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Learning, Debt & Contracts

You don’t know everything, stop pretending you do

Another pill I needed to swallow is that there is a lot of information out there and there are many things I still do not know how to do.  The good news is that you’ll never stop learning and if you have fears or concerns about how to do something, there is no shame in asking questions.  Build a network of friends in the same space and get to know as many nerds as possible.  Nerds are the new rockstars anyways.  Stop trying to compare yourself to other firms and what they specialize in.  Stick with your core competencies and then expand and hire people with new competencies once the capital is there to do so.

Some debt is ok, all small businesses have debt

Debt is just a part of business.  It’s tough to handle and meet your operating costs year round. You are also going to have to spend more money to make more money.  Sorry for the cliches here, but they couldn’t be more accurate.

No signed contract, no work

This is a hard one.  We have been burned more than once by clients who don’t pay their bills or who fail to deliver assets to make your job easier.  Also be very clear in your proposals and contracts with what you will do for the client and what you WON’T do for them.  Hire an attorney and have him draft air tight contracts for you to protect you when you have to go to court.  Yes, you will definitely be going to court, whether it is small claims or a bigger case.  Handshake deals or vocal agreements will not fly any longer.  Also make sure you save every single email between you and a client.  Those emails are evidence that work has been done and that you have an active relationship with them.  E-mail is written in ink.

By : Erik Koral