Starting your own business can be really fun and lucrative; well, until you actually get to know the behind-the-scenes of starting and running a business. No huge company/business made it to the top just like that, and no matter what business you’re entering, there are do’s and don’ts to ensure you don’t crash in your first month.
As a business owner myself, I can tell you that there’s absolutely no perfect recipe for starting and running/growing a business. It actually takes a lot to start and continue, especially in a thriving economy, not to mention some bills you have to pay, plus other personal issues on the side which may interfere with your business because let’s face it, as a small business owner, you’re your only employee so you have a lot of responsibilities.
These days, everyone wants to own a business, they want to turn that hobby into a career. But let’s face it, new business owners have a lot to lose than they have to gain when planning their business’ success. The best business advice usually forces you to think differently, that’s why I’ve come to you with tips to starting your own small business based on my experience.
Have a Business Plan
One of the very first things to do is to create and develop a business plan. It might seem pointless but it’s actually important because each time you brainstorm an incredible idea, you add it to your plan and you can keep reworking it till it’s perfect… plus I actually love planning things out, it makes the actualizing stage easier and more fun. A business plan is usually the best approach for first time business owners as it helps them develop their business.
Sometimes you may need to answer questions like “who are my target audience?”, “how much will I spend on these necessities?”, “what price would be suitable for each item?”, etc in order to give you direction. As you begin to get your plan in shape, you move closer to starting your business.
Let’s not forget adding your brand name to this list too. You can plan every single thing from design to cost, customer base, etc, but your brand/business name is something that’s important as it’ll have to stand out and hold your business together. These days, people coin out a word from anything and give it a meaning… you can also do something like that.
Focus on Something You have a Passion For
This is actually really important… if you enter a business just for the money, the odds of you growing are pretty slim. Passion is the fuel that drives a business; so imagine a car without fuel… it can’t go anywhere. Although, having a passion for something doesn’t mean you won’t, at some point, grow tired of running that business, but that some parts of it appeals to you, you’ll always find your way around it and keep pushing forward because when you do something that excites and motivates you, you can’t just stop, no matter how stressful and hard things might get… and trust me, things will get hard.
This advice might seem basic, but it’s one of the most important recipes in almost every successful business, and it’s also useful when deciding what business to start, especially if you’re someone like me who has a passion for different things like cosmetics, traveling, writing, etc; but I chose skincare because it’s more like I’m doing it for me, and I love it too. It excites me so I can’t stop. When you focus on your passion and pair it with a good business plan, you’ll see yourself building a strong and well grounded business.
Passion will always drive you to improve as your business grows but, don’t let passion take over in your decision making… that’s when you need your intellect because while passion will take you forward, knowledge will point you in the right direction.
Packaging for me is everything, because it tells a lot about your brand when your product gets to your customer. Is your packaging tacky? Ugly? Pretty? Well, it can make or break your business because it has to look presentable; as beautiful things are more attractive to the eye. Most people overlook this, but I find it necessary. Why? It improves your business, and also helps impress your customers.
There are so many packaging to consider like envelope, bags (satin, mail, etc), boxes, wraps, etc. the options are endless.
Most people love to have an unboxing experience, which means your packaging would be important in cases like this. Do you want it to look ugly and unpresentable? Not to mention that the package you choose will help keep your product safe during delivery; win win! No matter what business you venture into, as long as you’ll perform delivery, you’ll need packaging.
The goal of every small business owner is to be successful (obviously), with multiple locations all across the state/country, lots of employees and most importantly, lots of profit/money. But first, you have to learn to take slow steps before you jump. What that means is, you shouldn’t take on too many expenses at the beginning, regardless of your income, because it might take a while to blow up and become successful, and you can’t tell what toll your business will take in the first few months.
By choosing to start small, you ensure that you can withstand and recover from any inevitable downfall that may arise, rather than going out big and loosing then ending up in debt.
Also, as a small business owner, who starts their business through loans, with the expectation of paying back with the profit from your business, it’s most advisable to start small; as new businesses can take months or even years to grow to the point of generating profit, because your business may not be as successful as you initially planned in a couple of months… and your loan needs to be paid so it doesn’t hinder your business.