8 Mistakes When Starting a Business

[Regis]

8 Rookie Mistakes

A couple of these sound very familiar with regards to posters here on YM.

[gregintenn]

I'd add debt to the top of the list.

[Anne_in_VA]

I get a message that I'm denied access when I click on the link.

[Deleted]

I wonder if people who started a business and talked about it here would consider that a mistake in hindsight.

[Deleted]

I've seen a lot of people that think they are rich just because they own their own business. Over the years I have had people try and impress me by telling me they own their own small business.

Ummmm . . . . . That doesn't mean squat to me. (Unless, of course, I know for a fact their business is successful.)

I work in the accounting field. I know the debt behind a lot of these businesses.

[zibazinski]

Mar 21, 2016 17:48:50 GMT -5 @hickle said:

I wonder if people who started a business and talked about it here would consider that a mistake in hindsight.

My ex and I started a small business. I don't consider it a failure because it wasn't.

[Regis]

Mar 21, 2016 17:48:50 GMT -5 @hickle said:

I wonder if people who started a business and talked about it here would consider that a mistake in hindsight.

I started a business, have talked about it on here and sold the business to another company who saw the demand in what we did.

I don't have a problem sharing lessons I learned while having my own business so I don't consider it a mistake at all.

[zibazinski]

It's never a mistake when it's successful!!!

[Regis]

Mar 22, 2016 6:25:42 GMT -5 zibazinski said:

It's never a mistake when it's successful!!!

There were plenty along the way!  

[swamp]

Mar 21, 2016 17:48:50 GMT -5 @hickle said:

I wonder if people who started a business and talked about it here would consider that a mistake in hindsight.

No. I'm doing pretty well.

[daisy]

My small business incurred about $5k of startup debt last year and our income was $2700 (July thru December)...our accountant was impressed.  We are on track to do about $20k this year and I plan to increase that by at least $5k every year.  I control how much I make according to how many craft shows/farmer's markets we do/how many businesses carry our product/how many people find and order from my website.

My small business was originally only meant to replace my small income (30k) so once I hit that point we are going to evaluate whether to grow the business (ie, hire help) or keep it manageable with the two of us.  DH would like to retire-retire and that's probably the direction we will head in - he retires and we hit the road with our products and see the county!

[Regis]

Mar 23, 2016 10:52:51 GMT -5 deminmaine said:

Mar 21, 2016 18:03:29 GMT -5 @bluester said:

I've seen a lot of people that think they are rich just because they own their own business. Over the years I have had people try and impress me by telling me they own their own small business.

Ummmm . . . . . That doesn't mean squat to me. (Unless, of course, I know for a fact their business is successful.)

I work in the accounting field. I know the debt behind a lot of these businesses.

Actually, I've seen a different phenomenon.  Some people think you are rich because you have a small business.

Or think you can come and go as you please and "make your own hours".

You have no boss and answer to no one.

Just write a check.

Ha ha..... some days I think I won't be free until I actually sell this business rather than run it.  Gotta feed the monster....

I am very happy that (1) I had a successful business and (2) I sold it!

[alabamagal]

DH had a successful business for 20 years. Since he was in printing he met a lot of people who were starting out in business ( business cards, logos, invoices, promo material).

A lot of the failures he saw were businesses with no viable market. Also a lot of bored doctors wives who had a great idea. Before we left GA some acquaintances of ours opened a gift shop. Wives of a hospital exec and orthodontist who had no experience running a business. Instead of the quit your job open a business it was the housewives whose kids were older. Over the years we saw a lot of this type of business - dress shops, gift shops, decorating shops. None of them ever lasted very long.

[Regis]

Mar 23, 2016 13:03:48 GMT -5 alabamagal said:

DH had a successful business for 20 years. Since he was in printing he met a lot of people who were starting out in business ( business cards, logos, invoices, promo material).

A lot of the failures he saw were businesses with no viable market. Also a lot of bored doctors wives who had a great idea. Before we left GA some acquaintances of ours opened a gift shop. Wives of a hospital exec and orthodontist who had no experience running a business. Instead of the quit your job open a business it was the housewives whose kids were older. Over the years we saw a lot of this type of business - dress shops, gift shops, decorating shops. None of them ever lasted very long.

Understanding the demand for your products or services is certainly a huge factor in the chances of success!

[NomoreDramaQ1015]

I don't think the doctors cared if their wives were successful.  It was probably an attempt to keep them occupied doing something other than than spending their money.

[gracendignity]

I have seen soooo many people think they'll just turn their hobby into a cash-making business.  They rarely stop to think that a pleasurable hobby is one thing, but a demanding job is something else altogether. 

I have had the same small business off and on over the years, for the most part as a side gig. In my case the problem was it was too successful. I did handquilting for the public. I did okay with it from local people when I was a stay at home mom, but once I got a computer and the internet, I was swamped.  I haven't done it for pay for a long time.  I'm currently in the process of working my daughters to create a new online business--still quilt related but no more hand quilting queen size tops.

Also, for 15 years I was self employed as a medical transcriptionist.  My children were at home then and it was the perfect fit for me.   Now I work with an online company doing it.  It is a vastly changing industry, though and in a few weeks I will begin a course to learn legal transcription and its forms.  I will be an IC again and I will like that much better. 

I consider my businesses to have been successful.  However the start up costs were minimal for me.  I am way too conservative/chicken to risk my financial security to go into business with large start up costs.  A few years ago my husband offered me the chance to open my own quilt store.  It took about 2 seconds for me to turn him down flat.  lol!