Being a small business owner or a lucrative hobbyist as I like to call myself can come with its challenges. I’ve made some huge mistakes and I’ve lost thousands of dollars. Let’s see probably around 8k in the past several years (that’s about 5 years combined). Here are some of the mistakes I’ve made and I want to point them out so that you don’t make the same mistakes.
Not firing a customer. Some of these folks will have you wasting money.
You need to know where your leads come from. For me, it’s not social media. It’s from networking. For you, it might be social. Find out where your customers are coming from then focus your attention there.
Not raising your prices when costs increase. Y’all know the type of economy we are in. I told a friend of mine the other day who does hair that she needed to go up on her prices and she refuses because she is afraid to lose clients but chile you out here missing out on money because you aren’t increasing. You don’t have to go up a lot even $10 is suitable. If people leave over 10 bucks then let them go.
Why are you in business? If you don’t know this answer then maybe you need to step back and find out. I am in the photography business to help brands and families have the photos they need for a reasonable price so that they can have something to showcase that is professional.
Track your expenses. I found something coming out of my bank for something I paid for last year and they did not send me a reminder $100 is gone and I don’t even use the product. (that’s part of that money I lost earlier)
Not getting professional help. A tax person can help you save some money.
The Comments
Michell
These are great tips Kita. I especially can relate to tracking your expenses as well as always checking your bank statements.
I love a good dupe cause I'm cheap - Kita Bryant
[…] it comes to anything I’m spending my money on I always look for the cheaper version. That’s why I stay on Fiverr and shop at HomeGoods. […]