525,600 minutes! That’s how much time is in 1 year. I could have used twice that amount as I was getting Thorium up off the ground. I can’t believe it has already been a year! What a wild and crazy ride it has been but I have survived year number 1. It has not been without its opportunities, excitement, and challenges and upon reflection I now understand so many of the business lessons I had read in books or heard from other experienced entrepreneurs. I understand them now because I have lived so many of them. In honor of that I am going to share 7 lessons I have learned during this first year of independence.
- A Comfortable Desk Chair is PricelessUnfortunately I made the mistake of purchasing a less expensive chair for my desk. Boy was that a big mistake. After a few months of discomfort I finally broke down and spent the proper amount for a very good desk chair. My back and butt thank me every day I sit at my computer.
- Be careful with internet purchases.The internet is an amazing thing. Probably the greatest achievement any of us will see in our lifetimes. The problem for me is it was way too easy to make an impulse purchase like dual desk monitors because they were a great price and would make me more efficient. I can count one hand the number of times I have had both monitors on. The lesson is to fully evaluate every purchase in your first year in business.
- Social Media is an investment not a time drainSocial media (like facebook and twitter) are fairly uncharted territory in my profession. The large investment firms are scared to death of it. I have found it liberating and an exciting place to share my company and knowledge with a large group of people that never would have heard of me without it.
- I love to write.Who knew that people would actually read what I had to say but what started as a simple place where I wanted to share my knowledge has turned into an evolution of a writer and business. I thought I might post once or twice a month. To my astonishment I had 42 posts on a wide array of topics and even better people are reading it. My last few posts have topped 100 readers.
- You need a good CPAI deal with taxes regularly and probably could have done my taxes myself but that would not have been the best use of my time. I also found that the CPA was able to help me save on some taxes. If you are thinking about starting a business I recommend hiring a good CPA. It will be worth the investment. It saved me a headache and a little money.
- Prospecting is hardI was fortunate that almost all of my clients came with me when I ventured out on my own. What has amazed me is how hard it has been to prospect new clients. I have been fortunate to receive some from referrals during this year that have turned into new clients. But I forgot how long it takes to go from meeting to client.
- Make sure you have supportGoing out on your own is hard. There were many days I questioned my sanity and wanted to go back to my corporate job. After being a parent this has been the hardest thing I have ever done in my life. Creating something out of nothing is a challenge. It takes more than a great idea, vision, hard work and luck. I am so thankful for all the support I have gotten this year from my wife, kids, friends and family. I would not be here without them cheering me on, kicking me in the tail, and picking me up when I got knocked down.
I am excited to see what the next 525,600 minutes hold for Thorium Wealth Management, my clients and me. If it is anything like the last year it is going to be a really big fun ride.
Peter Huminski, AWMA
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.