Make no mistake, starting a business from scratch is really hard. And making some startup mistakes is inevitable. However, experience, learning from fellow entrepreneurs, can be a great teacher. Here are some startup mistakes that I’ve made, that may help you avoid the startup graveyard:
- I should have started living within my means (Correction, below my means) right at day one of The Courage Group, Inc. You are going to need the money. Learn to live on a lot less! Avoid the startup graveyard.
NBC5 Chicago Startup Tips Segment
2. I should not have tried to start another company at the same time as The Courage Group, Inc. Starting and bootstrapping one company is hard enough. But launching two at the same time, incredibly hard. I’m no Elon Musk.
3. I should have found less expensive housing in Chicagoland. And/or taken in a roommate. This goes back to downscaling, living below my means and trying to save money. And using the limited funds towards my new business. A very costly mistake!
4. I should have written a business plan for The Courage Group, even though I was not trying to get investors or bank loan. I thought I knew everything, don’t need to waste my time. Wrong! Planning can lower the big bumps.
Neil discussing the starting your own business process and business plans.
5. I should have put my business first before my girlfriend. “Starting a business is not an affair, not even an engagement. This is a marriage. One must be stable and know what one wants. It better be that business.” Author unknown.
6. I should not have went with a shared, virtual office for my service business. I thought the fancy official business address would translate into new clients. Wrong! What really matters most with clients is the quality and value of your work. Not just some fancy office. So I shut it down. Worked out of my apartment.
7. I should not have tried to live the same kind of lifestyle that had once had. While working full-time at American Airlines/American Eagle, Galileo International. Ouch financially!
8. I should not have borrowed any money from family. This goes back to downscaling, living below my means, and building up my savings, well below launching the business. Rather than asking fmaily members to help me, when times got tough.
9. I should have worked part-time at FedEx very early on. They offer super, full-time healthcare coverage (and more) for part-time work. For you and/or family. A great place to work for entrepreneurs. Save thousands of dollars in healthcare costs! Not to mention the great workout. No need for a healthclub membership.
10. I should not have bought a new car on credit, while starting The Courage Group, Inc. I should have just driven an older, used car, with no monthly car payments. Almost had my car repossessed. Less monthly payments on anything, the better!
11. I should have been more incredibly laser focused on my new business early on, not wasting valuable time. The daily 5 abilities for startup survival:
12. I should have taken the time to learn much more about both marketing and technology. Well before launching. Or gained this kind of expertise, while working at other companies. Rather than just staying in my own sales expertise lane.
13. I should have at least had a basic, yet professional looking website up and running right at day one. Although I had com reserved, I had no online presence for two years. Lost credibility with potential clients = lost sales.