Ten Mistakes Self-Employed Rookies Make | 633


If you learn from your mistakes, progress is guaranteed. If you learn from others’ mistakes, you’ll reach your goal even faster. Therefore, today, we are sharing the 10 biggest mistakes of self-employed rookies to make it easier for you to establish and grow your businesses. Learn how to choose your customers, how to present your one-person business, and what the real purpose of business is.

What You Will Learn About Ten Mistakes Self-Employed Rookies Make: 

  • The 1st’ step to start over
  • The correlation between the percentage of entrepreneurs and our country’s growth
  • Whose advice you should follow and why
  • How to choose your customers
  • When and how you should save money
  • When and on what you should spend it
  • How to present your one-person business
  • Why people do not respect contracts and why that shouldn’t matter
  • What actually enforces the deals
  • The critical part of the business decision-making process
  • How you should treat your professional relationships
  • How to find and pursue your passion
  • What the purpose of a business is
  • How to build an efficient system to deliver the value
  • The 2 bonus mistakes

Whenever you’re ready, here are a few ways we can help:

Work with me One-on-One

If you’d like to work directly with me on your business… go to REIAce.com, share a little about your business and what you’d like to work on, and I’ll get you all the details!

  • Would you like to meet in person? Our next live event is right around the corner! Go to EpicIntensive.com for the details.
  • Become an Epic community member at The Epic Real Estate Investing Show 
    One of my favorite things to do is share with investors the latest and greatest tactics and strategic friends I make. I do it every week and you can listen in by subscribing to The Epic Real Estate Investing Show podcast on iTunes – Click Here.
  • Grab my book, Epic Freedom ($1) 
    I frequently hear from people looking into investing in real estate for the first time, “How long is it going to take?” So much so, I wrote a short book about the 2 easiest and fastest strategies to a paycheck in real estate. You can grab a copy for $1 and I’ll pay the shipping – Click Here.
  • Join our Badass Investor Program and be a Case Study 
    I’m putting together a new Badass Investor case study group at Epic Real Estate this month… stay tuned for details. If you’d like to work with me on your real estate investing, go to FreeRealEstateInvestingCourse.com to get started.
  • Also, check these out:


Thank you so much for joining us on this episode of The Epic Real Estate Investing Show! Please subscribe to the podcast so that you will get instant access to our new episodes.

If you found this podcast helpful, please take a few minutes to leave us a positive review in iTunes. Your reviews help to improve our search rankings so that we can spread the love. Thank you!


Matt Theriault: Hey, another great show just moments away. This is Matt, The Do Over guy and this is Your Do Over, episode seven.

Speaker 1: During an era where countless people, businesses and organizations are feeling the pinch, running out of time, running out of money, losing confidence, feeling as if life is unfair, praying for another chance and unless something is done, life is going to pass them by.

Life is going to pass them by.

Fortunately, in the nick of time, there is now a place where the ignored, underestimated, and unknown steps to producing results and making life work are revealed. Save your career. Save your business. Save your health. Save your relationships. Save your life. Get from where you are to where you want to be, faster and with greater ease than you ever thought possible. Say hello to Your Do Over.

Matt: Welcome to Your Do Over, the place where once a week, at least once a week, you will hear, learn and take action on the ignored, underestimated and unknown steps to producing results. This is the show where I show people, dissatisfied and unhappy people, people discontent with their current situation, how to start over, discover a better life and get lasting results and do it easier, faster and smarter.

Here’s the first step in how to start over. Get a head start and lay a solid foundation as you begin a new life. Use the three pillars of creating the ultimate do-over for free at freedoover.com. It’s a 55-minute MP3 audio program that I created just for you. Download it for free at freedoover.com to help you live life to the fullest.

I am so glad you are here and what that means is, our last episode did not scare you away despite the harsh realities of being self-employed. You’ve got the guts to take it on and what that says to me is, “You’re fed up. You’re sick and tired of being sick and tired. You’re ready for something new. And you see the world of entrepreneurship, of business ownership, of the world of being self-employed, is your ticket to a better life. An ideal way of how to start over.”

