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11 Lessons Learned From 11 Years In Business

Posted by on Jun 24, 2012

Last year on this date I celebrated my 10th year of working for myself. I love milestones obviously and I thought that was an important one because most people that try to work on their own don’t even make 5 years.

That’s not my desk lol

And yet, that was more of a nostalgic post about me than about anything else, and that’s fine overall. But this year, on this blog (since that post above goes to my business blog) I decided to share some lessons I’ve learned in these 11 years. They’re not all good lessons on the surface, but they all contribute in some fashion to helping others, and still helping myself, to improve in some fashion, whether you work on your own or not. Here we go:

1. Most people really aren’t prepared to do this. When I started my business I hadn’t actually planned on starting it then. I was working up to starting six months later, but circumstances were out of my hands. Still, even if I’d started six months later I wouldn’t have been prepared for what was coming. The book Before You Quit Your Job by Robert Kiyosaki hadn’t been written yet, and I didn’t know what I didn’t know, let alone what I knew. Preparation really is key, and it might have made some decisions I made a lot smarter.

2. Getting comfortable with marketing and sales is going to be crucial. You know the people who make me sick? Those that say “I don’t have to market because I get all my business by referral. Trust me, unless you’re an old salt who was in a particular business for 30 years and everyone knows you you’re going to have to market at some point. And if you’re like me, coming from a non-profit background where we were the only game in town, you’re going to have to learn a lot about it. Man, the mistakes I made, and the mistakes I continue to make would make for a book that some would claim was stranger than fiction.

3. You’re going to have your ego bruised, and it could be crushing. You won’t believe this, but my actual employed working life was about 85% perfect over the course of 18 years. I always got lots of kudos for the work I did and I got along with almost everyone. I knew my stuff cold; no one could tell me I didn’t know how to fix anything, or come up with the correct thing to do.

I wasn’t as sad
as I look here

But on my own? People question you even if they hire you because they don’t want to do what you recommend to them. The first guy who read the first 25% of my book asked me if I’d ever written anything in my life because it was the worst thing he’d ever seen. My first newsletter got so many bad comments, none on the content though, that I almost decided I was never going to publish one.

I worked with a guy in NYC that decided to try to tell people I was the worst consultant he’d ever seen (luckily, his reputation was so bad that people saw that as a good thing). I’ve had people who didn’t know me well hear me say things I didn’t say and not hear things I did say, and I took the blame for it. And even after all these years, all the articles and blogs I have online and the speaking engagements I’ve done, every day I have to start again because there’s still 99.9963% of potential clients who have no idea who I am or what I do.

4. Cash flow is going to be a major problem. My first year of working on my own I only made $7,000; good thing I had great credit and unemployment. My first 3 years were really tough. My next 3 years were awesome. My last 4 years have been fair to middlin’. If I wasn’t a great budgeter and someone who has figured out the hustle when it’s really needed I might be in big trouble now. As it is all big bills are paid except for my mortgage; whew! But none of it would be possible without my wife’s help and her insurance.

5. Time is not your friend. I have never missed a deadline on a project, but I have worked some extreme hours at times. For one project that had to be done for a client in a time zone 10 hours ahead of ours, I had 10 hours of sleep in 3 days because they really needed it. I got paid well for it, but it was a killer. Early on I used to work 20 hours a day; now I’m down to about 10 – 12 hours a day but I kill time here and there for balance, and still only sleep maybe 5 or 6 hours if lucky.

On the other end, I always feel like marketing at 10PM and never during the day; that’s obviously a problem. I’m always at work since I work from home and I’m always working for that next dollar. When cash flow is low there’s not enough time in the day to look for contracts, work on contracts, and eat.

6. Staying healthy in general stops being a priority. I mentioned eating as an issue, but there are other things we need to take care of. In the summer I tend to walk a lot. In the winter I usually did nothing, and since I sit at the computer almost all day and all night it was affecting my health. I ended up joining a gym so I’d take care of some of those issues when it gets cold, and I continue walking in the summer. I’ve had to schedule my time during the day to take a break and eat, otherwise I’d miss it.

I’ve had to schedule when I take medication and when to brush my teeth, otherwise I won’t do it. I need to schedule when to work out. And now, at least once an hour, I get up from my desk and walk to the kitchen and back because it’s the longest distance from my office, 65 steps. And I’ve lost 20 pounds, and still working on it; have to work on making health a priority.

