As a bootstrap entrepreneur, I’ve learned there are just some things you don’t cut corners on. My “golden rule” has always been to hire the best Lawyer, Accountant, and Business Consultant you can find, even if you can’t afford it. The truth is you simply can’t afford NOT to. Running my small business over the years has taught me a valuable lesson,
“you don’t know what you don’t know.”
Those past experiences are fresh on my mind as I find myself preaching about my golden rule on nearly a daily basis. As I consult with fellow entrepreneurs teaching them how to replicate my successes with branding, social media integration, and celebrity placements, I am heartsick. I hear countless stories of companies who have learned this costly lesson too late in the game. The “killer product launch” at a tradeshow that cost $30k that no one showed up for because the owner didn’t know how to contact the media or set appointments with key buyers. The “grand opening” in small town America that didn’t even make the neighborhood newsletter. Or the Mom that licensed her invention only to find that the company shelved the product and she had unwittingly relinquished her intellectual and distribution rights. I could go on. Knowing all of this, I can’t stress my golden rule enough. Please don’t make these same mistakes.
I know it might seem like an extra check to write when your bank account is already maxed out, but it will end up saving you money and heartache in the end. The money is there, you just need to re-allocate it. Instead of focusing your efforts on making a “big splash”, maybe focus on ensuring a return on investment? A solid marketing plan to leverage your event/news/product launch? Or making sure all the legal and accounting issues are resolved so you actually get to keep your money? Seek the help of professionals who have been there, done that. After all, “you don’t know what you don’t know.”
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