You are a courageous individual my friend and it’s courageous people that make things happen. It’s courageous people that make the world go around and courageous people in the world of the self-employed, you’re the ones that are going to turn this country around. What I mean by that is, did you know a little over a year ago, our government had small round table meeting with about 40 business leaders from various industries, Charles Schwab, he’s actually the one that led the discussion. They were meeting on the subject of financial literacy in our country. I think it was actually called, the Council on Financial Literacy. It doesn’t matter.

But what does matter is the consensus that came from that discussion. The council unanimously agreed that our education system has to stop. It has to stop teaching its students to be employees. We have to stop creating employees in this country. They came up with that logic because they cited that during the late 1700s and early 1800s, when our country experienced one of its biggest growth periods, and how depending on how you look at it, it might have been the biggest ever. There probably hasn’t been one as big since.

But during that period, 80% of the US population were entrepreneurs in some shape, form or fashion. Now that our country’s experiencing this frightening and do I dare say, unprecedented downturn, do you have any idea of what percentage of our population today is made up of entrepreneurs? Well, it’s less than 1%. You see, there’s a direct correlation between the percentage of entrepreneurs in our country and our country’s growth or lack thereof.

In fact, there is an organization, Opportunity International, embracing this concept along with micro-financing, in showing third world countries how to start over by creating businesses, by creating entrepreneurs. It’s believed by some of our world’s greatest minds that the entrepreneur is the key to saving the global economy. I just heard what the latest unemployment number is. It’s somewhere between 40 and 70% of the new jobs, they’re being created by small businesses.

When I say it’s the courageous people in the world of the self-employed that make the world go around, that are going to turn this country around, that’s what I mean. And that’s why I’m glad you’re here.

Okay, so let’s get on with today’s show. I want to make sure that if you have made the decision to begin a new life by joining the ranks of small business and the self-employed, that you have a better shot than I did at succeeding. Most new businesses don’t make it past the two-year mark and I don’t want that to be you.

Let’s get into the 10 biggest mistakes self-employed, rookies make. Thank goodness you’re listening to this podcast right now because unless somebody tells the rookies about these mistakes, the rookies will make every single one of them and then perhaps they’ll find themselves, 20 years later, writing a book or hosting a podcast on the same subject. How do I know that? Because I was a self-employed, rookie once and I did not have a podcast like this to listen to. I had that other thing to set me straight, the school of hard knocks. Ole Hard Knock U. But you won’t have to go to that school. You don’t have to worry about that. Or do you?

I remember my first day as a real estate agent and I reported to duty. I reported to the office for the first day and it was a Saturday morning and there were a few of us brand new agents and they put us in a room with an old, I shouldn’t say old. Yeah, he was old. He was a senior agent. He had been in the business for about 40 years. The poor guy, he was stuck with these four very green, new real estate agents. You could see it on his face that he’d much rather have been somewhere else on that Saturday but he was stuck with us.

He went around and kind of gave us some insight and then he took some questions. One of the questions I remember from one of the other people in the room, they had asked, “What is the biggest mistake that you see new real estate agents make?” He said, “Oh that’s easy. They go to senior agents, ask them for advice and then go do it their way anyway.” Don’t do that. That’s big mistake number one of the self-employed. That is not how to start over. Don’t ask somebody with obviously more experience and success, don’t ask them for advice if you’re not going to follow it. Don’t waste their time and don’t waste yours. If you’re going to do your way anyway, just do it your way and learn for yourself. Take the Hard Knock U route.

An important Do Over tip that I frequently give in my workshops is if you learn from your mistakes, progress is guaranteed. If you learn from others’ mistakes, progress with velocity is. Learn from other people’s mistakes, experiences, and successes as you begin a new life. There are a million different ways to make your million but the principles of success, there are just a few. The success principles are universal. Successful people know what they are. Listen to those who have achieved what you’re out to achieve. Be careful who you listen to. Listen to those that have what you want to have. Choose your mentors wisely.