My first girlfriend;
my wife’s still jealous

7. The good times aren’t constant but when they’re good, they’re great. How great are they? There’s absolutely no pressure when the good times come. I bought two cars with a check and no financing. I went to lots of conferences. I ate lunch out every day. I paid someone else to try some marketing for me. And I budgeted because I knew there would need to be some balance; thank goodness for that foresight.

8. The freedom is amazing. You know, even through the bad times and the pressure, there’s a freedom that’s unparallelled. You might work a lot of hours but you know that at the end of it you’re the one benefiting from it, along with those you’re doing work for, not some employer who could care less about you and your needs. If you get into the right career your income is dependent upon your efforts. You can make as much or as little as possible. You can pick your own hours to work. You can pretty much do anything you want to as long as you have the money to do it.

9. You learn that you really can’t do it all alone. There’s a lot of stuff I know and can do, and for the first 3 years in business I did it all. At a certain point though I realized I needed some help in different ways. I hired an accountant and that took a major load off my mind. I contacted others in my field of expertise who knew others and helped spread my name around, and I started getting some contract work from people I’d have never met otherwise.

I learned that sometimes advice you give to others is advice someone then has to give back to you when your mind has gone astray. I joined associations of people who do what I do and understand the issues of being an independent consultant because they know how to offer support. And I’ve learned how to work in collaboration with others for some projects, because even a little piece of something big is still pretty nice.

10. You need to be really judgmental in working with others. I’ve done fairly well in this regard but I have some horror stories as well. I got taken advantage of by a guy who paid me almost nothing to do 2 4-hour training sessions on a topic where I was the only one who could have done it because I hadn’t yet learned how to price my services better. I worked with another company doing some work where I never got any feedback on how to do it their way until I didn’t do it their way, and it was 7 months of frustration; if you can’t communicate with others you’re doomed to fail.

I’ve had people offer me things early on that sounded like they’d be a good deal, only to figure out they were trying to take advantage of me and trying to use me to sell their products and not sell myself, without being paid for it. And I’ve had people who agreed to pay me for things that never paid me, people trying to trick me by saying they were going to pay me that ended up being a scam, and people who told me one thing without being able to follow through in one way or another.

It can happen in the other direction as well though. You might be so cautious that you miss out on what would have been a great opportunity. I’m normally a good judge of character, and learned that desperation, or lack thereof, should never be considered when looking into potential opportunities or liabilities. I have a friend who saw an opportunity that looked really good because he knew the person who presented it to him and thus signed up, only to learn later on that person wasn’t actually the one running things and the person who was running things was unethical.

In general, if the Spidey senses tingle even a little bit, learn more, learn a lot more, then make an informed decision. But always trust your senses.

Why my moral base is strong

11. The majority of people will treat you as you treat them, so make sure your moral base is strong. Y’all know I’m not religious, so in my mind religion and morality are two different things. If you’ve been following this blog even six months you know my morals are based on three principles: loyalty, honesty and trustworthiness. I could add two more, but they’re in longer form: be as nice as possible as often as possible, and if you can’t be nice, be accurate so no one can accuse you of not thinking straight.

If you try to do right by people it comes back to you. If you try to help others it comes back to you. If you show loyalty to others it comes back to you, even if not from the same people. Be open, but don’t be a victim. Be wise and sharing but don’t give it all away. Think of yourself first (this includes your family), protect yourself first, ALWAYS, no matter what anyone else says, and then think of others and what they need; I think 51% to 49% is a good ratio. In business, as in life, you can’t help anyone if your life isn’t secure first.

Yes, this was long, but so is 11 years in business for a sole proprietor. If even one person learns something from this post that will help them make better decisions down the road, I’ll be happy; of course, I’d love thousands of people to read it anyway. ๐Ÿ™‚ But our dreams and goals are for us and no one else; keep pushing forward, keep trying, and try never to see yourself as a failure; as I always say, tomorrow is another chance to start again.

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For me, as we’ve discussed, it’s all about having the energy to accomplish what we set out to do.

Enough rest, exercise, and nutritious food.

It’s not always easy. When I’m in “the zone and eat fruit, veggies, low fat, little or no meat, and drink lots of water, the days go so much better.

