Trying to do it all myself as a business owner cost me an estimated $10,000 - here's what I did wrong
Courtesy of Jen Glantz
- Jen Glantz is a bestselling author and the founder and CEO of Bridesmaid for Hire, a boutique services company that offers professional bridesmaids who "take care of all your wedding dirty work."
- In her early years as an entrepreneur, Glantz made a series of business mistakes that she says cost her over $10,000.
- Many of the mistakes were made by cutting corners to try to save money, which only ended up costing more in the long run when they had to be fixed.
- If you're a new entrepreneur, Glantz says to avoid trying to do everything on your own and hire great people to help with day-to-day duties so you can focus on long-term strategy.
- Visit Business Insider's homepage for more stories.
One of my favorite questions to ask fellow entrepreneurs at a networking event or just when we're one-on-one grabbing coffee is a question I used to be embarrassed to admit the answer to.The question isn't "How do you plan to scale?" or "What made you think of this interesting idea?" It's one that can be doused in a little bit of shame and riddled with major regret:Advertisement
"What's the business mistake that cost you thousands of dollars?"
It's the kind of question that doesn't just break the ice, but allows the founder you're talking to to quickly realize that they aren't alone in their money mistakes.Starting a business means that you're constantly making decisions, and some of those decisions may turn into costly mistakes. For some, their answer revolves around buying too much product before they even had an audience that showed any interest. For others, it was taking on too much debt too fast, opening up credit cards to pay for an office space and lawyer fees, all before even having a viable business plan.
My answer to the question is one that anyone who knows me knew I would make when I started a business (I was just too stubborn to listen to them). That mistake cost me over $10,000.What was it? I tried to do everything myself. Because of that, my business wasn't able to scale fast enough, and I made major errors that cost me even more money to fix. Here's how the "do it yourself" mindset set me back with my finances and overall strategy.
I got burnt out fast
I tried to be a lawyerAdvertisement
I didn't value my time
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