3 Mistakes I Made In My 1st Year As A Boutique Owner
“When you make a mistake, there are only three things you should ever do about it: admit it, learn from it, and don’t repeat it.” - Paul Bear Bryant
Have you ever seen somebody that makes a giant mistake and then instead of admitting it, they continue on making the same mistake? Maybe they continue living with the effects of the mistake because they are too proud to admit their mistake and do anything about it? On the contrary, have you ever seen somebody so afraid of making a mistake they just don’t take any action at all? Before I started my boutique I was on the latter end of the spectrum. I didn’t know what I was doing so I was afraid to go after my dream. Once I finally took the leap of faith I made plenty of mistakes; heck I still make mistakes, but I am not afraid to admit them and learn from them so I don’t repeat the same mistake. If you’ve ever thought about starting your own business, I encourage you to NOT make the same mistakes I did.
Below are the TOP 3 MISTAKES I made in my first year of owning my boutique. For more solopreneurship, boutique adventures and fun, check out Buffalo Betty's on Facebook, Pinterest, Instagram and TikTok. You can also subscribe to the Buffalo Betty's Newsletter to be notified first of new blogs, arrivals and promotional discounts.
#1 - NOT ASKING FOR HELP
You know the saying that the only dumb question is the one not asked? That is so true my friends! Never be afraid to ask a question. My mentality has always been that there is always something for me to learn. I will never know too much information. However, for some reason in my first year of business I never once asked an expert for advice. Yes I looked up how to do things and participated in courses to help boutique owners but I never sought out personal help to figure out how to put all those nuggets of information together to best serve me and my business. Back in December of 2020, as I was wrapping up my first year as a solopreneur and getting ready to rebrand and relaunch my boutique, I contacted a gal to create a logo for Buffalo Betty’s. I had also asked if she could help me devise a plan to introduce the new company name and the site rebranding. Little did I know that she would end up helping me with so much more than that. When I realized what all she was qualified to do I knew I needed to continue to be in her space. Since then I have worked with her on many different projects and can trust her to always have the best interest of my business at heart. I highly recommend investing in someone who can help brand your business and get you on the right track for growth.
#2 - NOT HAVING A CLEAR FINANCIAL PLAN
To say I’m a bit embarrassed to admit I haven’t always had a clear financial plan is an understatement. Working with numbers has never been my best quality so sometimes I just avoid it and hope no issues will arise. Let me be the first to tell you, that is the worst idea possible. That first year I knew how much money was coming in but had absolutely no plan of what to do with it from there. I recklessly ordered items instead of strategically and hardly ever planned ahead for business expenses. I don’t believe in one formula fits all for how to manage your finances, but I will share what has worked the best for me, (after trying a few different methods.) Twice a month I take a look at my finances and then sort my income into 3 categories: 50% going back to purchase new inventory, 30% for business expenses and 20% to pay myself. It might not seem like a very big step but it has been a major game changer for me.
#3 - NOT CREATING A RUNNING LIST OF TASKS TO KEEP ME ON TRACK
I’m not saying that I never had to do lists before but I was never strategic with them. I used to just try to think of what needed to be done on a whim and more often than not I always felt like I was behind the game. Now I keep track of the major tasks by having a monthly checklist that is broken up into weeks.. I have all of my tasks divided by what needs to happen each week of the month. I also have daily to do lists that break those weekly tasks down to more specific tasks that will get the action done. Once again this might seem like such a small detail but small actions lead to big results!
There are many more mistakes I made in that first year but those were the 3 biggest. It’s amazing the change that happens when you acknowledge your mistakes, learn from them and then vow to never let them happen again.
Until next time,
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