My biggest mistakes
Written by Verne on April 14th, 2008My agency will be undergoing a number of changes over the next few months that are part of the natural evolution of the business. With faces, structures, models, and handful of other elements due to be changed, I see the process as an opportunity to hit the reboot button and rebuild certain aspects from the ground up. This got me thinking - what would I change?
It’s not very often that a business gets a chance to tear down everything and start again. A lot of blood, sweat, and tears go into developing the brand, reputation, networks, clients, PR (for the SEOers), and basically every other grain of what you call your business - so much that “starting over” is a concept that is usually quite foreign to most. But let’s entertain ourselves for a bit, shall we?
What if you had the opportunity to do it all again? Over the years, months, weeks, and days that you’ve been a business owner (yes, this applies to you freelancers as well), you’ve picked up an immense amount of new knowledge. Knowledge that sometimes helps you realize that some of the things you’ve done were not the right things to do. Knowledge that sometimes makes you think, if I could do it again, this is how I’d do it.
So what would you change? What would your business look like if you were to start it again today? What were your biggest mistakes and what have you learned?
To get the ball rolling, here’s a few of my biggest business mistakes:
- Not setting aside budgets for internal work: Budgets for client work are a no-brainer and are easy to justify. Why shouldn’t internal work have the same rationale? Your brand, website, and products are all important assets that, when properly invested in, will offer a [bigger] return.
- The ‘we can do that’ mentality: Every small agency’s tagline should be “we can do that” - not because it’s a good strategy, but because you end up saying it so much that you it might as well be a tagline. Trying to take on too many things outside your realm of expertise will thin out your business and leave you delivering less than mediocre results.
- Not having a hiring strategy: When you first start out, your business doesn’t need 30 sets of hands. It probably doesn’t even need 10. What’s more important to focus on is getting the right set of hands to work with you to build the business and more importantly, to run and execute the business and bring in the revenue. Partnering with a developer to match your design skills = great idea. Hiring a team of designers before you even have an established flow of work coming through = bad idea.
- Not having a growth strategy: Hiring is part of this, but a bigger part is having a plan for how your business will grow in 1, 5, or 10 years. If you’re a lemonade stand, you should have a plan on how you will grow your business into some kind of industry leader in lemonade production or distribution (for example). Without a growth strategy, you’ll always just be that same lemonade stand at the front of your house (or in my case, that lemonade stand with a really thirsty neighbor - thanks Satish).
These, and many more, are considerations that I’ll keep in mind as I begin to build the next instance of the agency.
What about you? Leave your biggest mistakes in the comments and share what you’d do differently if you could start over again (if anything).
PS - As further support that this is an important topic to consider, Naomi from the IttyBiz factory has also recently asked the same question to her readers. Check out her blog if you haven’t already - it’s one of the most entertaining and insightful small business blogs around.
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As fresh entrepreneurs and freelancers we are often blessed with the consistent inconsistency of work flow from day to day. There are times when it feels like there just aren’t enough hours in a day to meet all the deadlines we’ve committed to. Yet still, amidst all of that work, we can sometimes get uneasy about the following week knowing very well that the work scale might just end up tipping the other direction.
In the last 6 months, I’ve grown a new appreciation for office politics, 9-5’s, dress codes, and bad managers - at least to the extent that none of them apply to me. I have to admit, there is a pinch of joy in boasting about the flexible and autonomous lifestyle that has come with the entrepreneurial path I’ve chosen to follow. But like everything in this world, working from home has its downsides.
This may seem like an obvious observation but trust me, it’ll hit you after your first week of working at home. Consider this: your buddies wake up in the morning, get dressed, take a drive, get to the office, have some lunch, get back on the road, and then return home. Meanwhile, you’ve been there the whole time. This may seem like a sweet deal at first, but you may find yourself growing a bit tired of the environment - you are, after all, there 24/7.
The opposite and often eviler side of the coin. From the moment you wake up to the moment you hit the sack, you’re at work. When you literally live at work, it makes it nearly impossible to ever escape it. Add on to it the fact that you’re a workaholic anyway, then you’ll find yourself doing a lot of overtime.
The answer is no. Well, your mother could be home. As could your budgy named Snowy. But they’re not the people you were looking for or the people you may find you miss the most after working at home for some time. Who you’re looking for are the guys by the watercooler, the colleagues you pass in the hallways, the people you see in the cafeteria, and even the receptionist at the front desk. And unless your mother follows Lost as religiously as you do (or even if she does), you tend to miss out a bit on the personal interaction and comaraderie that comes with an office job.
My guitar is always within arm’s reach. I have a collection of How I Met Your Mother, Grey’s Anatomy, and Lost episodes ready to be enjoyed. TVtropolis has made daytime television worth watching again (hoorah for reruns of classic sitcoms).
This winter, Toronto has seen 3 big snow falls already. What’s become apparent from this is that working from home does not exempt me from shoveling the snow. It also doesn’t excuse me from doing laundry, cleaning, or occasional drives out to the grocery store.