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What did you waste money on


General Business Discussions

A place to talk about general business discussions.
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  #1  
Old 07-30-2007, 06:10 AM
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What did you waste the most money on when you started your business?

Looking back on it now, what do you wish you spent less money on and also what do you wish you spent more on?
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Old 07-31-2007, 10:37 PM
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one of the major things that I have learned with the business is be very lean with everything. Try to have little, if not none reocurring monthly expenses.
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Old 08-01-2007, 04:52 AM
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After having gone through the experiences you have gone through, are you amazed when you read stories of new lawn care business owners being in debt as soon as they start?
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Old 08-03-2007, 09:55 PM
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I look at it two ways:

1). Yes, too a point I feel that most businesses will be in debt a little bit when starting out. You need equipment, supplies, etc. 2). But, businesses should be very careful with what they buy when they start at. Ask yourself over and over again, "Do I really need this?" Will it pay for itself within the first month or first year? Don't go out and buy everything to look like the big guys out there. Think big, but don't spend big without warrant.

Who is to say that you will ever like the business after a year. What happens if you hate the business and now you are left with all that debt to pay off.
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Old 08-03-2007, 11:24 PM
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I remember a while back when I was talking with author Joel LaRusic, he was saying if you don't have enough money to buy the equipment you need to start up you aren't ready to start up.

Would you agree with that or do you think some debt initially is ok?
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Old 08-04-2007, 11:07 PM
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It really depends I think. I know the golden rule is that before starting a business you should at least have 6 months worth of living expenses set aside in case the business fails. But sometimes that is not always possible. Sometimes, and this may sound a little crazy, you may need to go into debt to start the business because of finanical problems such as lack of cash.
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Old 08-05-2007, 08:54 AM
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Quote:
Originally Posted by [b
Quote[/b] ]It really depends I think. I know the golden rule is that before starting a business you should at least have 6 months worth of living expenses set aside in case the business fails. But sometimes that is not always possible. Sometimes, and this may sound a little crazy, you may need to go into debt to start the business because of finanical problems such as lack of cash.
From my experience of the people I know or have talked to. The vast majority of new business owners had no money saved up. They just decided they were going to do this come heck or high water.

Reflecting on all the business disasters I have seen I can see how having some savings when you start could have saved many of them.

But ultimately it seems when you are ready to start you just start.

I do think you should try your best to stay out of debt though

What about the businesses you have known of? How many had a savings to get started?
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Old 08-08-2007, 01:26 PM
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I started my little business using other peoples equipment first month i made enough to get my own stuff. Mulching at the start of the year requires a pitch fork and a wheel barrel. easy way to get started made $500 first month with just buying a pair of gloves oh and craigslist free postings.
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