I’m thinking of the type of thing you wished you knew sooner. But if you have other advice, please share!
I’m a couple months (officially) into running a videography business and would love to use this post to share and help each other.
My Advice: I was into videography and doing it as a side hustle for almost a year but kept delaying registering myself as a business. If I could go back, I’d do that sooner.
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Just keep at it. It doesn’t have to be profitable in the beginning but if you enjoy it, you will excel in it.
Get an accountant.
Keep your business bank account separate from your personal bank account.
80% of small businesses close within a couple of years. If that happens, try not to take it personally, it happens to most.
Sometimes, saying “no” to an opportunity is necessary to give you the chance to say “yes” to a better opportunity that comes later.
That last part is tricky, after all there’s also a saying “a bird in the hand is worth two in the bush”, it’s a balancing act.
For example most of my business comes from repeat business customers and it’s definitely underpaid compared to what I can get in different niches, but on the other hand I get regular jobs from it. My colleagues focusing on the better paying niches are always hunting for the next gig and don’t know where the money will come from next month.
I have a few things.
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Know when to fire customers
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Know where the money is coming from. Hope can’t pay bills
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Hire only good people for your core staff
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Learn the basics of financial accounting, even if you employ an accountant.
Register your company and brand in some tax haven. Have a subsidiary “rent” the brand for the amount of income you make, so you have no tax to pay.
Do not do this. It is illegal. But starbucks and other companies do
Donald?
Not me, but I heard a good line from a sign maker.
They said consult the local sign maker. That person knows a ton about businesses opening and closing, and which locations are cursed.
Pay your damn employees
Business owner or not, always salt your pasta water.
But which salt? I use a mixture of Arabian Sea salt and Himalayan rock salt. Some people like using salt sourced from Atlantic Ocean, as it is considered to be saltier than salts of other oceans.
Mono sodium glutamate
I don’t use that in pasta water. I add it when adding sauce, though.
Potentially unpopular but I don’t think it matters for pasta water.
I’m not that deep into salts but I keep a few on hand. The standard diamond crystal/maldon for cooking, as well as an unrefined sea salt for the same purpose. The standards are standard for a reason and they’re more than enough for my non-chef preferences, these and a random sea salt for the grinder are what I use 90% of the time.
I like fleur de sel or flor de sal for finishing, though I can’t tell the difference between the two (I believe it is region, but my palate is far from capable of differentiating much). I have a sel gris that came with a salt set that is meant to be used as a finisher, but fleur de sel is more popular and thus easier to restock. I use black Hawaiian salt as a finisher for Hawaiian dishes. The black salt, unrefined, and fleur de sel are good for eating the salt alone which is a guilty pleasure.
I’m actually pretty surprised to hear that some prefer saltier salt. The chefs I have asked like lower sodium and higher mineral contents because they have more flavor. That said both tabelog gold/*** sushi chefs I’ve asked heat the salt to remove moisture, which then increases saltiness by volume, so I guess I’m not that surprised. I do this for sushi rice for authenticity but like I said, my palate is solidly mid and I can’t tell.
What do you like those salts for? I’m not really a salt enthusiast and just use what has been suggested by the chefs I like. Don’t think I’ve heard of Arabian Sea salt and I’ve never used Himalayan myself, but I’m very much interested!
I thought maldon salt was a finishing salt, with the shape adding to the texture and flavour of the salt. Am i wrong?
Sorry for late response! I think it’s mostly commonly noticeable as a finishing salt but it’s a pretty good salt in general.
So! I’m not an expert and here’s just my thinking. Salts have different flavors and the worldwide distribution of Maldon makes it easy to reach for when you need a flavoring salt for cooking. It has good flavor and will always suffice as a sea salt in recipes.
I have a lot of recipes I personally got from chefs. Super easy, you need only ask and they’re always willing to share the exact recipe. But unless they’re real specific, you get ingredients and not the exact brand of salt. And because it’s basically impossible to track down which [potentially local] salt they use, you’ll have to use what’s on hand and hope for the best— and that’s unlikely to go wrong with Maldon or diamond crystal.
They’re the standards for a reason, and I’m pretty that reason is consistency and availability. I’ve seen online that people will use a random granulated salt and it will either be too salty or taste off. I’ve also had chefs specifically note that they use Maldon for said recipe, so it’s a safe bet. Even when I know they used some difficult to acquire local salt, Maldon is good enough.
In India, Arabian Sea salt is the most common option. People following Satvik diet (on some days) use any rock salt, and Himalayan Rock salt is another common option in my area. It has lower sodium, so some people also use it for health purpose. It is pink in colour.
