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When I was 17, my first business scaled so fast that I burnt out and failed.
Here are some important lessons I wrote down so others don't experience this.
(A thread
)
Here are some important lessons I wrote down so others don't experience this.
(A thread
)
Back Story:
My first company launched back in 2014, and in two years we went from 0-1,200 users. As a bootstrapped founder, I was both excited and overwhelmed. Eventually, such growth with only me managing things killed my business.
Here are my tips to avoid this:
My first company launched back in 2014, and in two years we went from 0-1,200 users. As a bootstrapped founder, I was both excited and overwhelmed. Eventually, such growth with only me managing things killed my business.
Here are my tips to avoid this:
1/ Systemize processes
Document everything you can about how your business functions. Do you get FAQ's? Document them. How do you deploy your changes with your tech stack? Document it. This makes hiring so much easier.
Document everything you can about how your business functions. Do you get FAQ's? Document them. How do you deploy your changes with your tech stack? Document it. This makes hiring so much easier.
2/ Outsource reliable help
I took the burden of doing everything myself and never let anyone do things for me. Gary Vee said nobody will work on your biz with the 10/10 attitude you have, so settle for 8/10 and guide them in the right direction.
I took the burden of doing everything myself and never let anyone do things for me. Gary Vee said nobody will work on your biz with the 10/10 attitude you have, so settle for 8/10 and guide them in the right direction.
3/ Leverage Data
I had tons of data at hand, but never leveraged it for growth. Firstly, try not to sell data, but use your internal metrics to make better feature + platform decisions. Who uses what features most? What data is performing well and can you help those people more?
I had tons of data at hand, but never leveraged it for growth. Firstly, try not to sell data, but use your internal metrics to make better feature + platform decisions. Who uses what features most? What data is performing well and can you help those people more?
4/ A good accountant
The first accountant I'd ever gotten assumed a 17-year old understood finance, taxes, and so on. In her defence, she was just doing her job. I ended up making and splashing the majority of the money I made because I didn't understand taxes... Study this.
The first accountant I'd ever gotten assumed a 17-year old understood finance, taxes, and so on. In her defence, she was just doing her job. I ended up making and splashing the majority of the money I made because I didn't understand taxes... Study this.
5/ Sales/VAT Taxes
You might have a dope little side-project going, but you need to understand worldwide sales tax. Some countries require you to be tax-registered the moment you make a single sale in their country. I recommend a http://Paddle.com to handle this for you.
You might have a dope little side-project going, but you need to understand worldwide sales tax. Some countries require you to be tax-registered the moment you make a single sale in their country. I recommend a http://Paddle.com to handle this for you.
6/ Organize Your Time
My sleeping pattern was a mess. My schedule was all over the place, and I had no structure in my day. Ensure that you're organizing your time to grow your company efficiently instead of making things up as you go.
My sleeping pattern was a mess. My schedule was all over the place, and I had no structure in my day. Ensure that you're organizing your time to grow your company efficiently instead of making things up as you go.
7/ Ask for help
Even if you have to pay for help, ask for it. There's a site called http://clarity.fm where you can pay money to speak with professionals who have grown businesses. Pay for their time and ask as much as you can. Soak up that knowledge.
Even if you have to pay for help, ask for it. There's a site called http://clarity.fm where you can pay money to speak with professionals who have grown businesses. Pay for their time and ask as much as you can. Soak up that knowledge.
8/ Keep Cash Stores
With my new business, @Musicspaceio - We have about 2-3 years worth of cash for our expenses if all of our users were to just leave. I can't stress the importance of ensuring there's money in the bank. Don't splash it all.
With my new business, @Musicspaceio - We have about 2-3 years worth of cash for our expenses if all of our users were to just leave. I can't stress the importance of ensuring there's money in the bank. Don't splash it all.
9/ Do more content creation
I wish I'd created more content back in the day, be it blog posts, social media content and other creative influence-based marketing. It's still so cheap for some platforms/territories, so leverage this to your advantage.
I wish I'd created more content back in the day, be it blog posts, social media content and other creative influence-based marketing. It's still so cheap for some platforms/territories, so leverage this to your advantage.
10/ Mental health is wealth
Combine mental health practices with a good diet and you'll make life as a business owner far more enjoyable. When you're feeling your best, you're better able to perform at your best, too.
Combine mental health practices with a good diet and you'll make life as a business owner far more enjoyable. When you're feeling your best, you're better able to perform at your best, too.
11/ Automate trivial stuff
If you're able to automate areas of your business, you'll end up saving yourself tons of time! Whether it's automating support, marketing, or anything else. Be on the lookout for ways to step back from hands-on operations all the time!
If you're able to automate areas of your business, you'll end up saving yourself tons of time! Whether it's automating support, marketing, or anything else. Be on the lookout for ways to step back from hands-on operations all the time!
That's all (I can think of for now!).
I hope you found this thread valuable!
I hope you found this thread valuable!
