5 Lessons I Learned When I Started My First Business

Hey Everyone
I hope you're doing well.

The last time we talked, I mentioned that I had to reinvent myself due to a lay off.  You can read about that here:  How a Lay Off Forced Me to Reinvent Myself. 

My first business was a home daycare business.  I operated that business for 3 years before returning to the workforce.  During that time, I learned some very important life and business lessons.  

Here are 5 lessons that I'll share with you. 

1. When you move toward your purpose, the atmosphere has to obey! - I confided in a co-worker that I wanted to start a daycare business.  She told me that she had previously ran a daycare business and that she had all of her equipment.  She was happy to pass it along to me to help get me started. It's my belief that what you need for your purpose is either in you or  right around you.

2.It's ok to be afraid. Embrace it instead of running from it. .- I was scared, but I went anyway. I really didn't have a choice.  I mean...I could've looked for another job after I had been laid off, but I just wanted to see if I could do it.  I felt like I owed it to myself to at least try. It's one of the best decisions I've ever made.

3. Volunteering is a great way to get your feet wet..- It's important to find opportunities in which you can learn the business you want to go into.  By volunteering for others, I learned what to do AND what not to do.  I learned how to run my business and I was also able to identify gaps that needed to be filled.  That gave me a competitive advantage.

4. Never mix personal and business finances.- I learned the hard way.  I kept track of what I spent, but I often had to pull from personal resources to make things happen.  All of the money was in the same pot, so it became a nightmare at tax time.

5. Everyone is NOT your target client/customer.- I thought that anyone who needed childcare services was my customer.  After all, I was new in business and I needed the money.  However, I quickly learned that the type of client I needed was someone who had a steady income,valued responsibility, and valued their children's education. I found that those type of clients paid on time and supported both me and their children in a healthy way.

Of course, there are many lessons that I've learned.  I'll share them over the course of us getting to know each other.  If you have the desire to take the leap into owning your own business, I say DO IT!!!  You've got what it takes.  Learn as much as you can and get going.  It won't be perfect, but you can always correct things and get better as you go.

Connect with me at www.lakeparkconsulting1.com or Reinvent YoUniversity on Facebook.

What are some lessons you've learned so far?