1. 1 - Lack of Vision
There is nothing wrong with being accused of being overly ambitious or too positive but don’t ever allow yourself to be accused of lacking vision. Nothing good can come of that, however if you have a clear vision of where you are headed then in turn you can create a clear plan. Put simply, If you don’t know where your going (vision) how will you ever know if you’ve arrived (the plan).
2. 2 - No Business Plan
So we’ve covered that you need to have a clear vision of where it is you want to go (the vision) and now you have to create a concise plan of how you are going to get there. There’s no use in just telling people about it or writing down bullet points. You need to sit and work on a plan that details every little thing leaving no room for ambiguity.
3. 3 - If I build It They Will Come
I am sure we have all been guilty of feeling like we have a great product and assuming that everyone else will agree and flood us with orders. Unfortunately it’s not as simple as that. As it happens there are many others who think likewise and we have to figure out a way to rise above the crowd and entice our customers. We have to work hard to draw business and that is a skill in itself.
4. 4 - Not Understanding Cashflow
This point cannot be stressed enough. Not only do you have to have an understanding but you need to have a plan of how you will use your money. Don’t fall into the illusion that by spending lots of money you will create lots of money. Be smart with your purchases and your investments and always seek advice from skilled financial advisors.
5. 5 - Falling Out With Partners
It’s a tough topic but one that has to be addressed. It’s human nature that when we are involved in something that is precious to us that we can be protective and defensive. That combined with working with people we are familiar with can lead to disagreements and sadly, serious fall outs. Here we are going to cover how we can avoid that and stay on good terms with our business partners at all times.
6. 6 - Burning Capital
It’s a real discipline knowing what to do with our hard earned capital and not just going out and buying shiny new things. We have to put our business head on and look at the long term. Ask the hard questions like…What benefit will this purchase bring to the business and when will I see the revenue it creates?
7. 7 - Not Being Able To Sell
Many of us can create a great product and have nice website’s and have all the greatest ideas but unless we put ourselves out there and sell it, it will be nothing more than that. We need to go out of our comfort zones and expand them. Stretch and learn and develop new and vital skills. Learning by doing is the key. No success has ever been acheived without stretching the boundaries of your comfort zone!
8. 8 - Avoiding Difficult Tasks
We all have things we are stronger at and things we are not so keen, which we naturally push to the bottom of the pile. Unfortunately often those are the things that are most important and are vital for growth and success. Get into the habit and turning those tasks into your breakfast and getting them out of the way so that your day can only get better.
9. 9 - Thinking It Will Be Easy
With the amount of books, coaches, websites and so on dedicated to helping people develop their businesses we can quickly assume that it must or could be easy. Given the amount of resources surely all we have to do is sign up to the right formula and we’re on our way to success? Wrong! Unfortunately it takes a lot of application, organising and commitment. The question is…how much do you want it?
10. 10 - Not Taking the Leap of Faith
We can do all the planning in the world, save up as much capital as it takes, make the nicest flyers and websites, but at some point we have to commit. We have to take the plunge and enter the world of competitive business. There is no guarantee of success but this is the risk we take for what we hold dear. A wise person once said “There is only one thing that makes a dream impossible to achieve; the fear of failure”. Don’t let that be You!!
In this pro tutorial David Brice (Director and co-founder of CakeFlix) takes us through 10 common mistakes that business owners make and how to avoid them. It can be difficult admitting where you fall short but this is the beginning of putting yourself back on the road to success and should be approached with excitement. It’s also difficult to look at your business in an objective manner and so David is here to do it for us and show us not only what we might be doing wrong but how to avoid and correct it all taken from his own experiences.
Whether you are just starting out or have been in business for years and find yourself in a rut this pro tutorial is for you. Watch with an open mind and understand that we only want the best for you. We would also love to hear back from you and here the stories of your trials and tribulations and how you overcame them. Let’s treat this as a chance to all share our knowledge and help each other out.
David Brice
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Thank you so much for these timely reminders to do with the business side of things – I will absolutely get cracking with my accounts now lol!
I’d also like to say that breaking up each point into its own mini-lesson works a treat for me, much better than having one larger video lesson of up to 15 minutes. Thanks again, Delphine
Thanks Delphine, Glad it helped. We are working on having the Pro lessons in shorter bites as it can be quite dull just being spoken to for 15 mins at a time. There´s research that shows the optimum learning time when only listening is 8-10 mins 🙂
I have just taken my leap of faith, up until now I have just done a few cakes, mainly for friends and colleagues, but I resigned from my teaching post so that I can concentrate on my cake business. When we break up for summer that’s it! Scary not having my teachers salary, but I’m also looking forward to working for myself, oh and cake’s not being able to talk back 😉
Thanks for the tips and advice.