I also use Black Salt (I don’t know its source) when I have to eat fruits. It has a slightly sour flavour and some vegans use it to give their dishes “egg” like taste.
Interesting, I’ll see if I can find Arabian Sea salt here. Sometimes I think I can tell the difference between regional sea salts but it might also just be placebo. The Himalayan one too because it’s pink.
I’m pretty sure color why they use the Hawaiian black salt but it does taste different. I’m quite fond of it. Looks like ours are similar in that they (probably?) derive their color from charcoal. Wikipedia says Indian black salt has a sulfurous taste and smell— that’s definitely new to me and explains the egg flavor. Sulfur isn’t hugely loved here but some traditionally “unwanted” flavors can make for great dishes, and some people online indicated they like it for acidic or Indian foods. Can’t lie, this is extremely interesting, I hope a store nearby has some. If not I’ll order online.
This will probably be the neatest thing I learn about today. Damn I love salt, now I do want to get into recreational salt tasting
Is this original? That was a delightful read the whole way through, perfect tone and pacing.
Don’t start a business without a plan to handle all the stuff that is not your product.
If you are good at whatever your product is you are not automatically good at building and leading an enterprise (a company), and that may destroy your ambitions… In other words: Even if you have a very promising product you may fail due to completely unrelated organisational hassles because starting a business will drag you into processes that will drain ressources and your brain for completely different stuff, be it financial, legal, hiring and firing staff, customers (customers…), renting, ordering, offering, paper works, ecology and what not.
This shit can and will hurt, in the core meaning of the word, if you are not prepared.
Yep this is the reality. I was a small business owner before when I was young and I was decent at what I did but I had no idea of the realities of running a business. I did 10 years in corporate before starting another one and it’s night and day because I now have way more business context and can breeze through all the side tasks with an understanding of how successful businesses are actually run.
The less shits you give trying to “be a real business” the better.
For example a “real” restaurant would have a hostess, perfect china, perfect decor, etc. We joke that we don’t have a “real” restaurant (our friends and neighbors say the same) and it took me a hot minute to realize it’s all about the food & people, if the glasses have water stains, if there is a plate with a small chip it isn’t the end of the world. My background in fine dining still makes me twitch every now and again but I get over it quickly.
Personal anecdote: we opened our restaurant 4 months before covid shut everything down and we found out real quick what was important: keep as consistent as possible, keep yourself & partner happy, know when to shut it down & take a break.
This is our 5th year, it’s just the two of us with one PT server in the summer, we know we aren’t going to be independently wealthy but we make what we need, don’t carry debt, go to the beach every day in the summer (high season), and enjoy our neighbors & friends when they come over to eat (especially during the low season).
Make sure you are registered with the correct tax offices for your location. Where I am, you have to register at the federal and county level (the county communicates with the state). If a brick and mortar business, then I would assume you also have to register with the city, but I don’t know.
Also, make sure your policies are explicitly written. Preferably multiple times. And maybe even verbally going over them…some clients need more “direction” than others.
If your business is multistate or multinational, make sure you know the laws there! Most US states have minimum limits before you have to pay taxes. Every country has their own policies on these things and paperwork to fill out (some easier than others). There are companies that will collect and remit taxes for you, which can be extremely helpful especially as a small business in multiple jurisdictions.
Also, different jurisdictions have rules about what can and can’t be sold. Sanctioned countries, rules about children’s toys, varying levels of legality for different substances and materials…just things I can think of off the top of my head.
It can get overwhelming and business/contract lawyers are underrated and not as expensive as someone might think (depending on what you need).
Read Kahneman and seriously consider not doing it unless you are a flaming optimist that just can’t be held back.
This. The best business advice I can give as someone who started a business is … don’t.
The odds are terrible, you lose your soul to compromise, and ultimately end up selling out or going poor; either way the project is dead or milked by the buyer and you either have money from the sale or no money at all. 99% chance of the latter.
There’s a very good reason your business failed tho 😂
Cover the product in camo, retweet some racists from your official account then just grift your way to retirement.
Be fair to your customers AND yourself.
Don’t bend over backwards to satisfy customers who cannot be satisfied. Some people are just miserable human beings, and some will gladly bankrupt you if it saves them a nickel. Is their repeat business the kind of business you want?
Don’t be afraid to say NO or to set firm boundaries. Nobody respects a spineless pushover.
I fired 2 customers last week and my crew would follow me into hell because of it.
