O/T Small Business Owners

[shmobol]

To those of you that run your own business, what are some things you wish you knew before starting out on your venture?

 

[TNH]

To those of you that run your own business, what are some things you wish you knew before starting out on your venture?

A business venture always goes over budget.
(in my experience anyway).
Every time I have budgeted something, actual cost always ended up anywhere from 25-50% more than initially thought. Anytime someone else has approached me with a project, it went 50-100% over budget.

 

[Bio]

Market trends that cause economic stress or collapse! Having the foresight and understanding to see when something is affected what will the domino effect be and will it work for me or against me!!

 

[sonicwaste]

A business venture always goes over budget.
(in my experience anyway).
Every time I have budgeted something, actual cost always ended up anywhere from 25-50% more than initially thought. Anytime someone else has approached me with a project, it went 50-100% over budget.

+1

 

[Big A]

Everything I plan, it always takes me an extra year to come to fruition.

 

[animal eater]

^^^^^ that plus you have to have the capacity to adapt as thing rarely go exactly as planned.

 

[shmobol]

Thanks for the feedback. So it costs more and takes longer than originally planned. Those are valuable points to know.

 

[Performance Based]

NETWORKING



Get a GOOD private bank, have an established line of credit WITHOUT a variable rate.

 

[CaseyW]

I've been on my own since 2003, I wish to hell I knew more about accounting. It's been my bane since start up. You have to wear so many hats as a small business owner. acccountant, marketer, customer service, IT manager, merchandiser, SEO operator, CEO, CFO, and Janitor. ... really.

It sucks, but it beats having a boss. and the pay is better.... sometimes.

 

[spartan]

Make sure yo have 2x's the capital that you think you are going to need. Maybe even a little more, cash is king when trying to get started. It could also help to have seed money from different investors that believe in your business and you.

 

[thatbloke]

make sure there's a market and demand for wateva your business goods/services are

and make sure you have a marketing strategy as well as a business strategy, and figure out what your businesses core competencies are going to be

and as already mentioned, make sure you can finance your business

there are very few businesses that succeed without the above factors ive mentioned