3 Lessons I learned the hard way…
TL;DR:
- Having a plan can save you tons of time and effort. You don’t need to have everything figured out, but a little bit of clarity goes a long way.
- Don’t hire before you have clear expectations for the role that you’re hiring for. Expecting your employees to figure out their own direction is unfair to them.
- Investing in mentorship can save you years of mistakes and headaches.
Starting a business is an exhilarating journey, but it's also filled with pitfalls that can be costly and time-consuming. In this blog post, I'll share three crucial lessons I wish I knew before embarking on my entrepreneurial adventure.
Lesson 1: You Need a Plan
In the early stages of my business, I was the type to dive in headfirst, figuring things out as I went along. While this approach allowed for rapid testing, it often led to unnecessary expenses. As Tim Fitzpatrick mentions in episode 43 of The Branding Deep Dive podcast, "In the absence of a plan, everything becomes an opportunity."
This lesson emphasized the importance of having a plan that outlines the offer and how to reach customers. It doesn't have to be a complex document, but understanding what you're offering and how to connect with your target audience is crucial. Whether it's through SEO, paid ads, or influencer marketing, knowing your customers and where they spend their time is key.
Lesson 2: Don't Hire Too Early
One of my biggest mistakes was hiring before having a clear vision for the business. Expecting employees to figure out the direction of the company without proper guidance is unfair to them and sets them up for failure. When hiring, having clear Standard Operating Procedures (SOPs) and training is essential.
My revised approach involves doing everything myself initially, creating documentation for each step of the process, and establishing clear SOPs. I then test the waters by hiring freelancers or contractors, giving them the SOPs and assessing their performance. Only once I find a reliable performer do I consider bringing them on board.
Lesson 3: Invest in Mentorship and Training
While I've always leaned towards figuring things out independently, looking back, I realize the value of mentorship. Investing in someone who has been through the process can save a considerable amount of time and effort. However, it's crucial to vet potential mentors carefully.
Consider their experience in your industry, assess whether you'd trade places with them, and evaluate if you vibe with them personally. Mentorship isn't a shortcut; you have to do the work yourself. Additionally, be mindful of the content you consume and the influences around you. Cut out negativity and surround yourself with people who push you to grow.
Remember, building a business is a continuous learning process, and adapting to new insights is key to long-term success.