Things I wish I knew before starting my first business

#Entrepreneurship and #BusinessOwnership are wonderful things, but there is a very large learning curve, no matter how much experience you have in other environments, such as the corporate world.?

My story is that I spent 21 years steadily climbing the corporate ladder in Technology, Telecom, Consulting, Retail/Wholesale, and SaaS. I was blessed to work in several different industries, and learned a tremendous amount about process, technology, people management, legal, negotiations, finance and accounting, among other things, along the way. I even ran an organization that supported 5,000 entrepreneurs in the Brick and Mortar environment. So, I learned a lot about entrepreneurship and running a business by working with those stores for 5+ years. That eventually encouraged and led me to jump into the entrepreneurial world myself.?

When I decided to leave the corporate world and go out on my own, I knew a lot about business, but I didn’t know what I didn’t know about owning a small business.?

And, that was the biggest challenge. I ultimately chose a franchise, due to my lack of experience in small business. While the support of the franchisor and other franchisees was good, there was still a significant learning curve.

This series will share some of my lessons-learned from a decade of owning my own business and working to support other small businesses and startups.?

Because it will talk about some of the hidden challenges in the entrepreneurial world, the series may end up having a negative tone to it, but I don’t mean to discourage anyone from business ownership - I would do it all over again without even thinking twice. Rather, it is to share my experiences with other entrepreneurs or those who are thinking about going into business ownership, so they are more prepared in some areas than I was.?

I’ll cover topics such as:

• Pay for Expertise
• Borrowing Money
• Know your Exit Strategy
• Maximizing Your Business’ Sale Price
• Protecting your Personal Assets
• Read Everything you Sign
• I have been successful, but I can’t handle the growth. Now what?
• Things to consider before engaging a Consultant or Advisor
• Steps for Sustainable Growth

If there are subjects that you would like me to cover, please add them in the comments section.

More to come in the next week. Stay Tuned…

#SmallBusiness

#BusinessOwners

#BusinessOwnership

#Startups

#Founders