Big mistake number two, selling to the wrong people and not knowing your customer. While sales are important to the survival of any business, you don’t need to push your business on everyone you meet, including friends and family. Furthermore, it’s a waste of time to try selling to people who simply just don’t need what you’re offering. What you’ll find is some customers are much easier to sell to and serve than others. For example, I invest in real estate and I show others how to do the same. I’ve learned that certain groups of people are much more difficult to teach and others have a much higher aversion to risk and would rather have their money in a savings account earning a half percent annual interest. Or even crazier, I run across a lot of people that would rather lose money in the stock market than earn a double-digit return in a solid rental property. I don’t understand that one. I guess they think that the stock market is going to come back but they’re willing to take the loss right now.

But there’s another vehicle that could give them a return right now. I don’t know, I’ll never understand that one and I’ll stop trying to understand it. I’ve just come to realize that not everybody is a potential customer. And the quicker you realize that the less stressful your days in the self-employed world will be. Feel free to say no to customers that more trouble than they’re worth. Let your competitor sell to them instead. You’ll save yourself many headaches and you’ll free up more time to focus on serving the best customers.

Just because someone is interested in doing business with you, doesn’t mean you should accept. In my first years in business, I probably said yes to just about everybody that approached me with a potential business relationship. Anyone that approached me with, let’s see if we can get together and create some synergy. That’s a trick word. That’s a booby trap right there. Any time somebody approaches you with the word synergy, be very, very careful. I wasted a lot of time pursuing those deals that were just too much of a stretch, to begin with. I accepted lunch invitations from random business people who just wanted to see if there was a way we could do something together.

Virtually none of them made me a dime. If you think a meeting is pointless, it probably is. Don’t network with random people just because you think you’re supposed to network. If an offer doesn’t excite me right away, I usually decline. Politely of course. But learn to say no to the weak opportunities so you have the capacity to say yes to the golden ones.

Big mistake number three, overspending. First, don’t quit your day job until you have six months of living expenses. More seasoned entrepreneurs would probably tell you 12 months. You need 12 months of living expenses and I would tend to agree but if you knew that to be as true as we do, you’d probably never get to a point where you could take that leap into the self-employed pool. However, if you can avoid the majority of these mistakes, six months, they can be sufficient.

Cut overhead to the absolute bare minimum and stop spending money period. Just stop spending it. Here’s a strange phenomenon. When you quit your job, you stop getting a paycheck. That’s my attempt at humor, by the way. But the lesson is, stop spending money. You don’t need 95% of the junk you buy anyway. And look at your current monthly expenses, then figure out what you can cut. And then cut it. Analyze that. What is frivolous? What can you do without? What can you cut? Then cut it.

Be willing to sacrifice for as long as it takes to establish a consistent income. And even then, don’t spend unless it’s essential. I wore the same clothes for almost a decade. I’d have loved to have gone out and buy some nice looking clothes and strut around. Absolutely. But I knew the time would come, I just had to be patient. I had to make some sacrifices. Besides, you’re going to come to know that looking good and impressing others is very overrated and it can put you into the poor house as quick as anything if you’re not careful.

Through this process, you develop a great respect for a single unit of currency. The value of a dollar really becomes apparent. Until you have steady cash flow coming in, and that may be a while, don’t spend your precious startup cash unless it’s absolutely necessary. I started my record label with $10,000 of personal loans and it went so fast. And what I discovered was, how I was able to keep my business running on a shoestring budget for almost a year after that until the next cash infusion came in.

There are so many creative ways to run a business without money. But unfortunately, we just don’t look for them until we’re out of money. I quickly learned that every dollar invested in the business was another dollar that eventually had to be recouped from sales. I also learned the lesser the expense, particularly when it came to promotions and advertising, the more effective. The high cost that can accompany promotional materials, magazine ads, radio ads, TV ads, online marketing, business cards, t-shirts, stationary, et cetera, all that stuff, you really don’t need in the beginning, it can run you dry with minimal, if any, return.

