When I started my first business many years ago, I felt everything had to be perfect. After all, after 30+ years in banking, I saw firsthand how shortcuts could derail a business. So, my partner and I hired a small business coach to help us fully form our business idea; hired an attorney to draft our contracts; engaged a firm to develop our logo and website and a CPA to prepare our tax returns. When all was said and done, we collectively spent close to $50,000 and had yet to generate $1.00 in revenue.
While I regret the money spent, I learned so many lessons that I’d like to share.
I hope some of these tips will help you save money as you embark on your own small business. The other unfortunate thing for us is that after we spent all that money, we never did launch our business as my partner went back to banking. Yet another lesson learned and a topic for another day.
For a decade, The Profitable Idea LLC has been providing successful workshops for entrepreneurs to learn how to forecast sales and expenses for a new business idea. Our self-paced program will be online soon for startup and small business owners. Join our email list to learn more and to receive special offers when we launch!
All the best,
Amanda Weathersby, and Cynthia Flanders are Co-Leaders for the Profitable Idea LLC, which will soon be online!
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