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What do you wish you knew when you got started?

AaronValeAaronVale Member Posts: 5

Hi folks!

I'm just getting started with running my own business (and figuring out Wave). As a new business owner, I'm sure I'll run into unexpected situations and all kinds of fun trouble! I thought it'd be a good idea to ask some veteran entrepreneurs for general advice. And hey, if the advice I get here help others newbies later down the road, all the better!

So here's my question: If you could go back in time and offer one piece of business advice to your past self, when you were just getting started as a business owner, what would it be?

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edited August 30, 2018 in Wave Discussion

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    AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    That's a super interesting question, @AaronVale!

    Here are a few Wavers who are sure to have hard-earned wisdom to share: @hgomezc, @Just_Lurking, @Dante_Bulluck, @Kendricks866, @chj915, @lterenzi and @whpc.

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    Dante_BulluckDante_Bulluck Member Posts: 52 ✭✭

    @AaronVale

    It's really easy to burn yourself out. Especially early on. While you're going to have these crazy 70+ hour work weeks sometimes, you have to keep an eye on yourself, and not drive yourself into the ground. Because if you're running this thing alone and you're out of commission, your business stops.

    Short version: Self-care isn't a reward. It's part of the process.

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    hgomezchgomezc Member Posts: 18 ✭✭

    Thank you @Alexia, for the consideration.

    I will follow @Dante_Bulluck's layout. :)

    @AaronVale

    Don't take people for granted. You may be blessed or fortunate to have a good team with you, people who share your vision, believe in you or your mission. They may decide to go along you in the long run, but life is uncertain, and every person may need to jump boat for one reason or another: life-changing events, health, death, family issues, you name it. So they leave to walk a different path, most of the time is by their own choice, some others are not. Whatever the case... you need to prepare for it.

    Short version: Document everything! Do your best to keep all business related knowledge outside of people's brains. Teach people to embrace systems.

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    chj915chj915 Member Posts: 39 ✭✭

    I would tell myself (the younger version of me) that "spend more time on accounting learning, it will be worth your efforts".

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    PaulCPaulC Member Posts: 186 ✭✭✭

    Congratulations on getting started, @AaronVale !

    First priority: Sales
    Even more first priority: get Cash in from your sales!

    As new business owners, it's easy to get caught up in administrative detail: get the website just right; set up the office; find the perfect supplier for office essentials. Yes, even set up accounting!

    No business ever failed from lack of a perfect website, office equipment, or optimal accounting setup. Businesses fail because they don't sell enough (at a profit), or don't collect payment fast enough. Period.

    And selling is hard - it often means asking people you don't know to like you and buy from you... and they may say no. Much easier to go back and fix that image on the website that's not quite the way we like it!

    So definitely sales, and getting the cash in. But I'd echo @chj915 - take some time to learn about management accounting, so you can understand and improve the performance of your business as you grow. If you haven't already, check out Wave's free management accounting guide: Fearless Accounting with Wave. Just be sure to read it a little at a time, as you move through setup into daily, weekly and monthly/quarterly tasks, and don't let it distract you from selling!

    Good luck :)

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    AaronValeAaronVale Member Posts: 5

    @Dante_Bulluck I think you almost have to be the kind of person who occasionally forgets about their own well-being to do this! But yes, that does sound wise.

    @hgomezc I feel like I should write this down and read it again every morning. Just to make sure.

    @chj915 That's one I'm trying to follow! Not planning on becoming an accountant anytime soon, but I can imagine how important it is to be accounting literate. At the very least, you know, I want to be able to speak the same language as my accountant when tax time hits.

    @PaulC I feel like we all do this out of passion, and that makes it so easy to get wrapped up in... everything. I see what you mean, you do need both a driver AND some gas in the tank to make a car move forward (I mean, driverless cars are coming, but let's not kill my metaphor). Thanks for the guide! Looking forward to pouring into it.

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