• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Life By Dylan

Lifestyle, Business and Travel Blog

  • Home
  • About Dylan
  • Categories
    • Business
    • Life
    • Travel
    • Home
      • Smart Home
    • Fashion
  • Shop
  • Contact
  • Lee’s Blog

5 Lessons Learned From Starting My Own Business (Part 1 of 2)

by

Austin TX Lexus GS FWhen it comes to starting a business, experience is the best teacher.  There are too many lessons to learn than can be taught in a book.  I happen to really enjoy creating new companies.  My shortest lasted a few months, and my oldest has now been running for over 12 years.  Regardless of whether each business was successful, they each taught me at least one valuable lesson.  Here are 5 of my top pieces of advice for anyone looking to start their own company.

Pick Your Partners Wisely

Who you choose to go into business with can be a lifelong decision.  Don’t be quick to bring anyone into an equity stake of your business.  Take your time even if they’re exactly who you need on your team, and it seems like a no brainer.  I recommend talking to at least 3 different people who have worked with them in the past, before making a decision.

Hire Slow, Fire Fast

Making a quick decision to hire someone, because you need their skills immediately can SIGNIFICANTLY set your company back, especially when your company still has less than 5 employees.  Then if they turn out to be the wrong fit, not only can they cause missed deadlines, they can also drag down moral with your other hires. 

With that in mind, if you see someone not working out, move quickly to replace them.  Many people hang on to trouble or under-performing employees, because they think they are “good enough for now.”  Don’t.  You’re showing the rest of your team that these are the standards that are acceptable.

Be Ready To Switch Directions Quickly

Did you know many investors aren’t investing in businesses? Their investing in the team.  Most plans don’t survive exposure to real-world conditions, but by backing a good team, they are hoping they’re good enough to find the right path to success.  If you’re starting to gain traction in a new area of the business, don’t be afraid to dive in.  There are a lot of famous companies that owe their success to their pivot.

Don’t Get Stuck in a SLB

What does SLB stand for? Shitty Little Business.  An SLB is a business that barely produces enough money to cover the salary of the owner who is working in the business.  I’ve seen many owners who went into business without a solid plan of growth, and because it doesn’t produce enough revenue, the owner is stuck putting in grueling hours just to keep it afloat. A business is only going to grow if the owner can spend time working ON the business, which means he or she can’t constantly be working IN the business.

Create a Financial Plan

How do you avoid getting stuck in a SLB?  A good financial plan.  I can’t tell you how many times I thought I had a great idea to improve the profitability of a business to only find it didn’t make sense once I ran the numbers.  I like to build really complex financial plans before investing much of my money into a business, but that isn’t even necessary to quickly understand if an idea has merit. You can always do some quick “back of a napkin” calculations.

Example: I want to start a car detailing business, and I want to make at least $100,000 per year in profit.  Ok, so I’ll start with one employee. 

An employee could detail 3 cars per day, and I can charge $150 per detail. 

Ok, so that brings in $450 a day x 5 days a week = $2250. 

Assuming 50 weeks of working with 2 week vacation, that means the company could bring in $112,500 of revenue per year. 

For expenses, I have to pay the employee $50,000 per year, an estimated $10 per car in supplies x 750 cars = $7500,  $1000 per month in rent = $12,000, $15,000 in annual marketing, and $10,000 in extra buffer expenses for a total of  $94,500 in expenses.

$225,000 in revenue – $94,500 in expenses = $18,000 in profit.

Now I know that was some quick math, and there are going to be some other built in costs and issues such as only have one employee handling all the work – what happens when they quit – or the small probability I could get 3 cars every single day to come through, but that’s not the point of the exercise. It’s simply to quickly see if the numbers even make sense, and they don’t

If we repeated the same example but instead of detailing cars we decided to detail private jets at $500 a piece and only did two per week day, we’d now be looking at $250,000 in revenue, which could make it work. 

 

I hope these lessons can help you avoid many of the mistakes I’ve made,  I couldn’t fit all the lessons I learned in one article, so I’ll be following up with another next week.

 

Save

Save

Save

Filed Under: Business, Entrepreneurship Tagged With: Business Tips, Start Your Own Company

Previous Post: « 14 Tips To Get Better Sleep
Next Post: 5 More Lessons Learned From Starting My Own Business (Part 2 of 2) »

Reader Interactions

Comments

  1. Dawn Darnell says

    March 3, 2017 at 12:41 pm

    These points is so helpful A good plan is so beneficial in the long run. Thank you for sharing.

  2. Lauryn Hock says

    March 3, 2017 at 1:51 pm

    I couldn’t agree more with the pick your partners wisely advice! This is something that should take HUGE deliberation.

    xo, Lauryn
    Lauryncakes

  3. Kelsey says

    March 3, 2017 at 2:30 pm

    These are such great tips! Thanks so much for sharing, I’m definitely saving this!

    xo Kelsey | http://www.chasingcinderellablog.com

  4. Melissa says

    March 3, 2017 at 7:39 pm

    So many great tips. I need to start applying some of them to my business.

    http://www.MelissaTakesFashion.com

  5. Tristan Dennington says

    March 3, 2017 at 9:05 pm

    Loving all these tips – especially the financial plan. Gotta get that one in order!

