3 Mistakes I Made When Starting My Business

If you are just getting started running an online business, it may feel like there are 1 million things on your list, but you DON'T need to do it all at once.  To help you narrow down your list, here are the 3 things I wish I WOULD have done.

Come up with a financial plan for your business.

I highly recommend reading the book Profit First and following the process for setting up your business banking. 

In short, you need to be prepared for making sure that your business is profitable from Day 1.  You may choose to reinvest the majority of that back into your business for a set period of time, but make sure to have a timeline in place!  One of the fastest ways to burn yourself out is working hard all the time with no benefit to you, the business owner. 

PS....with drop shipping you can limit the amount of your funds you are needing to reinvest into your business to purchase more inventory.

Set Boundaries

Create policies for shipping, pickup or delivery of orders and how and when you will communicate with clients.

You are going places my friend, so while you may only have a few customers now, setting the foundation for the business that you want will allow you to transition seamlessly.

Also a quick heads up: USPS will raise their rates every January.  My personal policy is to set my rates with a cushion so I can skip a year before needing to raise my personal rates again.

Don't Over Discount

If people want Wal-Mart prices, they will have to shop at Wal-Mart.  Take time and pride in selecting products that you believe in and it will be easier to price them how you need to in order to run a financially successful business.  If you are carrying inventory, keep in mind that you will need to account for discounts.  My personal policy is to only carry items that I can markup 300%.  I will carry drop ship items that I can markup at 200%.

At the end of the day, you will make mistakes, there is no way around that.  However, it's ok.  You will grow, you will learn and you will adapt.   You've got this my friends.

Hoping you soar,