I would like to start a simple business related to 3D printing, reverse engineering and 3D scanning. What are common pitfalls of first time entrepreneurs? (lemmy.ca)

submitted 5 months ago* (last edited 5 months ago) by remotelove@lemmy.ca to c/asklemmy@lemmy.world

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I am business dumb, but I have a very unique mix of skills I would like to turn into a side hustle. Needless to say, there is going to be a huge learning curve for me.

Sure, I could just sell 3D prints on Etsy, but I would rather focus on B2B type work with a more hands on approach than the Chinese print farms/PCB manufacturers. (I'll start an Etsy shop for practice, but that particular market seems extremely saturated.)

So, if you have started a business before, what are some basic things that you wish someone had told you before you did? Are there good books or other references I could use?

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[-] remotelove@lemmy.ca 2 points 5 months ago

If there is a major pitfall for me, it's the numbers bit. While proper accounting could resolve any tax issues before they happen, I'll play it safe and probably also put back +20% extra for taxes, at least for the first few years. Thanks for the info!

[-] Peppycito@sh.itjust.works 1 points 5 months ago

I couldn't find an accountant would take me on for the first few years so I had to bumble along myself. I started out using quickbooks and honestly, most of my problems were from using it wrong. I should have taken classes and read books and stuff but I was a bit overburdened and stressed out from trying to manage it all.

I've settled on 20% as a good number. Even that may be high, but I like the forced savings.

this post was submitted on 22 Jun 2024

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