The secret is, getting out there belly to belly with people. Shake hands, kiss babies, build relationships, it’s absolutely free and 10 times more effective. It’s uncomfortable for many so a lot of people don’t do it. They look for how they can build that business from afar with minimal human contacts but that’s really what builds the business.

Now obviously some businesses require lots of cash to start. Maybe it’s a franchise, a restaurant, but in the age of where it’s easier to plug into an established system like network marketing, contracting, freelancing and internet business, you can very easily start a lucrative business for pocket change.

Big mistake number four, is being too stingy with your cash. Don’t let frugality get in the way of efficiency. Take advantage of skilled contractors who can do certain tasks more efficiently than you can. Buy decent equipment. When it’s clear you’re going to get your money’s worth. You don’t have to overspend on fancy furniture.

But, get functional furniture that helps you become more productive. Don’t use an antiquated computer with outdated software that slows you down if you can afford something better. Carefully analyze the return on each investment you make into your business. And if what you’re about to spend is going to make you more efficient, increase profits, or free up time so you can do what you do best, go ahead and spend.

It does take time to develop the wisdom to know when you’re being too tight or too loose with your cash. So you’re just starting out, get a second opinion. Often, the very thought of getting a second opinion makes the correct choice very clear. And if you can’t justify the expenditure to someone you respect, it’s probably a mistake. On the other hand, there are situations where it’s hard to justify not spending the cash either.

Big mistake number five, putting on a fake front, faking it until you make it so to speak. Many one-person businesses, they refer to themselves as a we. That’s something a lot of new entrepreneurs do, but it’s not necessary. There’s nothing wrong with the one-person business, especially today. My real estate investing business over the years has mostly been a we, but my mentoring business is an I. It’s perfectly okay to refer to your business as an I when you’re the only one working in it. Pretending that you’re a we when you’re really an I, it’s really silly. It’s not going to gain you any respect in a way that matters. Promoting yourself as an I may even be an advantage today, I mean, since people will know that the buck stops with you. And if you make a promise, you’re the one who’s going to carry it out. Promises from a we sometimes aren’t worth very much.

And if you’re a newly self-employed person, I mean, don’t pretend you’re anything else. Price your products and services fairly for your level of skills and talents. Some newly self-employed people, they think they must become actors in a way that it becomes all about posture and embellishments. The business they promote to the world, it’s pure fantasy. So trying to fool your customers in this manner, it’s only going to backfire. If you’re so desperate for business that you need to essentially lie, you shouldn’t be starting your own business. If you can’t provide real value and charge fairly for it. Don’t play the game of business, develop your skills and refine your service some more first.

Big mistake number six, assuming a signed contract is going to be honored. I’ve made this mistake probably more times than I care to admit coming from 15 years in the music business. A contract was dishonored probably three or four times more than it was honored. What I’ve always said, if only half the people in the music business did half of what they said they were going to do, I would have been P. Diddy. Shoot, I would have been bigger than P. Diddy. I mean, I signed contracts with every major label in the business, some of them more than once. And guess what? I’m no longer in the business. The contracts weren’t honored.

Now, if you think that’s limited to just the music or entertainment business, you’d be incorrect. And you know what? It doesn’t even matter if someone backs out of a contract. I mean, sure, you may be in the right. You may be totally entitled to rewards and damages. But do you want to go broke in court trying to enforce it? I mean, even if you win, how much will really be left? As a former real estate agent, our broker, our boss, he advised us to let any dispute that we came up against let it go if the potential award was less than $30,000, the reason being is it typically takes a $20,000 award to just break even. And if a potential award was greater than $30,000, the broker would say, “Make sure it’s a slam dunk.”

Consider unhonored contracts, just consider them as a cost of doing business. It’s going to happen. And if it hasn’t happened to you, it will. Or if it hasn’t happened to you, you’re just not playing with the big boys yet. Shoot, you’re not even playing with the medium boys.

