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Starting up a small business
Posted on 12/30/18 at 4:57 pm
Posted on 12/30/18 at 4:57 pm
My wife and I are thinking of starting up a small business. Something along the lines of spices or drink mixes such as teas. Already have a great product that people use. Just want to start packaging and selling it.
Any tips or advice to someone who has never started their own company?
Any tips or advice to someone who has never started their own company?
7
Posted on 12/30/18 at 5:31 pm to TeamCKennedy
Shopify, dropship, facebook ads, googleads, build a brand, open brick n mortar, franchise and profit
Posted on 12/30/18 at 8:25 pm to TeamCKennedy
I will be following this thread as well.
Posted on 12/30/18 at 11:50 pm to TeamCKennedy
Best insurance agent and accountant you can find will be a huge asset for your future.
Posted on 12/31/18 at 8:59 am to TeamCKennedy
If you’re gonna sell a tangible consumer product, focus on branding, marketing, and content. Most people lose before they start because they don’t spend that money up front. Search Dribbble for package designers, logo designers, etc. You’ll probably Goff at the prices, but it’s entirely worth it. You have to look legit to be legit.
I started an apparel brand in 2018. Did $20k this year in organic sales. The one thing I said from the beginning is that I wanted to look like a national brand even if it never got there. The thing I get complimented on the most...the branding!
I started an apparel brand in 2018. Did $20k this year in organic sales. The one thing I said from the beginning is that I wanted to look like a national brand even if it never got there. The thing I get complimented on the most...the branding!
This post was edited on 12/31/18 at 9:05 am
Posted on 12/31/18 at 9:17 am to TeamCKennedy
This should be good for Etsy since you are making these yourself, correct? Check it out to see if there are similar shops on Etsy. If there are, look at the total number of sales and how long they have been on Etsy. That will give you a good idea if people go to Etsy for this type of product.
People like to go to Etsy for gifts, so if you can get something on quickly for Valentine's Day, you might get some sales to get things started right. It is easy to open a shop and make a few listings for a very, very low start-up cost. Mother's Day would be your next big opportunity. For Etsy, it is all about key words, tags, titles, etc. (Etsy charges 20 cents for one listing. They charge 5% on sales. Those are very reasonable numbers.)
It takes a while to figure Etsy out, but once you do, it can be a cash cow. My first shop only did 69 orders from Sept to Dec of 2013 when we first opened. I thought I was wasting my time, but then things started to happen.
We have done over $1M from this shop in 2018, and I now have 5 shops running in various categories.
People like to go to Etsy for gifts, so if you can get something on quickly for Valentine's Day, you might get some sales to get things started right. It is easy to open a shop and make a few listings for a very, very low start-up cost. Mother's Day would be your next big opportunity. For Etsy, it is all about key words, tags, titles, etc. (Etsy charges 20 cents for one listing. They charge 5% on sales. Those are very reasonable numbers.)
It takes a while to figure Etsy out, but once you do, it can be a cash cow. My first shop only did 69 orders from Sept to Dec of 2013 when we first opened. I thought I was wasting my time, but then things started to happen.
We have done over $1M from this shop in 2018, and I now have 5 shops running in various categories.
Posted on 12/31/18 at 9:44 am to AUtigR24
quote:Plan on 5 years minimum.
build a brand,
Posted on 12/31/18 at 11:00 am to TeamCKennedy
There are very few barriers to entry in spices and drink mixes so building a brand and making the margin you will need will be tough.
Concentrate on how you intend to set yourself apart and just how important to the consumer that trait is.
You can burn years of your life simply getting by in the business and never really have a defensible brand.
Concentrate on how you intend to set yourself apart and just how important to the consumer that trait is.
You can burn years of your life simply getting by in the business and never really have a defensible brand.
This post was edited on 12/31/18 at 11:02 am
Posted on 12/31/18 at 11:00 am to tigerpawl
quote:
Plan on 5 years minimum.
Yep, focus on long term brand vs short term sales. The latter always fizzles out.
Read this article: 1000 True Fans
This should be your goal.
Posted on 12/31/18 at 11:02 am to TeamCKennedy
Congrats on making it this far and best of luck in your decision to take the next step!
Get yourself registered with the local Small Business Development Center (SBDC) and Louisiana Economic Development (LED) or the equivalent if you are in another state. There's free and low-cost support available to guide you on matters from creating your LLC to marketing your product and tracking your performance. As you grow, seek out other forms of support: Goldman Sachs 10,000 Small Businesses and Capital One's "Get Down to Business" are two examples. Some universities will take on your product as a class project and develop a plan for you. Just a few examples. There's more out there.
Remember your business-owning peers also form round tables and other affinity groups and can be remarkably generous with their support. Seek it out. A good product alone is not enough for success. You need to get the mechanics of the business right and if you do it out the gate, you'll save yourself a lot of stress and money. Don't go it alone.
Much success to you in the New Year!
Get yourself registered with the local Small Business Development Center (SBDC) and Louisiana Economic Development (LED) or the equivalent if you are in another state. There's free and low-cost support available to guide you on matters from creating your LLC to marketing your product and tracking your performance. As you grow, seek out other forms of support: Goldman Sachs 10,000 Small Businesses and Capital One's "Get Down to Business" are two examples. Some universities will take on your product as a class project and develop a plan for you. Just a few examples. There's more out there.
Remember your business-owning peers also form round tables and other affinity groups and can be remarkably generous with their support. Seek it out. A good product alone is not enough for success. You need to get the mechanics of the business right and if you do it out the gate, you'll save yourself a lot of stress and money. Don't go it alone.
Much success to you in the New Year!
Posted on 12/31/18 at 11:05 am to TT1234
One more thing----don't spend a cent until you have a plan for the 4 Ps. If you and your wife can't define that then no need to start. Your plan may change but start with some kind of plan.
4 Ps of marketing
How, for example, do you plan to accomplish placement?
4 Ps of marketing
How, for example, do you plan to accomplish placement?
This post was edited on 12/31/18 at 11:08 am
Posted on 12/31/18 at 4:19 pm to TT1234
If you are not willing to commit to 16 hours a day for the first 3 years, don’t open your own business.
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