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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 4 months ago* (last edited 4 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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[–] treefrog@lemm.ee 20 points 4 months ago* (last edited 4 months ago) (1 children)

You can grab a copy of entrepreneurial small business 5th edition used for probably 20 bucks. I'm about one semester out from a business administration associate's degree. That textbook was the most comprehensive of anything that I studied over the last year and a half. And the only textbook I made sure to buy a print copy of, so I have it for reference.

[–] remotelove@lemmy.ca 4 points 4 months ago (1 children)

Thanks for the recommendation and I just ordered a copy. (Used/$17 after tax from Amazon if anyone else was curious.)

[–] treefrog@lemm.ee 2 points 4 months ago* (last edited 4 months ago)

Great! I hope it's as helpful for you as it was for me.

I think my biggest piece of advice would be to set up an LLC, especially if you have any personal assets that you could lose if you would end up liable for stuff related to your business.

It makes your taxes a bit more complicated, but it shields you from being personally liable for damages that your business incurs on somebody else. And would protect like your house or car from being counted as an asset in a lawsuit in such cases.