For more, check out the book “The Power of Full Engagement” by Jim Loehr and Tony Schwartz.
Steve Borek recently posted…Want To Raise Your Game? โ€“ Hire A CoachMy Profile

June 24th, 2012 | 2:30 PM

Steve, I think most people take health for granted until things aren’t going as well anymore. I certainly know I have, and I’m just glad that I’m not in the worst shape. Of course, I still need to figure out how to sleep better; maybe one of these days…

June 24th, 2012 | 4:59 PM

I can say that you’re my inspiration now after reading this one! We all have a journey and purpose in life, but yours was way different from the others. Your words truly inspires me!
Arjhae Nicol recently posted…rifle accessoriesMy Profile

June 25th, 2012 | 3:25 AM

Thanks Arjhae. I just try to help and also work on being as truthful as possible, and if there are lessons there that people can take from my words, even better. ๐Ÿ™‚

June 25th, 2012 | 11:01 AM
Arjhae Nicol:

You’re very much welcome and you deserved those compliments. I hope that this won’t be the last and I’ll look forward to that.
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June 26th, 2012 | 5:33 AM

Mitch, from personal experience, I can say that you have pointed some of the most important things about working from home. I personally doubt that anybody that have just decided to leave full time job and work from home would understand exactly how it works, even reading it 10 times and even reading 10 books, it is not the same like walking the path. I wish I can say something for every point that you have mentioned, but in this case comment will be too long. I will just put the accent of few things, if anybody is just deciding on working from home, first be sure that you have good cash reserve for at least 6 months and second be sure that you are in good health conditions always.

June 25th, 2012 | 4:12 AM

Thanks for the share Carl. Yeah, it’s a world unto its own, and even though many people give it a shot, it’s definitely scary. But it can be very rewarding as well.

June 25th, 2012 | 11:02 AM

I personally think that not everybody can do it, but for sure if full time job is something that you don’t like and want to do something that like, working from home is a way to go.
Carl recently posted…San Diego Video Production & New York Video ProductionMy Profile

June 26th, 2012 | 3:12 AM

I agree with that Carl; I’m not sure how I’m doing it. lol

June 26th, 2012 | 1:33 PM

I know that business is all about taking risk and a great learning during making a living as well as name into the society what is not possible in most of the day job and hence I’m also looking towards building an online business before completing my graduation.

Currently I’m able to earn $1000 from blogging alone what is enough to pass life here in India and hence it seems I can do well in my future projects.

Thanks for sharing this great information here out of your real life learning.

June 25th, 2012 | 5:35 PM

Good deal Robinsh; unfortunately, $1,000 a month isn’t enough to live in the States. ๐Ÿ™‚ Glad you enjoyed the business lessons.

June 26th, 2012 | 1:32 PM

Awesome post. Very inspirational. Yours words really inspires me. Starting new business means taking risk. Marketing is not easy to do. I agree with you that time is not our friend. The time wasted will never come back.
Angel recently posted…Can Sermorelin Make You Young AgainMy Profile

June 26th, 2012 | 3:00 AM

Thanks Angel. I don’t want to discourage anyone from taking their shot at it but they do need to know what’s coming.

June 26th, 2012 | 1:32 PM

I just love your ‘look back’ or retro type of posts Mitch. So much of learning shared in everyone of them. Although, I am not on my own yet in terms of work, I would love to do so sometime soon.

PS: Very nice picture with your first GF ๐Ÿ™‚
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June 26th, 2012 | 9:50 AM

Thanks Ajith; my wife brings her up all the time. And I figure why not share what I learn so hopefully others won’t fall into the trap.

June 26th, 2012 | 1:34 PM

This is a great post Mitch and I appreciate your sharing! Too many small business owners MISTAKENLY believe that they have to do it all alone…as though success doe not count if we get help. The truth is that no oneis a success in a vacuum. Most very successful people have a lot of support, including peers, experts, and coaches that assist them by either taking over some of the responsibilities, or by sharing lessons learned as you have here to short-cut the learning (and therefore the success) curve. Every past event, pleasant or not, teaches us something which we can use to better prepare us for the future when we can focus on what we can do right
the next time.
Rachel Lavern recently posted…Do You Want Nicer Things?My Profile

June 26th, 2012 | 3:51 PM

Thanks Rachel. You’re right, I think all of us believe we can do it all and do it all on our own. That’s why I joined a consulting group, so I had some people to talk to from time to time. I’m hoping to get some kind of mastermind group going as well because not only could I use more support, but I’d love to take some of what I’ve learned to help others as well.

