Who reading this right now is trying to launch a small business? It can be an exciting adventure to take but one that comes with a lot of risks. No matter how much planning goes into it, the future remains unclear. One day there could be tons of customers and the next⊠Nothing. No sales, nada. And itâs like that for months.
You wonder what you else you couldâve done to drive sales and traffic before you closed shop. To help set your mind at ease and to help you avoid the mistakes Iâve made, Iâll go over what I did wrong and what I couldâve improved on. Take a look!
Be Passionate
This may seem like a silly subject to go over but itâs one that plays a big part in the success of any business. And from my experience, I realized I wasnât as passionate for jewelry making as I thought I was. I never considered myself to be good with my hands. I wasnât the âcraftyâ type. Instead, I wanted to be a writer. But I was told multiple times by a family member that it was unrealistic.
So, I decided to take my newfound jewelry making skills (thanks to a kit my mom got me for Christmas when I was around 15) and run with it. Around 18 or so, I decided to open my own small business. Letâs just say it lasted a few years with little results but weâll touch more on that later. Compared to writing, I was more passionate about that than jewelry making.
The takeaway from this?
Do what you truly want to do and are passionate about. And please donât let anyone tell you otherwise. Youâll have a better chance of succeeding if you go with your gut.
Marketing Matters
Little did I know that marketing was a crucial part of a successful small business. Before you laugh at me, I had no knowledge of running a business. So I learned everything as I went. While that may not seem like a bad thing, it did stunt the businessâ growth. Every other jewelry business on Etsy was growing at lightning speed while mine was at the speed of a turtle.
I did eventually drop some cash into Facebook and Instagram ads. But again, I didnât know what I was doing. I just thought if I ran a couple of campaigns, the traffic would start to flow. Boy, was I wrong. I didnât understand that were different marketing campaigns I could create. And not to mention I treated my business like everyone knew about it already.
With that said, brand awareness is vital. Forget that old saying, âif you build it, they will comeâ as it doesnât work for businesses. In a world where thereâs plenty of businesses now, itâs more important than ever that you stand out. I wish I wouldâve gathered the funds to hire a professional to make my vision come alive in terms of branding.
Initial Capital is Needed
Speaking of funds, I failed to mention that I started this business with zero dollars. And while you may think thatâll make for a great success story, it doesnât work that way all the time. I honestly respect those who started their thriving businesses with nothing because thatâs something I couldnât do.
I spent money on supplies but the budget wasnât large. I had enough for beads, wire, and extra tools. With that said, that left nothing for marketing, packaging nor a brand. My bad planning skills left me in a hole since the start. Because I didnât have enough for marketing, I couldnât reach potential customers. And without a brand, I was uninteresting compared to other businesses in my field.
If this teaches you anything, itâs that having money at the start will pay off in the long-run. Now Iâm not saying you need to have thousands. But accounting for materials, marketing, packaging and developing a brand, itâs best to estimate these costs so you know how much is needed.
Eagerness Can be a Downfall
I donât know where I get it from but once I get an idea in my head, I want to execute it right away. That could be anything from a blog post or with my jewelry business, a design. While itâs great to have that kind of drive, if you can relate, it can also cause problems. And for me, it caused a huge one.
Remember how I said I didnât develop a brand? Well, I didnât know my aesthetic either. I just knocked out designs that were trending at the moment. That left me with a lot of unused materials and an aesthetic that changed monthly. Consistency is key and will always be for any type of business. Donât let your eagerness or excitement get the best of you. Jot down your idea(s) first then map out a plan on how to achieve it. No matter what stage your business is in, make sure itâs going to be an asset to your products and/or services, not a loss.
Donât Rely on Friends to Share Your Stuff
This probably sounds harsh but it was true for me. Iâm an introvert so obviously I donât have a lot of friends. Most of the people on my Facebook are friends from high school that I barely keep contact with. Unfortunately, Iâve seen it too many times where Iâve asked and encouraged them to share my stuff and they didnât. But then days later Iâve seen them promoting another personâs stuff. It hurts but thatâs why I couldnât rely on them sharing my products. And itâs sad when I see other advice articles telling future business owners to encourage their friends to share their products/services because thatâs not always the case for everybody.
The Takeaway
Having a small business is an exciting venture. It could mean success or failure. And for me, it was the latter. After almost four years in business, it was time to shut it all down. No rebrand or relaunch was going to save it. And frankly, I was okay with it.
I moved into writing and landed a job doing what I love. Do I have plans to create another business in the future? Oh heck yeah.
But am I planning for it and taking my time developing it? You best believe it.
Do you have questions about starting or running a small business? Is there mistakes youâve made with yours that youâd like to share? Let me know!
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Good advice! I’m a full-time marketer and couldn’t agree more about how important marketing is. I think it takes so much courage to start a small business (I’m still trying to work my way up to that one). There’s some oft-cited statistic out there that entrepreneurs start and fail at many businesses before the find “the successful one,” so failure should never be seen as something final.
http://cityambition.com
Thanks so much, Heidi! I couldnât have said it better myself. Failure is nothing to be ashamed of. If anything, itâs encouraging. Failure and making mistakes means that youâre one step closer to achieving what you really want. And in the end, youâve already went through the obstacles so starting over is no big deal.