Learning From The Mistakes Of My Failed First Business And Implementing Them In My Second Business

As my first #introduceyourself post said, I had a business called Dunn Right Technologies where I did a variety of things with drones for people. This actually leads me directly into my list of mistakes and what I learned from them.

Mistake # 1
I tried to do too many things at once. I built surveying drones for a surveying company, I built racing drones for people, did real estate video, etc.. I tried to do so many things because I wanted to hit a variety of fields and make a lot of money. Unfortunately what this leads to is not enough depth in any one field and a lack of real revenue in any one niche.

Solution-My new business focuses entirely on one aspect of drones that I truly love, using custom racing drones to film action sports!

Mistake # 2
Not keeping proper track of finances. I remember getting my first check from a client and I was so excited. Soon after I switched to paypal invoices but still accepted checks. I also dipped into funds for the business for personal expenses.

Solution-Learn how to make a proper balance sheet and don't be lazy! Document everything that goes in or comes out of the business.

Mistake # 3
Expecting my product to sell itself. I thought my videos were amazing and I didn't need to do much convincing to get people to hire me.

Solution-Learn to be a salesman. After struggling in the beginning of that business I learned that I need to be a salesman for everything.

Mistake # 4
Not charging enough. In some fields particularly the creative fields like cinematography it is hard to figure out pricing. I specifically remember an instance where I lost a client because they believed something must have been wrong with my product if I was charging that little amount of money. They literally said,"That is all you're charging?","Whats the catch?"

Solution-Figure out the market price for your product, look up competition and see what they're charging. Don't be afraid of charging more than them. Also don't be afraid of offering to do an initial job half off so they can see the quality of your work and also how fast you complete it.

Mistake # 5
Not networking enough. I called and emailed hundreds of realtors but the truth is I was not doing it all the time I could've been. Instead on my downtime I was playing around on Facebook with posts. Don't get me wrong having social media is important but I wasted time on things that had no ROI for me.

Solution-I now realize that if I think I've called or emailed enough people for the day I should contact 10 more and then call it quits.

I have made many more mistakes and will continue to make them but I have learned a thing or two from these that has helped me tremendously in my current business.

Thanks for reading and if you have made any of these mistakes too feel free to leave a comment!