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Abstract

s-a-1-man-consultant-f23e7eea94a?source=user_profile---------52----------------------------">1-Man consultants</a>.</p><ul><li>Focus on securing client contracts first</li><li>Keep expenses super low</li><li>Use your income to cover your expenses</li></ul><p id="6add">You will always be profitable this way.</p><h1 id="d525">Avoidable Mistake #2 — The Mindset of a Marketing Big Bang</h1><p id="edda">I will make you this bet.</p><p id="edb7">I guarantee I will win this bet.</p><p id="b02e">Many 1-Man consultants think their path to incredible revenue growth is big marketing spending. This is their mental blueprint.</p><ul><li>Advertise on social media platforms</li><li>Sign up to be a member of networking and industry associations</li><li>Pay to attend conferences and exhibitions as a guest speaker and sponsor</li><li>Engage digital marketing agencies to create professional content on YouTube and LinkedIn</li></ul><p id="c429">I don’t know about you. To me, this is the path toward bankruptcy.</p><p id="a895">Sure, marketing is the engine of a growing business. You want people to know who you are and what you do when you start out. Visibility leads to profitability.</p><p id="be9d">But you can <a href="https://readmedium.com/case-study-how-1-restaurant-upsell-a-freebie-in-45-minutes-c1418564b8ad?source=user_profile---------44----------------------------">market without losing money</a>.</p><p id="3f12">Here’s how.</p><p id="c977">Market to the people around you. Tell them you are working on the side. Let them know you are looking for gigs. Approach them for work if you know they need help.</p><p id="c7ef">You are still marketing for work.</p><p id="acd2">Best part?</p><p id="927c">People who know you and your capabilities are more likely to buy from you. You close the gap between freezing-cold leads and clients with your words, not money.</p><h1 id="065f">Avoidable Mistake #3 — Going All-In Too Early</h1><p id="2914">Many 1-Man consultants are enthralled by the following thinking.</p><blockquote id="0651"><p>When you look back on your life, the greatest moments will be the moments when you went all in.</p></blockquote><blockquote id="93d9"><p>― Mark Batterson, <a href="https://www.goodreads.com/work/quotes/24783466">Going All In: One Decision Can Change Everything</a></p></blockquote><p id="c179">This is like a financial trader making one big bet on the markets.</p><ul><li>If he wins — He walks away and retires forever</li><li>If he loses — He loses his pants and is buried in debt</li></ul><p id="34ed">In the context of doing our thing, it would be quitting our day jobs to go All-In on running our <a href="https://readmedium.com/acquiring-the-necessary-experience-to-become-a-1-man-consultant-is-not-as-hard-as-you-think-fcdeafeb81a7?source=user_profile---------142----------------------------">1-Man consulting practice</a>.</p><p id="00d9">Please. Avoid this. Here’s why.</p><ul><li>We take time to learn how to run a business, with or without a team</li><li>Our 9–6 is a perfect learning environment for future entrepreneurs</li><li>We can see what it takes to keep a business going</li><li>When in doubt, we have people to consult with</li><li>You will need time to figure yourself out</li></ul><p id="1aad">All these good things go away when you become a lone wolf. And, by the way, running our own show means we do everything.</p><p id="1214">Not forever, of course. But that is for sure at the start.</p><p id="685e">Can you picture yourself touching all pieces of the b

