For the most part the I have wasted the most money or have seen the fewest results through three venues;
1.) The Yellow pages – Have not received a single call or sale. Money continues to flow out for no good reason
2.) Advertising in magazines and newspapers – looking over my receipts probably wasted over $1000 on ads that did not generate any revenue. Not saying it’s bad to advertise in print but I admit the drive to advertise was more of a matter of pride, trying to keep up with the joneses, etc.
3.) Overdoing the food bill at coffee shops and resteraunts I went to for lunch meeting. I admit it I was shocked at how much I spent at coffee shops for “fancy coffee” I could have done just fine with $2.00 regular cup of coffee but instead spent more on a special cup or an extra snack. although I have less of an issue spending a little extra at a coffee shop where I get free wireless and work than I do going to a networking meeting and to put it bluntly making my stomach happier than my sales goals. I should have just order water and salad a lot more. You may think I am being overfrugal but over time those receipts can add up.
4.) Unfocused Networking – Networking is one the best ways for a small business person to spread the word but without a plan you can end up speaking to the same people over and over again, paying for memberships that don’t produce results. Neither of these things are bad byt you have to have a plan and focus.
5.) Trying to be all things to all people – A have learned that not only did I dump a lot of stress on myself with these “new ideas” but also those I worked with. It’s just plain foolish for a two person business to act like a 20+ employee company.
I am sharing all these things to let others know I am learning from my mistakes as I revaluate both my personal and business decisions. I also have a heart for seeing other businesses and individuals succeed and not make the same mistakes. What have you learned?