A signed contract is just a piece of paper. What’s behind a signed contract is a relationship. If the relationship goes sour, the contract is not going to save you. It’s a false sense of security. The purpose of a contract is to clearly define everyone’s roles and commitments. But, it’s the relationship, not the paper that ultimately enforces those commitments. When I understood this, I focused more on relationships and worried less about what was on the paper, and my business deals went so much more smoothly.

Once you start falling back on the paper, the deal, it’s already in trouble. Creative and lucrative business deals, they almost always stray from the paper contracts that represent them anyway. And don’t get me wrong, written contracts are still necessary, especially when dealing with larger corporations where people come and go, but they’re secondary to relationships. Just don’t make the mistake of assuming that the contract is the deal. The contract is only the deal’s shadow, so to speak. The real deal is the relationship. Keep your business relationships in good order and you want to have to worry so much about what’s on the paper.

It’s sad, but true, that there are loads of scoundrels in business. Many of them hold titles like CEO, and president, and CFO. There are indeed people out there who seem to care about nothing but money, and they will lie, cheat, and steal to get it. It’s not the norm in my experience, but it’s not uncommon either.

Big mistake number seven, trusting your gut, or not trusting your gut, rather. Intuition is just as important in business as it is in other settings. You’d be amazed at how many gigantic corporate deals are green-lighted or red-lighted because of some CEO’s gut feeling. While you might think that logic is the language of business, that’s far from reality. And if you base all your business deals on hard logic and ignore your intuition, most likely you’ll be in for a world of hurt. We humans, us human types, we’re not very logical to begin with. We simply don’t have enough data to make truly logical decisions because business deals depend on human beings, and we don’t have a logical system for accurately predicting human behavior. Now, not being able to predict how other humans will behave is a pretty big gap in our logic and in intuition. Your gut is what has to fill that gap.

Now, the real performance of human beings is what’s going to make or break your business deals. But to assume everyone will perform as expected, totally unrealistic. No deal ever goes perfectly. I mean, in my real estate business, every transaction has a lesson built in, one of which, regardless of how many transactions you may have completed, I’ve never been privy to that one. I learn something new every single time. It is hard to say no to a deal that seems juicy by the numbers when the logic makes sense. But when my gut is saying, “You’re going to regret it,” more times, more often than not, I later see evidence my intuition was right all along. Sometimes I just get a bad read on someone. Then, years later, several people I know are complaining about being ripped off by that person. That’s happened.

Intuition is a critical part of the decision-making process in business. Since business deals depend on relationships, you need to get a read on the other people involved in any deal you consider. If you get a bad read, walk away. If you get a good read, proceed with caution. My dad always said, “Don’t believe anything you hear, and only half of what you see.” I mean, those words might be a little extreme, but in the proper context, more times than not, they’re right on the money. So, trust your gut. Just trust your gut and trust it fast.

Big mistake number eight, being too formal. Now, I said it before, and I’ll say it again, business is built on relationships. In some settings, a certain degree of formality is appropriate, but most business situations being too formal, to me, it only gets in the way. Mean, business relationships work best when there’s a decent human-to-human connection behind them. Personally, I think it’s a mistake to be too formal even when looking to establish new business relationships. I mean, if I receive an email from someone that starts with, “Dear Mr. Teriault,” and then goes on to explain a long-winded business proposal, I usually delete it. I mean, especially if it uses the word we a lot. Better to fire off an email with “Hey Matt” and just asked me very informally if I’m interested in the kind of arrangement you’re seeking. I mean, it saves time, and it opens the door to a real human relationship.

Human beings don’t want to build relationships with faceless corporations. They only want relations with other human beings, so be a human being about your business. In fact, treat your business relationships like friendships or potential friendships. I mean, formality puts up walls, and walls don’t really foster good business relationships. Besides, formality is boring, and it’s tedious. Mean, if someone demonstrates they have a real personality, some originality and a good sense of humor, a connection is far more likely.

Big mistake number nine, chasing the money instead of your passion, in a sense not doing what you feel and not being yourself, or another way of putting it, don’t try to be someone you’re not. You may not really know who you are, so this is a tough one for some people. If it doesn’t come naturally to you, though, don’t do it. Don’t follow get-rich-quick business ideas. Don’t get caught up in the hype and chasing the dollars. Figure out what you’re good at and then figure out how to make money doing that.

