Hi everyone! I’ve just filed my first LLC & am planning to open a vintage boutique in my city- I’m completely new to owning a legitimate business of my own. I thought this would be a great question to ask as I know I’ll be making many mistakes in my first year of business.
Please feel free to comment your favorite mistake!
I wish I learned this sooner. You actually have to “fire” customers. My dad always taught me to “take in everything you can, money is money” and that was such terrible advice. I own a 3 bay garage and I remember back in 08’ when we were dead and I had all 3 lifts filled with those cheap customers. Was making peanuts on all 3 cars combined. An actual REAL profitable job showed up and I couldn’t take him in at the time and he went some place else. Then I’ve had guys who would being me “favors” all the time and then I realized he never gave me anything real. Always said his customers were just broke and couldn’t afford more. I know now that he was cheap with me and would charge his customers like crazy. 20 years and I’m learning every day.
I love that expression ‘firing customers’ !