Lessons learned in business. Post yours.
 

I think we all have learned some lessons. Learning is a part of an experience. Every time I succeed or fuck up I stop to analyze the situation and see what could be learned. I'm hoping this thread can actually become educational. Things that come to mind are:


1. Good accounting is the key. From the very moment you start a business make sure you track everything that goes in and out. It'll be easier to see where you fucked up later.

2. Diversify - don't put all the eggs in 1 basket. If a particular area of your business goes down, you'll go down with it.

3. Don't front and always be ahead - if someone doesn't have any money right now, he probably won't have it later. There might be some exceptions but this is the rule of thumb. If the worst case scenario, you need to secure a down payment before lifting a finger.

ask questions..you'll be surprised who acts like asses on boards.. but when it comes to business people can and do give great advice and are very helpfull

focus.. the hardest thing about being in business for yourself

Don't do business with friends. Always keep business and personal separate, so when (not if) you need to be an asshole, you can without remorse. :)

Always be straight forward and honest. If you fucked up, tell your client / customers you fucked up, and the vast majority of the time, they'll understand and respect you for it. If you try to make up excuses, they'll generally see right through that, and never do business with you again.

Cash is King.

1) Don't hire friends.
2) Don't share trade secrets with other webmasters (Until you know them well).
3) Save money for taxes!!

trust noone, dont hire family, dont put your eggs in one basket and reinvest atleast half of what you make

Don't get into business with family members that have an addiction to meth

Always bring extra lube, or it is gonna hurt!@

I guess we have peeps from all walks of life here....

I just started to invest a part of my income a couple of months ago and I am already seeing some dollars trickling down. Very good point!

Those working for themselves go open a Roth IRA account now! Money coming in now is fun and dandy but you'll kick yourself in the ass for not stashing away at least some of it now.

http://en.wikipedia.org/wiki/Roth_IRA

ask for some feedbacks before dealing with that business

I think you mean testimonials or references..

Put money away for the future. You never know what is to come. And good employees are HARD to find. Hang on to them if they're good.

Saves me from typing it.

1) Good ideas are common - a great idea is a good idea actual implemented.
2) If you worry about the little shit, you will be a little shit.
3) Your partners are fucking you.

Etc.

Be careful what you wish for.

I was a network tech for AT&T. All I wanted to do was make websites and get paid for it. It came true. I never wanted to be "Amputate Your Head". I never wanted to work in porn. I didn't even care how much I made.... as long as I could do what I loved.

Now, I hate it more than anything else on this Earth. But I can't escape from it. I've tried for the last two years to find something else. And for one reason or another, nothing works out across the board.

Be very careful what you wish for. What I have today is definately not what I imagined, nor what I wanted. But I got it, and there's no way out.

Think outside of the box.

One of the basic rules of business

1. You must have a good duplicatable system and a solid business plan to follow.

2. You need to meet clients demands as quickly as possible this includes trends such as hot new promo materials, new technology etc...

3. Spend only what you need to and nothing more. On your good months save incase you ever have a few bad ones.

4. If you work from home or are not on a schedule at the office start one, just cause you don't have a boss doesn't mean you can sleep in all day. I missed out on a lot of big business moves when I used to wake up at 10:00am everyday. You know what they say... the early bird catches the worm and that is so true.

5. Be accessible, give out your cell number, office number, e-mail, icq, aim, etc... and don't ignore those damn calls. I know people that suck in their industry but they still got lots of business because you know they will ALWAYS be around when you need something from them, nothing is worse than someone that vanishes for a few days at a time when you really need them.

6. Network like a god damn mutha fucka, build those relationships and cherish them. I am where I am today because of maybe 2-3 people I have met in my life.

7. Take care of your clients, you need them to survive, once they leave you might not ever be able to replace them.

8. Spend as much time as you can on marketing, you can never have too much marketing, NEVER!!!

Dare to fail and learn from it.

success is never permanent.

If you are working for or with a company that is unorganized and cant seem to get its shit together.....they prob never will (this is a hard situation to leave when the product or idea is good, but chances are if a company is screwed up under current mgmnt, they will never sucseed or change with that mangmnt)

don't spend more than you can afford

bump to top

innovate, not imitate

Hi everyone... I find the following to be a useful guide!
 

Before spending tuns of money on a venture spend at least 6 months to a year + on research... understanding the technical issues and marketing aspects... such is key.

Spend some time and write up a business plan... even though 85-95% of business do not follow such to the T, at least you will be addressing questions that you might have missed, also you can determine your overhead...

If you have marketing or technical questions ask someone with a rock solid background in such and don't place 100% factual knowledge on what you hear in forums because those who you are asking for advice from are normally out for themselves first...

When dealing with people online be fair... however when posting in threads keep your remarks under 15 minutes per post and if it takes too much thought... then find something else at that time that will make you money and tell those who are asking for the info to contact you privately to hire you...

Always get a real street address and don't except PO boxes when excepting money orders and or checks and never start work before you have money in your hands... this is important if you do not know the parties that you are dealing with.

Don't be afraid to write up contract(s)...

Later,

.

Business + Friends = Enemies.

This has always been my philosophy, but sadly the imitators are getting just as rich as the innovators. :upsidedow

lots of you wrote not to work with friend....what's wrong with it? (ok, I have some ideas, but what are your experiences?)

I agree - don't work with friends. I got completely and utterly screwed by a 'friend' of mine. He stole my entire server and took it back to AU with him, as 'payment for the time he'd invested in me'.

Only being in the adult bussiness for a very short time now. I have allready learned never to install free crappy scripts as this tends to get your website hacked very quickly

no doubt

interesting thread

thanks, wtfent, it's useful tips.

bump for all

Never trust an Australian.

They'll steal the shirt off your back and fuck your wife and your dog when you're not watching.

keep an eye out ...


1. Don't trust fuckers that smile too much or like giving hugs.

2. People that frost their hair or look anything like Rod Stewart.

3. Pay you with stock.

4. Zen freaks.

this goes out to my old bosses

don't piss off and shit on people you meet on the way up the ladder cuz you'll never know who you'll pass on the way down

Nice Post.

Figure out what you do best and deligate the rest.

Make moves based on sound business judgements and not emotions.
Leave emotions at the door and think tactfully.

Make short and long term goals and neve give up.

If you are self employed, odds are that you qualify for an SEP IRA, which allows you to invest larger percentage of your pre-tax dollars than a Roth does. That amount is 25% of my income for this year, according to the good folks at T Rowe Price. :)

Never, ever pay anything upfront.