| ▲ | Joel_Mckay 2 hours ago | |
Most people start side-businesses for tax reasons, and those that seek others to solve their problems for them... usually don't last long in business. I've witnessed many firms run the gauntlet with varying levels of success, and would suggest the following: 1. sell what the customer already wants, as people with loss aversion stick with what they already know. 2. sell what makes customers feel good buying, and reward them with actual functional utility in their life 3. Never compete, focus on service with a novel niche product. Stupid people by their nature destroy everything around them regardless of long term benefit. 4. Never hire people unless absolutely necessary, and contract with tax responsibility clauses when possible. 5. Never buy equipment unless absolutely necessary, or lease when possible 6. Never enter legal or subscription agreements even with your own legal specialists feedback 7. Never become a poser burning $170k/month on labor in a vestigial office 8. Position your firm to leverage tax and grant programs 9. Stay quiet (especially online in a sea of cons), and only talk about the distant past when people try to goad you into telling them how you make revenue 10. Avoid bums in suits as many are dangerous well practiced thieves. Never let technical staff talk with the customers, or vendors. Some people go crazy when they see a bit of money, and do not behave rationally. 11. There must only be 1 president, and all agreements must be in contract form. 12. Never risk more than 15% of annual revenue on ANY deal. Customers lie and disappear on rare occasion... Large firms can grab your firm like a dog with a rag doll, and may still stiff you on the contract knowing the legal and fiscal power asymmetry 13. Chasing customers means your business model still needs work. If people are happy with what you are providing, than growth should naturally happen every year 14. Go to trade shows to see what other people are selling, and ask yourself what else does the customer need 15. Cash is king, as long as the money flows most other problems are irrelevant Best of luck, =3 | ||