A good way to figure out what you’re good at and passionate about is to think of the times you do something and it feels like only five minutes have passed. But when you look up at the time or you look up at the clock, it’s more like an hour or two hours have passed. That’s it. When you do that, it should be your business to attach a business model to it, and then actually make some money doing it. It will be an amazing breakthrough. I mean, the realization that you are getting paid for something you love to do will be undoubtedly an eye-opening experience. I mean, ask yourself, “If I wasn’t getting paid for this, would I still do it?” If the answer is yes, then that’s it. And when you find it, you’ll never work another day in your life.

In their early years of being a real estate agent, I was fresh out of the music industry, a time of where t-shirts, and sweatshirts, jeans, tennis shoes, and massive amounts of slang in my vocabulary that made up who I was. But when I became a real estate agent, I traded all that in. I traded in my Air Jordans for wingtips, and loafers, and literally practiced speaking more formally. I mean, lots of practice on that one. It took me almost a year to get to the point of eliminating the slang from my speech. I mean, I thought I had to be and act “businesslike,” whatever that meant.

Being self-employed in my new capacity was a heavy responsibility. I had to show people that did business with me the utmost respect. I mean, now that I look back, I think I over-respected people. I thought that’s what I was supposed to do. I mean, other people were counting on me. I had found myself completely unfamiliar with my surroundings in a brand new pond, and I was going to sink or swim.

I started my record label in my late teens. And people in their late teens, early 20s, particularly in the entertainment industry, can be, shall we say, quirky, or weird, artsy, independent-thinking, or carefree, or … I don’t know. What’s the other one? Naive, open-minded, whatever it may be. But, I assumed that as a business owner in the world of real estate, being weird, it wasn’t appropriate or acceptable, even disrespectful to my clients. So as a new business person, most of my business letters and emails looked like they were written by the same people that write the legalese on the back of your credit card statement.

It took a number of years, but eventually, I became comfortable just being myself in this new pond, so to speak. And in hindsight, I attracted the type of clients that would have accepted my uniqueness anyway. I mean, what a waste of time and energy that was trying to be businesslike, or at least my definition of what I thought businesslike was.

Now that I’m a coach, an author, a blogger, and a podcaster, I mean, I’m finding more and more every day that my personality quirks and unusual experiences are strengths. I mean, how many breakdancing, jarhead real estate investors do you know? I mean, how many people do you know whose favorite music consists of Hootie and the Blowfish, Michael Jackson, Run-DMC, and Christina Aguilera? How many people do you know whose three favorite movies are The Five Heartbeats, Young Guns, and Dumb and Dumber? How many people do you know that love the Discovery Channel as much as American Idol, The Office, and Family Guy?

Mean, all of those things make up who I am. I used to be ashamed to say that I was a Hootie and the Blowfish fan, an American Idol fan, and people think I’m absolutely nuts for citing Dumb and Dumber as one of my top three movies of all time. But, that’s who I am. It’s perfectly okay to be your own weird self and to inject your own unique spirit into your business, especially if you’re in your teens or 20s. You’re not going to be young forever. Just do you. Be you. What that means is don’t pretend to be something you’re not.

Ultimately, you’ll enjoy your work much more if you attract the kinds of customers and partners that want to work with you for who you are, quirks and all. Send the people who only want to work with androids to your corporate competitors. They deserve each other. You need people to build your business. You really need to understand this. You do need people to build your business, but you don’t need any one person. Be yourself. It’s their loss if they say no to you, your product, or service. Do business with those that say yes, yes to your products. Those are the people you want to do business with. Yes to your service and, most of all, yes to you. Being self-employed is a whole lot more fun in this realm.

