Well, this year has been WILD. After getting laid-off in January from Texas Instruments I have been staying afloat by being self-employed as a DJ and IT Entrepreneur. My businesses: eddierenz.com and soundandshow.com didn’t generate a ton of revenue, but hey, I haven’t missed any meals and I’ve learned so much about having my own business. Here are some of the most important.
1. Never count on your clients to pay on time.
2. Operating cash is a necessity so scale back on all unnecessary spending so you have more to invest in your business.
3. Social Networking is good for business, but perhaps not as impactful as you are often led to believe.
4. Competition is a mean bitch.
5. There is never a time that you can coast and there is no such thing as a holiday or a day off when you are self-employed.
6. Word-of-Mouth referrals are still the best way to get new business.
7. Never underestimate the power of a good website, but don’t overestimate it either. Just because you have a brilliant website doesn’t mean customers are going to start flocking to you.
8. In all areas of business you will have to work with people you don’t like.
9. You must always be looking for ways to improve and to gain market share on your competition, but remember, they are doing the same. So improving your services and finding your niche early on is important.
10. There is nothing more rewarding than making it as your own boss, but there is nothing more frightening than having bills due and having no idea where the money is going to come from the next month.
I’ve got lots of great ideas for 2010. I sure hope to see them come to fruition.
Happy New Year!