I will never regret starting a business. Not only did I learn a tremendous amount about entrepreneurship, but I met so many amazing people along the way and learned what it is like to become self-sustainable. There’s nothing better than knowing that all of the extra work you put, the late nights, and long hours are going towards your own personal success – not your employers. With that being said, I do have some regrets about how I did things in the beginning, that I would change if I could. My biggest regrets are:
- Being extremely cheap.Yes, it is important to be frugal. That does NOT mean you should sacrifice on important things and put in cheap finishes that won’t even last a year. I wish we would have just taken out a small business loan to invest in the infrastructure for our business. Instead, we used our own personal investments – and credit cards to pay for everything. Because of that, we had limited funds to work with and were forced to choose things because they were cheaper – not because they were the best. We have learned our lesson the hard way as we have had many, many things we needed to upgrade, replace, or fix because it was cheap. Remember, there is a difference between frugal and cheap – make decisions for the long-term and don’t go cheap just to save a small amount.
- Not spending more time doing due diligence before starting. With Deckci we had no idea how to treat linens when we first got started. We didn’t take the time to figure out how to clean them and that led to us throwing away a significant amount of linens that we could not get stains out. Now, we have a process stained linens go through that gets out almost any stain. If we had taken the time to do some testing early on we would have saved that money. Similarly, we didn’t spend enough time researching business structures prior to starting and less than a year after starting we had to switch our business structure to an LLC which took some paperwork and time. If we had done more research to start we would have started as an LLC to begin with.
- Needing efficient processes. We have had many, many mistakes over the past few years with both businesses and oftentimes it is because we do not have a well-defined process or policy in place, so the ball gets dropped somehow.
While it was hard to learn these things as we went, I’m glad we did. Now I know that the next business I start won’t (hopefully) have these issues. I also want to add, that I think it is more important to take the plunge and start a business cheaply than to not start one at all. So, if you know going in you’ll have to do some of these things because you truly have no other choice – then that’s ok. You’ll be able to plan to replace things sooner, etc. Just start your business, don’t wait, because before you know it someone else will start it for you.
Next, 30 days to Becoming an Entrepreneur: Full post list and wrap-up
Photo Credit: Anon Photography