At the start of the year, I had aspirations to go really big and so I hired an additional hand on shore to help me manage the business. She did an amazing job in getting me to podcasts and other press but shortly after, I saw that it wasn’t such a wise decision as my overhead expenses went up but the revenue did not keep up. I ended up having to let her go as I have dug myself a whole which eventually led me to take a loan from PayPal to pay off huge credit card debts interest rates.
When I joined my friends at one time, I heard a story about a successful entrepreneur making 6-fgures with only himself and another developer. It then dawned on me that I don’t need a big team to be successful. With that entire struggle, I learned lessons such as:
- Cutting services which take a lot of time but are not that useful and effective to our clients — PR, for instance.
- Charging for what I can bring to the table. I now charge basing on value, not time.
Now, we got out of the hole and the business is in good standing but I had to go through all of that to strengthen our business. I am now careful with hiring decisions and overhead costs and am just happy in being small.