Tuesday, June 25, 2024

Stan Ivanov – Stan’s Gigs – On Top 5 Mistakes When Starting A New Business

Leaders Perception Magazine is currently running an interview series called – What Are The Top 5 Mistakes People Make When Starting A New Business?

Today, we had the opportunity to interview Stan Ivanov who is a Founder/CEO at Stan’s Gigs.

Interviewee Name: Stan Ivanov

Company: Stan’s Gigs

Stan Ivanov’s favourite quote: When it comes to people management, my favourite quote is: Hire slow, fire fast.

The Interview

Thank you so much for joining us today! Tell us a little bit about yourself. What is your backstory?

Stan Ivanov : My name is Stan Ivanov, I am founder of Stan’s Gigs, a blog that educates readers about side hustles. I think your reader might learn quite a few things from my story. Over a decade ago I had worked as a well paid middle manager with a dream of starting my own business. After multiple failed attempts to quit the corporate world, I finally struck gold. On my third attempt was I successful in creating a successful business – an advertising agency. After operating it for 10 years I had sold the business and started StansGigs – my newest startup.

In your opinion, what makes your company stand out? Any examples?

Stan Ivanov : It is fairly easy to build a small business. It is very difficult to build a small business that will grow into a not so small business. I hope my business stands out because of branding, marketing and giving value to customer/readers.

What are the TOP 5 mistakes people make when starting a new business? Please share advice/examples for all of them.

Stan Ivanov : 1. When you are bootstrapping your business it’s important that you have enough runway (savings) for 6-12 months of running the business. I made the mistake of quitting my job too early, starting a company but then having to go back to the workforce because my business wasn’t earning me enough to live on.
2. Early in my entrepreneurial venture I picked a business partner who was very qualified operationally but we were not aligned on the direction of the business. I went through a painful breakup with that business partner and later realized that unless you are 100%, you shouldn’t partner. Hire instead.
3. When I first started my advertising agency, I had my rose-colored glasses on. I thought every business will need my service. Boy, did I overestimate the demand for my service! Talk to your potential customers before you launch your service. Better yet, sign up for a few clients before you start operating. This is the best hedge you can make.
4. Another mistake that I have made, was relying too heavily on one supplier – Facebook. My agency was specialized in customer acquisition on Facebook. While this relationship was good, business growth was easy. But one day we found out that our Facebook account representative and his entire team were let go and nobody at Facebook would pick up the phone. It was very difficult to re-establish a relationship and business certainly suffered.
5. Making some bad hiring decisions early in your entrepreneurship journey is inevitable. Think of it as a right of passage.

Leaders Perception magaizne would like to thank Stan Ivanov for the time dedicated to completing this interview and sharing their valuable insights with our readers!

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