I quit my job to start my own business. And today was my first day as a full-time business owner. I am both excited and nervous. Any pointers?

[imsome]

@whitesunshinee This is damn good advice. Also, pay the tax man on time and orderly.

 

[more2much]

@whitesunshinee Thank you.

 

[gmmintro]

@more2much Make friends in/around your industry. After 20+ years in my line of work, I have gotten to know many, many other business owners, designers, wholesalers and distributors, manufacturers and makers. The old adage of "it's not what you know, it's WHO you know" is very, very true. Being able to get advice and help means you have to have a group of people to go to. I regularly refer customers to other businesses (when I can't provide a product they want), and others do the same for me. You are not automatically enemies with everyone else in your line of work.

Also, it's not a bad idea to set some limits on what you will offer/sell/do. I think new business owners want to latch onto any business they can, which can mean they are stepping outside their comfort zone with products or services they don't understand or like or they are underselling themselves. DO NOT become a discounter. Be the kind of business that attracts the types of customers you want. In my industry, there are a lot of "discount" stores, and they are literally taking money out of their own pockets. I sell things at full retail and specialize not only in having hard-to-find, exclusive, and high-quality products, but I also provide great customer service, which is very appreciated these days. When you sell things (or services) as cheaply as possible, you are attracting cheap, picky, pain-in-the-butt customers who will leave you the minute they find somewhere they can pay $5 less.

Be prepared for some long hours. Focus on slow and steady growth over time (rather than all at once). If you get in over your head early, you will lose the customers you've gained and make yourself miserable in the process.

 

[2grownfaith]

@more2much Get an accountant.

 

[skylar222]

@2grownfaith Yes...
Start with great books, get an accountant to set them up and periodically review if they can't (or they won't) do part-time bookkeeping for you.
If you don't know already, take a few accounting 101 or YouTube videos on the basics, like what's revenue and expense or what's a P&L vs a Balance sheet.

Oh and you're gonna need to vent, or someone to ask for help, do you have a friend that has a business you can chat with, if not join a peer group.

Also enjoy the ride, the highs are high and the lows can be real low, but it is so very exciting and rewarding.

 

[safi]

@skylar222 Yes to this. Get an accountant to set up the books for you. It would have saved me so much clean up later (at accountant rates).

And then take an accounting class so double entry bookkeeping makes sense to you. Learn about p&l statements vs balance sheets so you can make smart planning decisions. And sleep at night not worrying about money (as much). Got through a sales tax audit almost scot free.

Then when you’re ready to hire or expand read the emyth revisited. Changed my whole thinking.

Also that 80/20 rule above is great. Some people are just terrible. Cut your losses and move on.

 

[sctiger29]

@more2much Someone else mentioned cash flow, and I second that. I use the cash flow tool in QuickBooks Online to get a picture of the next three months. It was a bit of work to set it up at first, but now I check it and update it almost every day.

If you sell services, it could be worthwhile to hire a marketing agency that does copywriting to help you draft your proposals and contracts. It pays for itself if you land at least one more project because of it.

 

[inanews]

@more2much Premature milestone obsession. Day 1 is not the day to get sentimental and emotional. Buckle down and focus on execution. There will be plenty of time to reflect and navel gaze once you have the profits to justify it.

 

[penhobby]

@more2much IRS. Pay them.

 

[kyglm]

@penhobby but only if you live in the USA

 

[penhobby]

@kyglm No. Even if you were born and always lived in Uzbekistan, make sure you pay the IRS just in case.

 

[doawk1993]

@more2much Don’t sleep with your employees.

 

[laveena123]

@more2much Get off Reddit and go run your business.

 

[lazyoman]

@more2much Sales cure all

 

[godsfoolishness]

@lazyoman Horrible advice. Sales Can exacerbate so many problems if your processes & SOW’s aren’t fully developed. Plus that mindset inevitably leads to sales outside of your service/product offering. I’ve been in agencies where the owner followed this advice & it directly prevented setting a clear growth path with manageable scalability

 

[lazyoman]

@godsfoolishness That's fair and excellent advice.

 

[jesuslover999]

@more2much "Everyone who went bankrupt thought it was going to get better tomorrow. "

This has to be the best bit of advice I've ever received. Don't wait around for the magic saving situation round the corner. & Don't be afraid to walk away from jobs that you can see going downhill fast.

 

[myarogancewasblottedout]

@more2much Remember, communication is key!

 

[arcanoside]

@more2much Congrats on taking the leap!

There is a lot of things but you can grow to a decent amount on sheer will power.

I'll recommend you eventually looking at how to operate a business. I recommend the EOS model from Traction by Gino Wickman.

Of course knowing your product/service is how you got started. Solidifying other aspects will help you break the ceilings that you'll inevitably run into.

 

[doctrine]

@more2much Don’t be afraid to invest in the business. In startup world, it’s sometimes better to be cash poor for a time to chase growth versus growing slowly/organically. I wish I would’ve known that early on