be specific)
3. How will I deliver my message?
And knowing that my message must not be to talk about what I do, but rather, what I can do for you.
December 24th, 2009 at 1:02 pm
Wow, a lot of great advice here! I say, don’t believe “If you build it, they will come.” You have to work, very hard, every day to find and delight customers.
December 26th, 2009 at 7:38 pm
I would get an adviser and a accountability partner.
December 28th, 2009 at 11:25 am
I would remember to have fun as I establish my business. The saying “All work and no play is very true”! I began to experience burn out because I was working all the time to start my businesss and soon I was dreading it instead of enjoying it. Take time to really think about what you are doing and add some “me time” in your daily planning of your new business. I have learned after a few years in business to take charge of my business instead of letting it run me!
December 30th, 2009 at 11:57 pm
I wish I had had a glimmer of an overall vision for my business at the moment I decided to go into business.
I was an unemployed electrician with no job prospects during a recession and was only grasping at straws.
During the first 10 years I used to refer to being in business for myself, the next several years I started talking about how the business had me and during the last couple of years I finally realized I was operating a business patiently designed by a huge group of customers had been gradually shaping into a phenomenonal community resource.
I was lucky, I knew all the time I wasn’t smart enough to be in business for myself – so I listened to my customers as they led me in the right direction. I also didn’t know I had the work ethic to work in a business where the work is neverending.
February 4th, 2010 at 4:28 am
I would say remain focused on what you want to achieve from your business. Be patient, Rome was not build in one day. And Remember! Put GOd First.