5 business mistakes I only learned after making them

You only know what you know, when you know it. Right?

Running a business is a constant education. Even if you studied business before starting one, theory is always easier than practice - especially when mistakes cost you financially or emotionally.

It’s easy to get frustrated with yourself when you don’t make the best decisions. But what I’ve come to realise after running my own businesses for the last eight years, is you only know what you know, when you know it. Meaning, you can’t get too mad with yourself if you get something wrong, when you actually had no idea how to get it right in the first place.

You can’t fast track experience

The good thing about maturing into your role is that a level of self-assurance naturally occurs from doing something you’ve done many times before. You also therefore can’t expect to have huge confidence going into something you’ve never tried.

I’ve learnt a lot from doing things wrong

But there are five things that stand out, when it comes to knowing how to do better, only when I’d made these initial mistakes.

Hiring too fast

I’ve run my businesses with mostly all employees, all subcontractors and a mix of both. The most challenging time was when we had only employees. Whilst the dedication and consistency they bring is great, it can also put a strain on the business. Ultimately, things can constantly change, usually in ways that are out of your control and the last thing you’re ever going to want to do is make someone redundant. Equally, not hiring anyone, and having the regularity that an always-on team member brings, can make juggling everything tough. So, taking the time to make more considered decisions has been key to maintaining a steady flow of work and revenue.

Saying yes

This covers SO many areas (in work and in life!). Saying yes to every opportunity loses your focus and can create burnout. It can lead to wasting money on things that don’t deliver a return. It can also create difficult partnerships that you don’t benefit from. I’ve had to get a lot more comfortable with saying no, knowing that pleasing myself isn’t selfish and is often sensible.

Under-pricing

I’ve always wanted to provide the most value. But what I’ve come to realise is that under-pricing just causes issues. People won’t value your services if they think they’re too cheap, you’ll end up not feeling fulfilled, and if you don’t charge enough, you won’t make enough money and you’ll have to really question, what you’re putting all the effort in for? PSA: Maybe this could be your sign to increase yours?

Taking (the wrong) advice

Not all advice is relevant or leads you on the right path. Whilst it’s good to hear people out as it might save you some aggro, I’ve been sucked in too many times. So now I urge (myself) to listen to your gut, do your own research and proceed with caution, even when advice is given with the best intentions.

Not financially planning

Payment terms, amongst other things, can cause cash flow issues, and I didn’t take the time to research what options were out there to help when starting my businesses. To be honest, it wasn’t that I avoided it - I just didn’t even realise I should. Setting up invoice financing, as one example, was a game-changer for me, but I’m sure there are lots of other ways you can fund or financially plan around your business, to ensure it runs smoother.

Can you relate to learning from mistakes? Give me a ❤️ below.

What are the things you’ve learnt from doing them wrong? I’d love to know.