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usiness? Everyday? And accept that you must do things you hate?</p><p id="ffb6">I personally hate to work on marketing. But I must do it.</p><p id="fffc">It is not a choice. It is a task.</p><ul><li>Or customer delivery</li><li>Or picking up calls late at night</li><li>Or revising a proposal paper for the 501st time</li></ul><p id="77d1">If you are — Welcome to the club.</p><p id="2f2a">If not — Don’t rush it.</p><p id="cb25">Take your time to soak things up in your day job while <a href="https://readmedium.com/the-most-important-skill-of-a-consultant-conducting-client-workshops-is-not-what-you-think-d9ca8346b04?source=user_profile---------153----------------------------">running consulting engagements</a> in the evening. Jump when you are ready.</p><p id="c139">Our workplace teaches us real-life business lessons while we earn from them. There are no better deals in entrepreneurship. You learn <b><i>for free!</i></b></p><p id="b73d">The best way to learn about running a business is to be in one.</p><p id="7957">Trust me.</p><p id="1295">Knowing what needs to be done can save you a ton of money. A ton.</p><h1 id="df61">Parting Keynotes</h1><p id="0a0b">I am 100% sure you do not have a money printing press at home. I don’t.</p><p id="5c0b">That is why I am upset about losing $20,000 on my 1st business. In hindsight, I should not have rushed into it.</p><p id="17eb">We accumulate money by exchanging our time, energy, and skill sets. It is a painful journey. The last thing you want is to inflict more pain by lighting your bank account on fire.</p><p id="8b87">As such, there are 3 things to note when working on the side.</p><ul><li>Avoidable Mistake #1 — Spending before earning</li><li>Avoidable Mistake #2 — The mindset of a marketing big bang</li><li>Avoidable Mistake #3 — Going All-In too early</li></ul><p id="b549">Take prudent steps to build a business that can last for many years.</p><p id="fb2e"><a href="https://readmedium.com/a-consultants-practical-guide-on-thinking-about-and-achieving-financial-independence-c985271a5820?source=user_profile---------160----------------------------">Don’t blow all your money</a> on a young business because you want it to scale tomorrow. It never happens. All small businesses take time to grow.</p><p id="862d">Play the long game.</p><p id="db1c"><a href="https://readmedium.com/about-me-aldric-chen-55d52739259a?source=your_stories_page-------------------------------------"><b>About the Author</b></a><b>:</b></p><p id="d9b3">As a content contributor, I write my observations from daily life and my business exposure. Because our life experience is the bedrock of our unique perspectives.</p><p id="df3d"><i>Get full access to Medium<b> <a href="https://aldric-chen.medium.com/membership">using this link</a> </b>and read gazillion exciting articles.</i></p><div id="70db" class="link-block"> <a href="https://readmedium.com/the-reality-of-doing-our-own-thing-how-id-avoid-repeating-2-of-my-biggest-mistakes-8a0866fced86"> <div> <div> <h2>The Reality of Doing Our Own Thing: How I’d Avoid Repeating 2 of My Biggest Mistakes</h2> <div><h3>Once bitten, twice shy.</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*Q851zdLu5GirlXhQwNodPQ.jpeg)"></div> </div> </div> </a> </div></article></body>

3 Straightforward Business Lessons I Wish I’d Learned Before Blowing My Money

Why mitigate when you can skirt them?

Some mistakes are totally avoidable.

We can if we see the person in front of us take the fall.

Let us imagine this scenario you are part of.

The person right in front of you fell into a ditch hidden from plain sight
You paused after realizing that your enemy’s bait and trap is exposed
It is the deepest, darkest ditch you have ever seen
The guy who fell broke his leg
He is screaming in pain

Here’s the million-dollar question.

Would you want to follow him?

The answer is obvious, of course. There is no point to follow in his footsteps.

Or other avoidable money-related mistakes.

Avoidable Mistake #1 — Spending Before Earning

Lavish spenders are all around us.

My boss at work is one example.

Let’s call him Joe.

Joe is tasked by the European headquarters to set up an Asian regional center. The mandate is to increase revenue streams and service Asian clients. It is a growth strategy.

Joe came to Singapore, and he did the following as a matter of top priority.

He spent 3 months scouting for a perfect office
He put up notices for an Executive Assistant
He bought an LED laptop touchscreen
He purchased a fridge and sofa
He ordered pantry supplies

Joe did all of these before securing one customer. Let me rephrase. He started spending money before earning a dime.

This is what he told me when I asked him why.

“You want to lead a good life? You must get the company to pay for you.”

I didn’t believe him. Not one bit.

