5 Things You Need to Know Before Starting Your Own Business
I cannot believe we just celebrated Elcie’s 5th Birthday! I started this project sometime in 2013 and we launched by January of 2015. I originally wanted to start my line with brushes and after doing some research, I couldn’t find what I was looking for: Synthetic brushes that felt like real hair. My brush collection ended up launching almost 4 years later! What I ended up launching were the first products to my entire line, the Elcie Micro Silque Foundations. I was a makeup artist struggling to find a universal foundation that would fit all skin types and coverage preferences. While working on my clients, I had to interview them to find out what coverage they preferred, made sure it was age appropriate (covering acne vs. not accentuating fine lines and wrinkles), along with making sure it lasted on their oily skin without drying out dry skin - hope that makes sense! In any case, I found there was something missing on the market, so I decided to create it myself. This little story will lead my to my first tip:
Is there a need for your product? If not, are you able to create a need for it? As we all know, want and need are 2 completely different things. Your customers needing your product will help run your business, just wanting it? A difficult business. People have money for need first, then want.
Is there something similar to what you’re selling already? If so, how are you going to stand out? Competition is heavy in the small business category, so not only will you be competing against big sharks who already have all the money and marketing in place, but you have your small business competitors as well.
Do you have the money? Ideas are only ideas until you have the money to make your first investment. Have you saved up money or are you risking everything in your bank account? If you’re a big believer - heck, go for it! However, more often than not though, you want to be smart when starting your business. 20% fail in their first year and 50% by their 5th year. Do you have a plan to stay afloat?
Creativity is key for a thriving business. Your business can start off great but you need to constantly reinvent your creativity and make sure you are always changing up your marketing strategies to keep up with time & changes. Be it social media, web, imagery, lifestyle, etc.
Research and get your ducks in order. Learning along the way is normal; but you want to be prepared. Learn everything you possibly can about the business you’re in and become an expert. You are going to spend not only money but a lot of your time in order to create a successful business.
At the end of it all, keep in mind that it may take some time before you start seeing results. Some get lucky and the business starts off great and others take time in order to get there; the outcome doesn’t always follow the start. Be patient, continue to learn, listen to your customers and don’t give up. If you really believe in the business/product you’re in, you can be successful only with the strongest work ethic.
There is obviously so much more involved in creating a successful business but if I had to break it down to 5, based on my 5 years of experience, the list above is it! Answer these questions and see if you have concrete answers to them; if not, you’re not quite ready yet. It is important to be patient until you are ready, jumping into something blind-folded is a big risk.
I hope you found this helpful and insightful. Wishing you the best of luck on your new endeavor!