    -Tristan
    http://www.thepolishedposy.com

  6. Jenna says

    March 3, 2017 at 10:10 pm

    Such interesting tips!

  7. annaefox01 says

    March 5, 2017 at 11:49 am

    Such an informative post Dylan! I look forward to reading #2!

  8. Nicole Leffew says

    March 5, 2017 at 12:00 pm

    Great post! My husband would love this!

  9. Amanda Kruse says

    March 5, 2017 at 1:23 pm

    These are all great tips for those wanting to start a business!

    xx,
    Amanda || http://www.fortheloveofglitter.com

  10. Shelby Back says

    March 6, 2017 at 11:59 am

    These are amazing tips!

    xo!
    Shelby
    http://www.glitterandgingham.com

  11. KatWalkSF says

    March 7, 2017 at 9:18 am

    So many great lessons here!
    Thanks for sharing!

    -Kat
    http://www.katwalksf.com/

Primary Sidebar

  • Email
  • Instagram
  • Twitter

Life By Dylan Email

subscribe for email updates!

Tesla Model X Falcon Doors Open

13 Things You Don’t Know About The Tesla Model X

Honda MIIMO HRM 520

Mow Your Lawn without leaving your couch

Samsung Smart Hub Fridge

Samsung Smart Hub Fridge – Best Features

Dylan and Noah with Schlage Encode wifi lock

My Top 3 Smart Home Security Devices

Categories

Archives

  • Email
  • Instagram
  • Twitter

Footer

Our garage is one of our favorite places to hang o Our garage is one of our favorite places to hang out on the blazing summer days. We bought the house while it was still being built, so we had no idea just how big the garage was going to be. #Ad #TargetPartner
Once we saw it, we realized it would be much more fun to convert it into a rec room instead of just parking our cars in it. The latest addition has been an @Xbox. We got Xbox All Access from @Target , which got us an Xbox along with 100’s of games. Our kids are pretty new to gaming, so it was awesome, because there was no upfront cost, we get to keep the Xbox, and they can try out a bunch of games instead of me having to buy a bunch of different ones. Noah keeps changing his mind about which game is his favorite, from Forza to Minecraft, and now it’s Craftopia, so it’s already saving money 😂
#TargetPartner #xboxallaccess #xbox
#LTKmens #LTKkids #LTKfamily 

https://liketk.it/3LOFH
I’m trying to make our Florida house as easy to I’m trying to make our Florida house as easy to take care of as possible, so I bought a bunch of different smart home devices to help with the cleaning, lawn, thermostats, water leaks, lights, etc. This is the third house we’ve done this with, so we’re starting to finally figure out what works and what isn’t worth it. Check out my stories for our recommendations and to get links. #smarthome #florida #homeimprovement
It’s already heating up here in Texas, so we’v It’s already heating up here in Texas, so we’ve been splitting out time between the pool and the couch 😂 # ad. I’m always looking for things that both the kids and I both enjoy, so we naturally end up spending more time together. 
We signed up for Xbox All Access a couple months ago from @Target, and what’s nice about it is that you get a @Xbox as well as access to 100+ games for a just monthly price with no upfront cost, and it ends up being a good deal. It works out especially well for us, because Noah and Emma like very different types of games, so instead of us having to buy lots of games, there are over 100 already included for them to play.  It’s currently only available for purchase online, so I’ll link it in my stories. #TargetPartner #xboxallaccess #xbox 
https://liketk.it/3Inta
Father’s Day is about celebrating fathers, but I Father’s Day is about celebrating fathers, but I wanted to share appreciation for @LeeAnneBenjamin who gave me the privilege of being a father. Before I met Lee, my young, naive plan was that I wouldn’t be married until I was 30 and definitely wouldn’t be having children until I was at least 35. 
I was married to work and the idea of creating companies and wealth. I didn’t think I had time for both. 
Then Lee came along. I had no idea when I met her, but it was the luckiest moment of my life. I couldn’t dream of ending up with anyone better.  If there is such a thing as soulmates, I found mine. 
We’ve been together 17 years, almost half my life. And I couldn’t imagine my life without her. 
She’s the reason I get to be the father of two kids I’m obsessed with, and for that I’ll be forever grateful.
Happy Father’s Day!
We decided to have some fun this morning! The kids We decided to have some fun this morning! The kids have been getting into some games lately, so I thought we’d set it up all outside, because… why not! # ad 
We recently signed up for #xboxallaccess at @Target, where for a monthly price we got an Xbox Series X and access to hundreds of games. It’s been awesome for us because there are a ton of different games to try out. Noah seems to be into the racing and Minecraft games, while Emma’s been enjoying Paw Patrol 
Check out my stories to see what I’m talking about.

