Business mistake that you learned the hard way?

[kev@frames]

Biggest mistake you made in your business? What not to do? Your top 3.

we might make this into a 10 point do's and dont's, might be a handy pointer for new people thinking of getting into the business.

I'll kick off with what i think were my biggest 3 mistakes. (my Donts)
1. Started out too cheap. - undervalued my labour.
2. Did not seek advice. - overestimated my skills
3. Didn't learn to say "no" till far too late - ego -"yes of course I can frame anything no problem..."

My Dos (also learned the hard way)
1. do your books
2. plan ahead.
3. pay the VAT man before everyone else.

[Moglet]

Great topic again, Kev!

Are we restricted to Top 3 only? (More for the "Don'ts" than "Dos"... )

[kev@frames]

i could list 100 things i learned the hard way

[Moglet]

Only 100? I'd buy and sell ya...

(Weighing up optons ... watch this space.)

[Adrian]

Hmmm - as a newbie about to take the plunge I'll be looking at this thread with a keen interest (to say the least). Great for starters though Kev - mental notes already made!!

[Spit]

Don't bother with radio or wide-area newspaper ads. There's 2k I'll never get back. Best advertising I've done - appearing at a sunday market with samples and handing out cards/leaflets, and a big sign at the top of the road to let people know I'm there!

[Roboframer]

Radio ad works really well for me and it's 7k per year!

Biggest mistake for me - definitely thinking I could sell limited edition prints, well, at least in the quantities I bought them in!

[kev@frames]

we use radio ads, but its in the form of sponsorship for isles of scilly radio (radio Scilly). i think we got lucky when the screened "an island parish" on the TV. Although it does happen to be the world's smallest radio station (claims to be).
Nice cause to support even if it didn't bring us a litle bit extra business.

here is one mistake i got taken in for like a real mug a few years back those cards on the walls in Tesco - useless that was. so useless that the next year the "advertisers" didn't even bother asking us if we wanted them for another year. Only cost about £200 a year, but what a rip off.

you have to be careful with advertising as a rule. the right advertising is worth its weight in gold, a lot of other advertising is money down the drain. If they have to sell it you, is it that good?

Some people have sucess with yellow pages, we dont at all. they are a total waste of time for us, local people seem to use google instead of the phone book. I suppose its horses for courses, like radio ads.

btw. it was one of Robo's old posts on this forum regarding radio ads which led me to being receptive when the radio scilly manager called in to see if we wanted to be founder sponsors of the new station. I might have sent him packing otherwise. So yet again a handy tip on the forum pays off. Cheers John

[Roboframer]

Ah it was nuthin'

[griff buch]

here is one mistake i got taken in for like a real mug a few years back those cards on the walls in Tesco - useless that was. so useless that the next year the "advertisers" didn't even bother asking us if we wanted them for another year. Only cost about £200 a year, but what a rip off.

I had the same experience but in Sainsbury's. They (the advertising agency) make up a nice business card for you and it goes into a wall display with about 20 other local idio...businesses, all of whom were promised the earth. It was a few years back and I was charged a lot more ( £4-500) I seem to remember. I phoned around all the other advertisers at the time to see how they were doing with it and all bar one had had carp response. The one doing well from it was a dive equipement shop in East Grinstead!! Unfortunately I wasn't diving at time to collect my 10% discount.

so the moral of this story is DONT ADVERTISE IN SUPERMARKETS

[Moglet]

For info, I did attempt to post an entry on this thread last week, but with the Forum problems I lost the post. Can't remember what I was going to say now...

I'm sure it'll come back to me.

Most important tip of all, mind, is "DO charge properly for your work!" If you are in any doubt about this, check how much it actually costs you to keep your door open for an hour.

[kev@frames]

The one doing well from it was a dive equipement shop in East Grinstead!! Unfortunately I wasn't diving at time to collect my 10% discount
even that wouldn't have worked down here, everyone who isn't a builder or a picture framer or a hotelier seems to work fo a diving company, and you know what they say about divers:
Lock a diver in a dark room with three shiny objects and he'll break one, lose one, and take the other home

Another one that ocurred to me today is another one I learned the hard way and had forgotten about: its an old saying and it applies to most business:
Profit is sanity, turnover is just vanity.

and - if you are not a manager, think twice or three times before you take on staff. Then manage them -dont let them manage you. Dont get into situations as I have done in the past where it comes to a head and you have to hold them up against a wall and point out to them who actually writes the forking cheques round here....

and - have no qualms about taking on someone to do admin if you are not an administrator. It costs, but you can spend your time on doing something you do well rather than take ten times as long doing something badly.

and - dont over-estimate your workshop capacity. It is fine when you are all working 6 days a week and rolling in overtime and work, but sooner or later someone is going to go sick, get flu, or leave. Then you are in the doo-doo, and an uphill task getting back on track. Then someone goes sick, gets flu.......

and- as alluded to in another post - big frames are not the same as small frames, you will almost always underestimate the time and hassle (and space required). I get trapped by this one still after fifteen years.

[Bill Henry]

This is going to sound comparatively trivial, but DON’T agree to frame things for your spouse’s friends!

I usually get something thrown in my general direction by my “agent representative” wife with absolutely no conception of the framing process, and with no clue whatsoever of her friend’s wishes.

Either, she will say, “Just do what you want!”, at which point, although the framing will be superbly done, it will also be, in retrospect, way out of budget and demanding of a deep discount, and the style and colors will be totally wrong.

Or, if she decides to enter (meddle) into the design process, she will choose colors and materials that would make a psychotic cave troll wretch, wherein her friend will end up believing that I have absolutely no taste or sense of style, and through word of mouth, destroy my reputation and force me into bankruptcy.

You will inevitably end up chanting the mantra, “Imsorryitsmyfaultitwillneverhappenagaindear”.

[Moglet]

You will inevitably end up chanting the mantra, “Imsorryitsmyfaultitwillneverhappenagaindear”.

Ommaneframeditwrong. Ommaneframeditwrong"....