Thinking of starting your own business, but afraid of making a big mistake? BusinessNewsDaily asked small business owners to share their biggest business mistakes.
My biggest regret business-wise was thinking I could take on 40 new clients in a six-month period without the proper help.
– Samantha Goldberg, celebrity event designer and TV personality, the Style Network
Not fully understanding e-commerce and website technology before hiring a website developer and contracting with someone who I didn't know. Although he came recommended by someone I trusted, I should have done my research. I am about 20 to 25 percent over budget and any dispute would result in a shutdown of the site.
– Debra Fink Bachelder, CityStreetGems.com
Not keeping a database right from start. My biggest problem was getting visitors to the [new] site [after closing my store]. That is when I realized if only I had had my employees take the name, address & emails for the hundreds and thousands of clients I had in past seven years, I simply could have notified them and been back in business in two days.
– Sonny Ahuja, Greendale, Wis., GrandPerfumes.com
The biggest mistake I ever made in business was thinking that I needed partners to start and grow my business. Whenever assistance is needed, I hire someone. No partners.
– Sharonda Ellis, Hazelwood, Mo., Events Above The Rest
My biggest regret was keeping an underperforming employee on too long because I liked her. Letting my personal feelings get in the way and putting up with less-than-stellar work hurt my business and held us back in terms of getting new clients.
– Padi Selwyn, PadiSelwyn.com
Not hiring a lawyer to review my commercial office lease. Ultimately it resulted in a court case. And, not being savvy enough with employees who leave and take clients with them.
– Lori Rosen, New York
As a small business owner with 'some' business background, my biggest regret was spending too much money on product development and not a dime on marketin g. I had this notion that if I built a website, 'They would come'.
– Cindy Tollen, sudznbubbles.com