#TargetPartner #xboxallaccess #xbox @xbox 
#liketkit #LTKmens #LTKkids #LTKfamily
@shop.ltk
https://liketk.it/3GTA1
What's your favorite thing to cook on your grill? What's your favorite thing to cook on your grill? We go through a lot of burgers, but I love cooking thick ribeyes. If you can get enough heat on them for a good sear, I'm convinced there's nothing better. When we customized our new outdoor kitchen from @RTAOutdoorliving , we put in a grill from @coyoteoutdoor that has an infrared searing burner that IS AWESOME. Excited to share more details of our outdoor kitchen with you guys on stories. Lee's favorite part of the kitchen are the Corian Endura countertops from @coriandesign. Check out my stories for a video of some sweet sweet grilling action 😂
This week as part of @LeeAnneBenjamin 's and my go This week as part of @LeeAnneBenjamin 's and my goal to teach out kids something new or give them a unique experience every week this year, we're building @Lego Technic cars from @Target #Ad. I thought Noah would really be into them, but I was surprised by just how obsessed Emma has been with them too. They take a few days to make, so we've been doing a little bit most mornings or evenings. @Target has a bunch of different ones, and even has an exclusive on some of them like the green Mustang we're building, which is one of the less expensive ones. It's been an awesome way to get some good one on one time with both our kids. Check out my stories for more info and some links. #TargetPartner #TargetStyle 

Follow my shop @dylanbenjam on the @shop.LTK app to shop this post and get my exclusive app-only content!

#liketkit #LTKunder50 #LTKkids #LTKfamily
@shop.ltk
https://liketk.it/3DBQt
We’ve got a new project! I want to get the kids We’ve got a new project! I want to get the kids out fishing on the lake, but the boat slips here are either on a waitlist or too expensive to be worth it. Instead we’re going to transform this one into something we can drop in the water ourselves and spend less than we would on an annual boat slip. 
It’s not as big of a project as some we’ve done in the last, but this one should get done quickly. 
I’ve got a lot of ideas of what to add to it so we can have “Champaign taste on a beer budget.”
First up is a motor we can drive by a remote and eliminates the need for an anchor by using GPS. Check out my stories for more info

#fishingboat #fishing #smallboats #smarthomes #austinblogger #smarthometech #austintx #guyswithlonghair #casualman #styleoftheday #mensfashion
Spring's finally here, so we've finally been able Spring's finally here, so we've finally been able to get back outside. We've made a lot of changes to our backyard and are excited to share it all. One of our kids favorites is definitely the outdoor ping pong table from @Ledgelounger. It's made from high-quality resin just like their signature chairs, so it's going to stand up to just about anything the weather is going to throw at it, so we can simply enjoy it. Check out @leeannebenjamin 's stories for more info. #ad
We’re buying this house in Florida and Noah and We’re buying this house in Florida and Noah and Emma still don’t know :)
If you haven’t been following along on @leeannebenjamin ‘s stories, we’ve been looking for a Florida home for quite a while. 
In this crazy real estate market, even if you put an offer in a house above asking the asking price, there is a good chance you won’t get it. 
We had our offer accepted on this one a couple days ago, and today was the first time we got to see it in person. I shared a walkthrough of the house on @leeannebenjamin ‘s stories, so you can see more there. 
I’m super excited to let the kids know, but we’re going to wait until the closing is done, so we can bring them both to Florida and surprise them! I can’t wait to see their faces!

#newhouse #florida #smarthomes #austinblogger #smarthometech #austintx #guyswithlonghair #menwithstyle #mensfashiontips #casualman #styleoftheday #mensfashion
Happy Tuesday guys! Thanks for the love on my unde Happy Tuesday guys! Thanks for the love on my underwater shenanigans. Let me know what I should do next! Wearing this comfortable slub crew neck sweatshirt & my favorite pair of @express jeans today. The weather is finally cooling off enough in Austin! Linking this outfit from @express today with http://liketk.it/3nFNb

#ExpressPartner #liketkit #LTKmens #LTKstyletip #LTKunder100
@shop.ltk
Did I redeem myself @leeannebenjamin ? Did I redeem myself @leeannebenjamin ?
I liked the @Denizen jeans so much, we got some fo I liked the @Denizen jeans so much, we got some for Noah too. Can you guess if he likes them? 😂
They have some added stretch to them that makes them comfortable all day, even for a kid as active as Noah.
The Boys' Skinny Fit jeans he's wearing are only $19 and my 216 Slim Fit jeans are only $29. Check out my stories for the links. #ad #denizenyourway
When I wear jeans, I never sacrifice comfort. Thes When I wear jeans, I never sacrifice comfort. These Men's 216 Slim Fit Straight Knit from @denizen are only $29! The soft knit fabric makes it feel like it would cost so much more! They have just enough stretch to keep them comfortable all day and a skinny without being too skinny. Check out more and where you can find your @denizen in my stories! #denizenyourway #ad

Copyright © 2025 · Life By Dylan

  • Home
  • About Dylan
  • Categories
    • Business
    • Life
    • Travel
    • Home
      • Smart Home
    • Fashion
  • Shop
  • Contact
  • Lee’s Blog
 

Loading Comments...