Niki
Great Niki. You won’t regret it. Lots of hard work and exciting times ahead, but it will be worth it, especially as you say that cakes don’t talk back 🙂
Thanks David, this is really helpful! This is my first time of watching your videos. They’re are short and precise, good job. I just opened my own cake shop and I am already struggling with my accounts. How and where can I download the cash flow plan template?
Thanks Adeola. I’ve emailed you over the Cashflow Template but please let me know if you have any questions at all with this.
We are in the process of renewing the Pro Membership layout so it will be a lot easier to find the downloads in future.
Kind regards
David
These lessons are fantastic to watch, very motivating and in clear, concise and easily digestible chunks. Just what I needed at the start of my business and the extra kick up the ‘you know what’ that’s required! I’m now going to give up the part time job I thought I needed to bring in a few pennies while my business got going, and just concentrate on my business and no-one else’s!
That´s brilliant news Leigh 🙂
The bravest thing is making the decision. It will be hard work, tough at times and other times you´ll think ´will this ever work´, but with passion and a plan you´ll get there and the rewards both emotionally and financially can be immense.
Kind regards
David
Hi, these are great thank you. Am I missing where the Cashflow Planning Sheet is that is mentioned in #4 ? :-)Thanks
Ah sorry I’ve just seen your reply to Adeola, is it possible to download this now? Thanks you 🙂
hi Georgeaton,
The cashflow sheet should be with you now. Let me know if you have any questions at all.
Kind regards
David
Hi David.
Thanks for this course, it smacks of common sense, things we know but put into bitesize chunks. I will be review this course often to remind me . My circumstance doesn’t allow me to get out and about, however there are plenty of action points in this for me. Thank you for your clear advice. I can’t see the cashflow download… please send a link.
hi Geraldine,
I´ve sent the Cashflow forecast sheet over by e-mail and have been assured that it will be on the site today 🙂
Kind regards, David
Hi David, thanks for covering this topice. Very enlightening and I must admit, I am one of those no-plan-offenders… oppps! But to be honest I wouldn’t know where to start! Would also love to see the cashflow download – this could be very helpful, especially as I am always being told to use an online tool (something like Intuit). Thanks again. Kate
Thanks for your kind feedback. I´ve sent the downloads via email and added the relevant ones to the page now. Let me know if you have any questions at all on any of them. Kind regards David
Hi David, taking a leap of faith and going in to business is a very scary business, which I found out when I did it back in 2013, especially with a young family, and the worries of supporting your family financially, but at the same time,not allowing it to take over your life which I made the mistake of doing in the beginning, these tutorials that yourself and Paul have done, has helped in so many ways, from teaching me new skills and design’s helping me grow my business, to important business advice to stop me making fundamental mistakes in running a business, doing this from home and by yourself it very hard, as you have no one to discuss problems with, or ask for advice, but having the opportunity to ask yourself and Paul for advice through pro membership is such a helpfully tool in keeping me on the correct path, and my business moving forward in the right direction, you are both such an inspiration, so thank you from the bottom of my heart for taking the time to make these helpful tutorials and for keeping me sane lol.
hi Julie,
What a lovely message. We have both sat and read this together and has us both emotional 🙂 It was always our intention to help businesses grow by avoiding some of the things we did wrong and benefiting from those that we know worked. We were lucky to have each other as support and Paul´s strengths were my weaknesses and vice versa so effectively we had a strong left and right brain. just in two different heads lol. Most people have a stronger balance in one side or the other and our aim is to help support the less favoured side through as much help and support as we can. I know we´re in business too and while profit always needs to be the key factor getting feedback like this makes it all the more worthwhile and enjoyable so thanks for taking the time to leave your comment. You always know where we are if you have any questions at all. Kind regards, David
Aww thanks for your kind response that’s means a lot, and hopefully I will get the opportunity to attend one of Paul’s courses someday, I look forward to more fantastic online tutorials to come.?
Hi David, I am about to take the jump and leave a supposedly well paid job which I don’t like. Would love you to send me the cash flow template please.
Also can I also say thank you for the brilliant tutorials. They are extremely helpful. I first watched Paul do a designer handbag demonstration at cake international years ago and have been saying to myself since, “when I grow up I want to be that confident”.
Thank you for your kind words. I´ve sent the Cashflow template over by email so hopefully it should be with you now.
We are working on an integrated Excel (or similar) sheets for all our Pro members to use as well as a number of new calculators so hopefully that will help going forward.
It´s amazing how confident Paul came across during his demonstration, while inside he was extremely nervous, but the more he was able to overcome his nerves that´s when his confidence grew. He still gets nervous before any public event, but I believe if you don´t have some nerves then you don´t care enough. Glad you enjoyed the tutorial 🙂