Starting a new business venture can be filled with a lot of excitement and uncharted territory for many new entrepreneurs. Over the last few years, I have made many mistakes but have also done a lot of things that saved me time, energy, and unnecessary drama which protected my business. Today, I am sharing those tips with you.
Always get important and finite details in writing. Should a dispute occur between yourself and a client/vendor, having a clear understanding on paper of what the original terms and conditions of your agreement are can save you both a lot of time, energy + legal fees. If details are discussed via telephone, Keep detailed notes on the conversations and send in an email to make sure everyone is on the same page.
Always keep your receipts. Those emails, texts, contacts, etc. discussed above. Don’t delete them. Create a folder on Dropbox where you can back up all of your files so you have a quick and easy reference for future use if needed.
Know not all money is good money. Some clients and vendors won’t be worth the hassle (you know, the clients that’s never satisfied or always wanting a discount but will pay full price elsewhere) and that’s okay. Being able to decipher these types of clients will free up space to invest time in those that are worth working with.
Lead with integrity. You will make mistakes, we’re human but the key is accountability. Own up when your wrong & make necessary adjustments. People are much more willing to work with brands and people who care about their customers/clients more than being right.
Know the law. I can't stress enough you must familiarize yourself with general legal guidelines and those pertaining to your field. Nothing is worse than seeing your business grow only to have it come crumbling down because you can’t follow regulations as this can leave your business liable to lawsuits. Between legal fees, court costs, and settlements — you can consider this one of the fastest ways to any current and potential future earnings.