Good Advice

1. It's sometimes amazing how small the world really is as it turns out that my husband is working with the CEO of a company I've long admired and am somewhat trying to emulate with my own little company. My husband was telling said CEO about my business and he gave me this piece of advice: This early in your company's lifespan - simply focus on doubling your revenue every single year and the rest will fall into place.

I like it - simple, succinct, and a great goal to have. So, that helps get my 2008 financial goal laid out.

2. This is a piece of advice I actually gave someone. I didn't think it was that spectacular but have since heard from two other people that they thought the advice was brillant (who knew!). The advice was that before you start X company - make sure you know what you're jumping in to. And I don't mean that you should have your business plan and proformas all laid out (which you should) - but that you need to understand the everyday day-to-day running of the business. So if you want to start that fudge store make sure you've worked in a kitchen for a fudge maker - if you want to open a coffee store go work as a barista for a time so you understand the business - and if you want to become a dog walker go work for one for awhile. Learn everything you can and make all your mistakes on their dime and then you have a wealth of knowledge and experience under your belt before venturing out on your own. You may also realize that said career is alot less "romantic" then you initially envisioned it and that your current job (with benefits and salary) is actually a pretty good deal. And if you don't - at least you have a better idea of what you're jumping into.

My very favorite story - which my husband has heard 101 times - is of someone I know who graduated a very prestigious business school and went to work as a consultant at a very prestigious firm and was making a small fortune. However, she really wanted to open up a women's fashion boutique so when she decided she was ready she quit her high-paying job and took a job as a sales associate at a women's boutique making an hourly wage. It was a HUGE step-down in many ways but she spent a year there learning absolutely every facet of the business. Then a year later she left, took all that knowledge with her, and started up a very successful boutique in another city. In a business where you have very high overheads due to the inventory you have to carry, fashion is a very fickle business and she's made it work in large part due to her experience working in that boutique for a year.

3. Don't let your accounting books get 9 months out of date. Yeah - that's a lesson I'm continuing to learn.