June 26th, 2012 | 4:15 PM

I’d have to say, the best page I’ve read so far on this blog Mitch. I don’t have anywhere near the experience of yourself, but alot of what you say chimes with my personal experiences. I am a great believed in punctuality – like yourself – and will work whatever hours it takes if it’s urgent. I think most people under-estimate how difficult working for yourself can be: while there is not someone bossing you around, you have all responsibility for success or failure – a heavy weight indeed.

June 27th, 2012 | 9:35 AM

Exactly Richard, and thanks for the kudos. It definitely takes a lot more work than most people are prepared for initially, but there’s tons of people better prepared to do this than me from the very beginning. Still, I think folks needed to know, and thus I shared.

June 27th, 2012 | 10:59 PM

Experience make men prefect.By reading these 11 lessons i learn few points.
1.When you prepare well then success will reach you.
2.May be we get troubles in starting but after we should be reach success.
3.Time is not your friend,may be your your friend for but time never wait for any one.
4. You might work a lot of hours but you know that at the end of it youโ€™re the one benefiting from it.
Thank you for sharing your experience with us.

June 28th, 2012 | 4:34 AM

Good encapsulation Andrew, but add one more thing, that being that if things don’t work out as expected you have multiple chances to get it right, or at least make it better. I get down often but eventually I remember to see it as a setback and not as the end of everything.

June 29th, 2012 | 11:30 AM

I just have to commend you on your dedication to be “your own boss” and not let other people dictate what you should do in life. I admit, I am not yet ready to go full time at this internet marketing thing, but people like you who found success inspire me everyday
Kiko recently posted…http://www.4thebeach.comMy Profile

June 30th, 2012 | 1:29 AM

Thanks Kiko. I’m certainly not going to say it’s been all that easy, and I guess that’s really the point. It’s not supposed to be easy; hopefully it’ll be fulfilling and at least a little bit profitable.

June 30th, 2012 | 1:00 PM

Mitch, congratulations! And I love the pix of you and your family… just love it.
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July 2nd, 2012 | 2:08 PM

Thank you Anne. I just keep plugging away. ๐Ÿ™‚

July 3rd, 2012 | 11:32 AM

Congrats!!! I think the world of you and there is a reason you have made it that long. You are real. I think that makes such a difference in always being honest and who you are. I agree on the you can’t do it alone unless you want to burn out quick. Collaboration has huge advantages. Catching up on some reading and you were my first stop. Wishing you continued success!!

July 5th, 2012 | 10:43 PM

Thank you Melinda; I’d blush if I blushed. lol I’m certainly an icon for survival, but now I want much more than that. I’d love to be able to say in another 3 or 4 years “and look at the success I’ve achieved.” Working on that; thanks again!

July 6th, 2012 | 3:50 PM

I am John and I just have to commend you on your dedication. I just love your look back of posts Mitch. Thank you For sharing about Business.

November 1st, 2012 | 12:43 PM

Thanks John; keep coming back for more.

November 1st, 2012 | 4:14 PM

Hey Mitch, I got here from your 1400th post, and it took me several clicks to get here too. I’ve actually read more than I thought lol

I was in business for some thirty odd years and while I did enjoy it there were a fair few occasions when it was quite stressful. Now that I’m only a casual for an employer I’m actually loving the stress free environment, although the money isn’t as good ๐Ÿ˜‰
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February 17th, 2013 | 11:47 PM

Sire, that’s the thing about business. You can make tons of money or little money, depending on what it is you do. The quality of your life in working for yourself can be the very best or a major league struggle and that pretty much stinks from both directions, though some might not see it that way. Yet hopefully we take these lessons and do something positive with them, and when possibly help influence others along the way.

Besides, we all know you cashed out for a major lump sum and that you’re only working to make people think you don’t have a pile of money under the mattress; oops, did I just let the secret out of the bag? lol

February 18th, 2013 | 1:06 AM

Hi Mitch,
I really love this sentence “The good times arenโ€™t constant but when theyโ€™re good, theyโ€™re great”.Mitch you and your first girl friend looking cute when you are in child.I wondering about this “My first girlfriend,my wifeโ€™s still jealous”, i feel you are so great.

June 21st, 2013 | 12:46 AM

LOL! My wife loves kidding me about my grin in that picture. From what I last heard she still looks good also.

June 21st, 2013 | 9:37 PM