I run a tiny bakery and was drowning in custom orders. Another owner told me: 'Raise your prices until you lose 20% of your customers. If you don't lose any, you're too cheap.' Sounded insane but I did it and my week is finally manageable. Curious what advice stuck with the rest of you.
advice
The most useful advice another small business owner gave me
A guy who ran a hardware store for 30 years told me to stop answ ering emails after 6pm. 'The building doesn't burn down because you didn't reply until morning.' Took me a year to actually do it but he was right.
My old landlord (also a small biz owner) said 'never hire someone you can't fire.' Learned the hard way with a family member.
Someone told me to charge for the consultation. My accountant said I was giving away free advice for years.
That's a good one. Did you feel awkward asking for money upfront? I struggle with that.
First three times, yeah. Then a client showed up 25 min late to a free consult and I decided I was done being a charity.
Not exactly advice, but a guy at a trade show once told me: 'Your business isn't your baby. It's a machine. Babies grow up and leave. Machines need maintenance.' I still think about that when I avoid doing routine stuff.
The machine thing is weirdly comforting. My oven breaks every six months so I guess I'm a mechanic now.
You're not a mechanic, you're a baker who should've bought a warranty.
Honestly, the best advice I got was simpler: 'Write it down.' Every time I ignore that and think I'll remember, I forget and double-order flour or miss a supplier deadline.
Mine said 'fire customers who cost more than they pay.' Sounds obvious but I had this one guy who returned half his order every month and argued for an hojr. Dropped him. Sales didn't even dip.
I'm still scared to drop a baad client. What if the next month is slow and I regret it?
That Fear is exactly why the bad client has power. Set a date and do it.