Happy World Entrepreneurs’ Day!
On August 21 of each year, we like to take a moment and reflect on the day that’s been coined to celebrate innovation and empowerment of entrepreneurship and leadership throughout the world. Entrepreneurship is vital not just for job creation, but a very essential and integral part of our economic growth and problem-solving. Today we’re celebrating the 30.2 million entrepreneurs who are running and operating small businesses in this country! So to do so, we wanted to hear some of our partners’ advice on running an MSP. We asked the question: What do you wish you’d known when you started your MSP that you know now?
This is what a few of them said…
I wish I had known about recurring revenues and what products to sell and how to sell them to get this MRR.
– George Monroy, President/CEO of Monroy IT Services
I wish I had fully understood the idea that ‘if you aren’t growing, you’re shrinking.’ Going from full tech to many hats that include sales, it’s easy to forget to fill the sales funnel when business is ‘just right.’
– Patrick Hoerter, Owner of Your Network Security
A few things: Hire for culture fit, know what numbers are important to track, seek outside counsel and mentorship, and standards and processes are your friend.
– Kevin Peterson, Owner of Peterson Technology Group
None of us is as smart as ‘all of us.’ The early days were ‘lone wolf.’ I believed you ask no one; figure it out by yourself. I learned, however, that that’s wrong, and to trust other IT people; ask for help when needed. And give help freely in return. The more you give, the more your get.
– John Rutkowski, CEO of Bolder Designs
Two things: 1) Real marketing! Referral marketing is good but direct mail, telemarketing and others are what keep growth going and profits increasing. 2) Read and FOLLOW ‘The E-Myth,’ which is to understand that YOU are the business owner and MUST transition from technician to owner for a real business. 3) Yes, I said two things, but I thought I’d give a bonus: Continue to learn from your peers. They have a wealth of history to share that you later can share with the new guys as they come along.
– Bill Wright, Owner of WCI Technology Solutions
I wish I’d known about The 20 because no one tells you that you’ll be working 80 hour weeks and not getting vacations.
– Rodney Sees, CEO of Accurate Computer Solutions
Borrowing money for expansion — don’t do it. Worse than drugs. Also, there are a million apps, tools, etc. out there to “support and grow your business.” Then, there are the basic tools — RMM, AV, Backup, Billing. Don’t confuse the things you NEED with the things vendors promise will make life awesome. Some of them will, and most of them won’t, but regardless, they will cost you a lot of money. Beware of metered storage and metered throughput. NEVER agree to a long-term contract for a product you “will grow into.” If you’re staring at $300/month for 50 licenses of something you only need 5 of, then it isn’t $6/month per device, it’s $60.
– Jim Bachaud, CEO of Stratocent Technologies
So there you have it! Hopefully this sheds a little a light onto what you can expect from running your own business as entrepreneurs. We think it’s important to listen to those who have tried it — if for nothing else, it brings attention to things you may have not yet considered.
Are you interested in becoming a Partner with The 20? Click here for more information!