Okay, big mistake number 10’s got a couple of parts to it. Essentially, it’s not having a plan. In this first part, beacon of your business plan and marketing plan, specifically, failing to focus on value creation within the plan. Now, it’s easy to fall into the trap, particularly in the beginning, of thinking that the purpose of a business is to make money, but the real purpose of a business is to create value. While it’s possible to make money in the short run without creating much value, in the long run, it’s completely unsustainable. I mean, even criminal organizations have to create value for someone at some point, and if you come to a point when you know your business is just sucking value away from others without providing anything in return, it’s going to erode your self-esteem, and the business won’t be too much fun, nor will it be around very long.

So, why does your business exist? What problem is it solving for people? Those are questions you should ask yourself before taking the leap, and the answers to those questions should be incorporated into your plan. Your business should exist to provide some sort of value, both for you and your customers. The better you understand what value you’re trying to provide, the better you’ll be able to focus.

Too often, business owners, they’re not clear on what value they’re trying to provide, they don’t even know what they’re doing. They just promote, and market stuff, and hope for the best. I mean, that’s a lousy, lousy business model. The world doesn’t need more selling or more stuff, but it always needs and wants genuine solutions to problems. That’s value, and that’s where you should direct your efforts. So, that’s the first part.

The second part of that is, no plan to implement a system and to remove yourself from the process to optimize your business. You know, all the value creation is essential to a sustainable business, it’s equally naive to assume you can simply focus on creating value and the rest will take care of itself. I mean, you may build a business that provides good value but loses money, or won’t run without you. As a self-employed person that intends to make the leap to a business owner, you need to find a way to deliver your value in a cost-effective manner, with, or without you running the business.

I mean, most likely your first attempt is going to be suboptimal. You’ll waste a lot of time, money, resources, trying to produce and deliver your value, and that’s okay though, you’re going to have to go through those growing pains. I mean, many businesses start out that way, just don’t let yours stay that way. And, once you have a particular business process in place pull it apart and re-optimize it from time to time, document each step in your business and create procedure lists. Look for ways to make it more efficient. I mean, can you get it done in less time at less cost? Can you do it less frequently? Can you outsource it?

Don’t fall into the trap of using archaic methods for doing routine tasks that could be automated, including inventory management, and billing, and accounting, or to processing, communications, marketing. If you find yourself doing these same repetitive tasks month after month, make sure you put some effort into optimizing them. Not optimizing is like throwing money out the window, like throwing money down the drain.

My music business, I mean, it would’ve never run without me. I mean, that was the last thing on my mind. I was the talent scout, the deal maker, the producer, the art department. I was the marketing department, the accounting department. I was in charge of the mail room. I mean, you name it, I had my hand in it. And looking back, so many of those tasks and responsibilities, they could’ve been delegated or outsourced had I known how, I mean, had someone just told me that I could. The only solution I was aware of was hiring employees, I mean, which seemed very expensive. The world of freelancers, and virtual assistants, and outsourcing were all in the realm of the knowledge that I didn’t know that I didn’t know, I didn’t even know the stuff existed.

Now, my real estate investing business and my internet business are completely different right now. I mean, I focus on doing what I do best and I delegate the rest. I would say, in the next six to 12 months I’ll have the option to take extended vacations with minimal impact, if any, to my income streams. I mean, had I implemented a plan like this the first time around I might not even have had the need to do over, so to speak, so don’t start your business without a plan. And within that plan, be specific on what problem you’re solving for your customer, how you’re going to solve it, and how you’re going to optimize and transform it into a system that works, with, or without you.

It takes significant effort to be self-employed, to build a successful business, but it’s also a tremendous growth experience. I know many people who have quit their jobs to run their own businesses, many of them didn’t do as well as they had hoped, but I don’t know too many that express regret for taking a shot. And, those that didn’t do so well, they’re preparing to go at it again. They’re going to begin a new life again because there’s simply no substitute for holding the reins of your own destiny, your future, a future getting paid to do what you would do for free.

