Simple Mistakes Business Owners Can Learn From – Forbes
If business owners did everything perfectly the first time through, there would be so many lessons missed along the way. Anyone in business, especially entrepreneurs, mitigate risk on a day-to-day basis. They spend time researching the best way to run their company, ask advice from experts in their field and hope to learn from the best. But most importantly, entrepreneurs and business owners alike need to pay attention to the lessons they can learn from their mistakes.
Tees2UrDoor isn’t afraid to talk about what they could have done better. Their insights offer lessons we can all learn from. They’ve been in the business of producing and printing t-shirts since 2001, and have grown significantly along the way, opening their first brick and mortar shops and connecting with buyers in wholesale fashion markets shortly after their company officially launched. In 2013, they decided it was time to launch a website to showcase their designs and reach a broader potential customer base.
To their surprise, the website quickly attracted the attention of thousands, practically overnight. Things kept snowballing until they reached even broader audiences, rented a 20,000 square foot production facility in Texas, and hired a full staff and photography studio. Even after so much success, Tees2UrDoor looks back on the early days of their business and still sees areas they could have improved, and ways they want to help others who are just starting out in business and entrepreneurship.
Adapt to New Social Media Platforms
When we asked Tees2UrDoor what they regretted from their first few years in business, they expressed that they were early on the bandwagon for businesses having Facebook, but didn’t quite grasp hold of Instagram as a platform. “We had a huge amount of success with Facebook, so much so that it was difficult to keep up with our growth,” says the company founders, Lloyd and Maccie. “Instagram was in the back of our minds. It just wasn’t at the forefront of our marketing plan. But it should have been. For some reason, I doubted it. But my rule in business is, never doubt yourself.”
You Can’t Be Everything for Everyone
One thing business owners lack plenty of is time. Finding and adhering to priorities can’t be emphasized enough – oftentimes this is the make it or break it for your company. You can’t be everything for everyone. “We did a lot of things, but we weren’t experts at any of them,” Maccie says. “We decided to cut everything we did except garments, which allowed us to focus on what we did best – t-shirt printing.”
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This is a vital lesson for anyone. Mastering a skill sets you apart from other companies trying to do too much. It also hones in the company’s mission overall. “It’s a scary thing, saying goodbye to a part of your business. But what did we say hello to? We were able to exponentially grow after cutting our poorer performing segments.” Learning how to focus on what you are really good at gives your company the space to focus, and potentially out-perform competitors in a particular market where you excel.
What’s In A Name
Changing your name as an established company is a difficult choice to make. Your name is everything. Make sure you’re looking at your name from all angles. How is it spelled? Is it easy to lookup? Is it easy to text or understandable when you say it over the phone? If you are already well established as a brand, don’t look back. Stick with the name you already have. Brand recognition and loyalty are, at the end of the day, more important than having the catchiest name.