9 months later, the tech consulting company decided to reduce headcount bloat. Joe was the 1st person my CEO released.

Technically speaking, Joe was the 1st person in the 1st wave of release.

Weeks later, I asked my CEO why he decided to bump Joe out.

He spent without making any money, was all he said.

I wasn’t surprised.

And so, this is my advice for all 1-Man consultants.

Focus on securing client contracts first
Keep expenses super low
Use your income to cover your expenses

You will always be profitable this way.

Avoidable Mistake #2 — The Mindset of a Marketing Big Bang

I will make you this bet.

I guarantee I will win this bet.

Many 1-Man consultants think their path to incredible revenue growth is big marketing spending. This is their mental blueprint.

Advertise on social media platforms
Sign up to be a member of networking and industry associations
Pay to attend conferences and exhibitions as a guest speaker and sponsor
Engage digital marketing agencies to create professional content on YouTube and LinkedIn

I don’t know about you. To me, this is the path toward bankruptcy.

Sure, marketing is the engine of a growing business. You want people to know who you are and what you do when you start out. Visibility leads to profitability.

But you can market without losing money.

Here’s how.

Market to the people around you. Tell them you are working on the side. Let them know you are looking for gigs. Approach them for work if you know they need help.

You are still marketing for work.

Best part?

People who know you and your capabilities are more likely to buy from you. You close the gap between freezing-cold leads and clients with your words, not money.

Avoidable Mistake #3 — Going All-In Too Early

Many 1-Man consultants are enthralled by the following thinking.

When you look back on your life, the greatest moments will be the moments when you went all in.

― Mark Batterson, Going All In: One Decision Can Change Everything

This is like a financial trader making one big bet on the markets.

If he wins — He walks away and retires forever
If he loses — He loses his pants and is buried in debt

In the context of doing our thing, it would be quitting our day jobs to go All-In on running our 1-Man consulting practice.

Please. Avoid this. Here’s why.

We take time to learn how to run a business, with or without a team
Our 9–6 is a perfect learning environment for future entrepreneurs
We can see what it takes to keep a business going
When in doubt, we have people to consult with
You will need time to figure yourself out

All these good things go away when you become a lone wolf. And, by the way, running our own show means we do everything.

Not forever, of course. But that is for sure at the start.

Can you picture yourself touching all pieces of the business? Everyday? And accept that you must do things you hate?

I personally hate to work on marketing. But I must do it.

It is not a choice. It is a task.

Or customer delivery
Or picking up calls late at night
Or revising a proposal paper for the 501st time

If you are — Welcome to the club.

If not — Don’t rush it.

Take your time to soak things up in your day job while running consulting engagements in the evening. Jump when you are ready.

Our workplace teaches us real-life business lessons while we earn from them. There are no better deals in entrepreneurship. You learn for free!

The best way to learn about running a business is to be in one.

Trust me.

Knowing what needs to be done can save you a ton of money. A ton.

Parting Keynotes

I am 100% sure you do not have a money printing press at home. I don’t.

That is why I am upset about losing $20,000 on my 1st business. In hindsight, I should not have rushed into it.

We accumulate money by exchanging our time, energy, and skill sets. It is a painful journey. The last thing you want is to inflict more pain by lighting your bank account on fire.

As such, there are 3 things to note when working on the side.

Avoidable Mistake #1 — Spending before earning
Avoidable Mistake #2 — The mindset of a marketing big bang
Avoidable Mistake #3 — Going All-In too early

Take prudent steps to build a business that can last for many years.

Don’t blow all your money on a young business because you want it to scale tomorrow. It never happens. All small businesses take time to grow.

Play the long game.

About the Author:

As a content contributor, I write my observations from daily life and my business exposure. Because our life experience is the bedrock of our unique perspectives.

Get full access to Medium using this link and read gazillion exciting articles.

The Reality of Doing Our Own Thing: How I’d Avoid Repeating 2 of My Biggest Mistakes

Once bitten, twice shy.

medium.com