So.. what’s the mistake? and what did I learn from this mistake
I’m so excited that I’m finally going to be my own boss and being fancy, instead of understanding what should I do to drive a business. These are what I did and the lesson from it:
1. Got into loan from bank and family to rent a big studio office with huge investment on the renovation. Before getting first sales, I’m five-figures in debt.
Lesson: A fancy office are not necessary pay your bill, might even increase your bill. Client doesn’t care if you own a big office, what they care is the value’s you could deliver. Currently, we only had a sweet and simple office while I’m working from anywhere.
2. Ignoring the importance of social media and digital marketing.
Lesson: If your business/brand doesn’t exist in digital world today, it just nothing! Currently, we investing 10% of the revenue in social media and digital marketing that drive 40% of the businesses. Always prioritise investment on where the leads, sales and income came from.
3. Aren’t getting the right person on the right seat.
Lesson: I’m currently still struggling to discover the right talent or person to be part of 8THREE family. But I’m definitely grateful to have a small team of battlemates. Always remember, your family and friend are not necessary the best choice.
These are the three major mistake during my first startup that lead to the failure. I hope this sharing would inspire or alert you to avoid and enjoy growing your business.