So, those are the top 10 mistakes that self-employed rookies make, but there are so many others, it’s not just those 10, and I came up with two bonus mistakes. It sounded kind of funny, the 12 mistakes, so I called it the 10 mistakes, and here are two bonus mistakes. Bonus mistake number one; don’t fall into the trap of looking for the silver bullet. Don’t be on a pursuit or a mission to find the easy way, ’cause quite simply, there isn’t an easy way. Here’s your silver bullet, plan the work and work the plan, and don’t give up till you get there.

Bonus mistake number two; don’t fall into the trap of getting ready to get ready. I see this affects a lot of people, particularly making that initial transition from a day job to the world of self-employed to the world of starting their own business. They waste a lot of time getting ready to get ready. You know, within this podcast today I’ve proposed that you want to ready, aim, fire. But a lot of people, that’s ready, aim, and they never fire. And if you never fire nothing’s going to happen, and you’re going to find yourself right back at the job that you just left, if it’s still there, or maybe you’re going to find yourself back in one that’s even worse.

Don’t get trapped into the getting ready to get ready business, the office set-up business. Let’s order the stationery today, let’s get the fax machine working tomorrow. Let’s get our post office box set up, let’s go set up our LLC. All that stuff is important, but if you get into the business of setting up a business business, and not actually into the business of doing business, your time in the business world is going to be very short-lived, and you’re going to find yourself with a boss again.

So, here’s your homework assignment. Go to freedoover.com get your free copy of The 3 Pillars of Creating the Ultimate Do Over. What that’s going to do, it’s going to bridge the gap between today’s lesson and taking the next step becoming self-employed. Begin a new life by setting yourself up for success, don’t ignore this, it’s that important. So many people underestimate this, don’t ignore it.

If you’re moving forward in the world of being your own boss, you’ve decided that’s how to start over. You can’t afford to ignore this step, and it doesn’t matter what you’re up to in life, The 3 Pillars of Creating the Ultimate Do Over are universal, they are the foundation of success, they will enable you to live life to the fullest, and they are yours for free at freedoover.com.

That’s it for this episode. Coming up next week, now that you’re no longer a self-employed rookie, meaning you’re not going to make these rookie mistakes, what are going to do with all that money you’re going to make? I mean, that’s the reason we all want to be self-employed, anyway, isn’t it? The time freedom and the money freedom that accompanies being our own boss while we’re working our way to wealth, that’s what we’re after right?

Well, next week we’re going to go over a revolutionary way of thinking about wealth, a new way of creating wealth, wealth redefined if you will. I call it the new definition of wealth, and I’m going to show you how to start over and get to wealthy status. Meaning, being able to do what you want, when you want, where you want, and with you whom you want, regardless of expense.

I’m going to show you how to get there faster than you’ve ever thought possible. I mean, if they taught this in your senior year of high school most of you would probably already be wealthy, you might not even be listening to my voice right now. I mean, even if you’re still your 20s while you’re listening to this, it’s wealth accelerated. I mean, if you already have a plan to work the next 40 to 50 years as an employee, I mean, with this new definition of wealth, this new way of creating wealth, you can cut that in half very, very conservatively. And, it’s available to anybody, you’ll just have to shift your thinking a bit and alter your actions slightly. I think it’s loads easier than the traditional way of creating wealth. I guarantee it’s no more difficult than how you’re going about it right now.

I’ve got a couple of more spots in my Do Over Coaching Experiment, so going to the dooverguy.com/coaching to grab one of those last two spots. And, if you like what you heard today, and, or, if there is something that you’d like to hear more of as a begin a new life, please visit iTunes at your convenience and leave your comments and suggestions. Much, much appreciated. I am Matt, The Do Over Guy Theriault, and I will see you next time on Your Do Over.

Speaker 1: Thank you for tuning in to Your Do Over, where the ignored, underestimated and unknown steps to producing results and making life work are revealed. And remember, knowledge is potential power. Action; take action on what you learned today. This is not your learn over, it’s Your Do Over. To view the resources referenced in today’s show, and to retrieve a complete show transcript visit www.thedooverguy.com. Stay connected with Matt The Do Over Guy Theriault on Twitter @thedooverguy, and on Facebook at www.facebook.com/dooverguru.