If you are starting your business or maybe you’ve already started and want to learn from a person who’s been doing her own business for nine years already oh my god I’ve been running companies since 2011 so if you want to learn about things that I shouldn’t have done as an entrepreneur this article this would potentially save you hundreds of thousands of dollars.
Mistake #1: Not Registering a Trademark
This mistake cost me $20,000 I remember this day as if it was yesterday I was sitting at my desk in New York our small office and I was thinking about a name that we should give to her company that named a lingua Tripp came to my mind and I went to some platform where you could check the availability of different websites and I checked language Reb column and it was available and I couldn’t believe my luck I was like oh my god that’s amazing we’re gonna own language Reb calm this is an amazing domain for a sturdy broad platform so I bought that domain for like $15 we registered a company and then in six months were realized that there is a company called lingua tribe are you in Russia and Russia was like one of our main markets and we realized that that company started bidding against us on Google they started spending more money in order to outbid us and be number one people started mixing us up with that company because I was doing a lot of media stuff they knew my channel and I kept saying linguae trip and they would cook a lingua trip and they would end up on our competitors website and we realized they were making thousands of dollars every single month because of this mistake and wouldnt register any trademarks we didn’t even think about it because when you’re just starting your business you’re thinking about how to make money fast you’re thinking about the design you’re thinking about your new employees and we were just about to go to Silicon Valley to certify hundred startups program and there was no time to think about the trademark but now whenever I start a company the first thing I do is check whether somebody else has the company with the same name and if nobody has the company with the same name I register a trademark you can do it yourself it costs around 300 dollars if you do this on your own using a website called USPTO but because we hadn’t done that winded up talking to those guys who owned lingo turbo are you and they actually own trademark in Russia first they wanted to to us for like $100,000 and we said no because it was cheaper for us to just change the name of the company and you know we just continued living like that and in a year they said yes to twenty thousand dollars and we paid $20,000 to buy their trademark and to buy their domain name so please please remember trademarks are very important thing.
Mistake #2: Not Paying Attention To numbers
Mistake two when I just started a business I was a massive believer in strategy I was thinking that you know the business is gonna blow up and it didn’t really pay attention to numbers at the beginning because I thought they mean nothing and yes maybe they didn’t mean a lot at the beginning but the problem was when the business started growing I was still not really attentive to details I would launch different campaigns on Facebook I would launch different campaigns on YouTube and I still wouldn’t know which campaign generated what because the sales process is really long in our company we get a lead the sales team calls them and then they convert maybe two or three weeks so it’s very hard to track them without having a right system in place and when we got to like hundreds of thousands of dollars in revenue we started putting that system in place and it was really really hard and I wish I was attentive to numbers from day one so I would start generating that system and it wouldn’t take us days and months to put something in place when we became a lot bigger.
Mistake #3: Not Organizing Things
The next thing you should do when you start a business is organize everything right from the very beginning because again you’re going to end up having hopefully you’re going to end up having tens and hundreds of people in your company and without having specific departments without having functionalities described in instructions you would end up having to do that in maybe a year when you have a lot of people, and that would take a lot of your time so right now even if it’s just you doing everything I would sit down and create instructions for marketing instructions for sales instructions for you know your website anything that you can describe in words because later on you’re going to hire a person and the onboarding process would be really easy because you will give them the instruction you will say hey this is the way I used to run marketing it’s your turn here’s the checklist continue with it that would save you tons of money and also if you have KPI for every function like for example the ROI and our marketing department should be not less than 50% then you already have this metric that would help you identify whether the person is a good worker or not so please please even if it’s just you right now have an instruction for every single thing that you do throughout the day as you might know I’m currently running three companies and one of the companies is actually me and another person but still because I’ve learned from my previous experience I try to document everything I try to have a clear structure of every single business.
Mistake #4: Doing Everything On Your own
The next thought is that you need to start delegating as early as possible because your superpower is in creating a product, or maybe it’s creating content for, or perhaps it’s in creating content for maybe it’s in sales. Still, you don’t have to do everything by yourself. Once you have those instructions once you have everything described you should figure out which you should delegate first, for example, you hate calling people then you should hire somebody or pay them by the hour somebody who would do that for you maybe you hates ordering stuff to your office then hires somebody, so I think for any company the first person that they should hire is a personal assistant to you. You delegate whatever you don’t like doing, of course, with an instruction.
Mistake #5: Overcomplicating Thing
This mistake that people do is that they overcomplicate things right from the very beginning instead of you know creating a landing page and starting selling right away testing your market they hire developers they say you know we need at least a year to develop our booking platform we need at least a year to come up with this product no this is wrong because in a year everything changes people might not need your product at all so I would start with something basic like a landing page like a minimal product like a checklist I don’t know whatever you can create in a couple of weeks start selling its test your marketing skills get some money first and only then invest in creating something more significant.