My Top 3 Business Mistakes To Date

Everyone makes mistakes. Let's talk about some of the biggest I've made in my journey as a home service entrepreneur. It's not always easy to talk about our missteps, but I believe there's immense value in sharing these experiences and the lessons learned along the way. Here's my top three business mistakes to date and what I learned from each one along the way.

My Top 3 Business Mistakes So Far

I've had my fair share of blunders, especially when it comes to navigating the complexities of running a business. But each mistake has been a learning opportunity.

I hope you can learn from my mistakes and save yourself millions.

Mistake #1: Putting Cost Savings First

One of the most significant errors I made was adopting a cost-saving first philosophy. Back in 2020, we decided to move our entire call center operations to the Philippines in pursuit of reducing expenses.

It seemed like a brilliant idea at the time, but it turned out to be a disaster.

What It Cost Us:

• We neglected the skill development required to run a remote call center effectively.
• We sacrificed customer service quality, leading to reputation harm and revenue loss.
• It took years to unwind the decision and rebuild our call center capabilities in-house.

Mistake #2: Multi-Location Expansion Too Soon

I talk to a lot of people who want to do this… and I always tell them it’s a huge mistake. It’s completely unnecessary and you should just have your team drive.

I wish I didn’t expand into multiple locations prematurely. I was driven by a misguided belief that we were reaching the limit of our market potential, and we ventured into multi-location operations.

Looking back, if I would have just consolidated to one location, I think we would be about $10M ahead of where we are today.

What It Cost Us:

• It added unnecessary complexity and drive time.
• We lost tons focus and wasted resources.
• We missed out on significant revenue opportunities by diverting attention from core strategies.

Mistake #3: Prioritizing Cost Over Competence in Accounting

A recurring mistake I made was prioritizing cost savings over competence, especially in crucial areas like accounting. By continually opting for cheaper options, I failed to recognize the importance of having the right person in charge.

What It Cost Us:

• This had costly consequences, including financial losses and reputation damage.
• Highlighted the significance of investing in competent professionals for critical functions.
• Learned the hard way that cutting corners in essential areas can have severe repercussions.

The Takeaways From Mistakes

• Value Skill Development: Investing in skill development and expertise is crucial for sustainable growth.
  
• Focus on Core Strategies: Avoid distractions and stay focused on core strategies that drive revenue and value.
  
• Invest in Competence: Prioritize competence over cost savings, especially in critical areas like accounting.
  
• Embrace Growth Mindset: Embrace a growth mindset and view mistakes as opportunities for learning and improvement.

I've also talked about that scaling process over on the YouTube channel recently, so check that out if you want more.

I Hope you can learn from my mistakes as you continue to scale your home service businesses.

Get more Owned and Operated on YouTube, on Twitter, or with our weekly newsletter.