You’ve always wanted to turn that hand-crafted jewelry you make into a small business of your own. Yet, you’ve never really managed to get past that initial idea as you don’t know where to begin. Every new project appears overwhelmingly scary at first, and this is why you need to work on breaking it all down into smaller bite-sized pieces so it doesn’t look as intimidating. Upon successfully dissected your initial idea, you can start working on each individual piece one at a time until you’ve perfected your overall strategy. So, here are five tips on how to get the ball rolling in order to get your business off the ground.
1. Create a rough outline first
Overthinking will do more harm than good as, in doing so, the initial idea will turn stale rather quickly and nothing will sound right after this point. Eventually you’ll scrap the whole thing, believing your idea was ludicrous to begin with, when all along it was your approach that was holding you back. Therefore, get those ideas out of your head and put them on a piece of paper instead. Create a rough outline of your business and ask yourself these questions: am I prepared to commit a lot of my time and money to a venture of this scale? Should it operate online, offline, or perhaps both? What kind of platform or distribution systems will it utilize, and so on?
2. Sort out your finances
“Money makes the world go round” and this is definitely the case with a start-up. There will always be financial hiccups at the very beginning, and creating a detailed plan will help you overcome them with minimal losses. Make an estimate of the amount of funds needed to launch your business and work on acquiring them as soon as possible. If a bank decides to reject your loan application, it’s not the end of the world, there are new business loans tailored specifically for start-ups that will help you keep that cash flowing no matter what. Additionally, work on cutting all unnecessary expenses and spend money only on the essentials until you manage to get your business off the ground.
3. Snoop around the competition
Once you’ve got a rough idea of what your business will look like, it’s time to take a sneak peek at the competition to see what’s working so well for them. Of course, this doesn’t mean you should straight up copy them as you want to set yourself apart as much as possible, but it will give you a sense of who your target audience is and what’s currently trending on the market. More importantly, you need to research whether that particular niche you’re operating in is profitable in the first place before proceeding any further. Conduct surveys and interviews with potential customers and experts, if possible, to test the waters and prepare the groundwork for your business.
4. Establish your brand
Spreading brand awareness before the actual launch day is vital. This is exactly why you see movies advertised months in advanced to create hype and generate a huge following even before they hit theaters. So, depending on your type of business, you can set up various social media accounts for you to engage with your customers and start working on your brand from there. Open up a blog or even a website to showcase your products and services through your social media accounts and drive more traffic towards them. Learn to appreciate user feedback and they’ll reward you with their loyalty.
5. Prepare for D-day
Finally, you want to make sure everything is in perfect order before you launch. Stock up on your inventory based on the demand shown in the various online surveys and questionnaires you’ve conducted so far. Check if you’re on the same page with your supplier and distributer to avoid any unnecessary hassle later on. Next, double down on your marketing efforts and create limited-time offers to draw in your first customers as their positive reviews will give you something to work with. Likewise, ensure that you can provide adequate customer support and make the process easy and accessible to everyone.
All in all, don’t let your business exist solely inside your head. Flesh it out on a piece of paper and then go on from there. Work on solving concrete problems piece by piece and you’ll be ready to launch your business in no time.