Starting A Business: What to know before you begin
Oh, hi there! I take it that you're ready to start your own business because, well, you're here. So, let's dive right in, shall we?
1. Why are you wanting to open your own business? First things first: we need to discuss the why. Why are you wanting to start your own business? What is fueling that desire? If you say it's because you have nothing else to do, then maybe it's time to reevalute. Having nothing else to do is simply not a good enough reason to delve into the world of entrepreneurship. You'll find yourself bored & dying to quit, clawing for the top, before you even really begin. For me, I started my own business because I was and still am insanely passionate about retail. I had the perfect opportunity to open my own clothing store online because the timing was perfect! My why is also my dream & a way to stay home with my son. Be realistic with yourself & your goals. Make a list of why you want to open your own business and also why you think you could be successful. Maybe you've been running someone else's business for years and know the ins and outs. Maybe you're an artist who's passionate about their craft and want to start putting it up for sale. What is your why?
2. What will you be selling?
Now that you've got your why, let's get to the what. What will you be selling? Will you be selling your ideas or will you be selling something tangible (i.e. clothing, accessories, etc)? I own an online clothing store, so I'm obviously selling clothing & accessories which would be completely tangible. Now, if I decided to start selling advice - that would be selling my ideas. You absolutely must know what it is you'll be selling before you even decide to let your ideas be known.
3. What will you be naming this business?
Great! You've really weighed out the pros and cons and now you've decided what you'll be offering the world! Let's discuss a name: the most important part of this entire business! I might sound nerdy but I absolutely love looking at names of different businesses and deciphering what exactly the issues they might be having are. Maybe that's the Marketing degree? Possibly. Either way, it's super crucial that you have a catchy name that speaks volumes to your target market.
..A few tips on that name!
Through years of studying the impacts small things such as names can have on businesses, I've realized how HUGE they actually can be in terms of success. Try not to be cheesy, but be catchy. I find so many people asking me where I found my name for my business. 12East is actually the interested I commuted on for years to my old job - it's where I thought about what I'd do differently, who I'd be in a business sense, what I'd embody. A lot of people really love that my name has a background to it - a true meaning and not just one I googled and went with. While we're at it, make sure people can pronounce it. It'll save you a lot of headache down the road.
4. How will you be funding this business?
THE MOST CRUCIAL QUESTION EVER ASKED IN THE HISTORY OF QUESTIONS. You need to know exactly where you'll be getting the funds for this business & how long those funds can last you. Are you a young college student or graduate that wants to "quit my day job and start my business?" Keep your day job, honey. Fuel that money towards your business! Trust me, you'll thank me later as much as you hate that 9-5, the money is needed. Sit down and make a list of every single thing you'll need to start your business right down to the printing ink and paper. For me, labels and ink are a huge factor in my budget so make sure you know what you're going to need ahead of time. It's better to know whether you'll be in the hole or not beforehand - it'll save you money, time, & a whole lotta heartache. In the beginning, I highly suggest avoiding loans, credit cards, & investors as much as possible.
5. Where will you get your merchandise?
If you're making the products yourself, that's amazing! If not, you'll need to figure out where you'll be getting your merchandise. Later, I'll be installing an exciting list of wholesalers that I love, both local & international & domestic.
6. Are you online or will you have a physical presence? Or both, maybe?
Before you decide to open your business, you'll need to know where you'll be setting up shop. For me, online was the best option: no overhead, no overtime, I can work from my phone, & I can work from home. I'd highly recommend only to begin with simply because it saves you a ton of time & money. There was no way I could run to open a physical clothing store with a 16 month old if someone called in sick. But you'll need to decide what's best for you!
So now that you've got some things to think about, what is your why and what? Comment below and let me know! I'd love to hear. As always, feel free to use the CONTACT ME tab above to get in touch.