 Re: Things I wish I'd known from the start.
A few things I've learned from the 2 business (not t-shrit business) that I own.
1) For all purchases decide if you need the item now or if you can hold off 3-4 months or more. With my first business we jumped into purchasing a few items we thought we had to have to start and ended up not needing them for quit some time. If you hold off it will really help with your cash flow.
2) If you have partners in the business, make sure they are the right ones. My first business started off with 3 people - we soon realized one of them was the wrong one to be in business with. Lucky for me it was an easy separation, but had he not wanted out, it would have been very difficult.
3) Try and pick up a few sales before you quit your job. If you can manage providing top quality service and still hold down another job you will be alot better off then if you quit too soon.
4) Expect suprises - you find plenty of them. When they come just remeber that it is part of owning your own business.
5) Being your own boss is great, well, most of the time. It definantly has some downsides. Biggest one I can think of is that sh*t runs uphil (not down) - when something goes wrong customers & employees want answers from you.
6) Understand your operating costs (fixed & direct), profit margins, estimated avg. sale for your industry and all other financial items (don't forget the cost of your time). Then understand how many customers/sales you need any given month to cover your costs/make a profit. This will help you understand what it will take to get the sales.
Hope this helps someone. |