Have you every said to yourself “If I had known then what I know now, I would have done things a lot differently.” ?
The following are a few that I wish I could go back in time and tell myself!
- WRONG PRICING: If the price is too high then no one buys, if the price is too low then you don’t make money. Almost everyone prices low. If you think you’re priced high, you’re probably just lower than you ought to be. I would suggest to reevaluate bi-annulaly or annually as material cost can change.
- MARKETING ( WHORING OUT THE GOODS): If people don’t know about your products, they won’t buy them. Alot of time, first time "crafters" think it is enough to produce a great ( sometimes not-so-great) product and just put it online. You have to ge the word out! An easy way to do this is by participating in a craft show or fairs.
Create a sign-up sheet and begin developing an e-mail list immediately. These are the people that have already expressed an interest in your work, so they are the most likely to buy from you.
- KNOW YOUR ROLE: Spend your time doing the things you are good at, not struggling at the things you don’t do well. If you are lacking in a particular area, then try to consider hiring someone or outsourcing to someone who is strong in the areas you are weak. If you can’t afford to do so yet, tap into your network of friends, family or crafting network ( trust me, the crafting network is big and mighty!).
- RIPPING OFF THE GOVERMENT: Pay your taxes. All of them.Don’t cut corners with the government. File what you need to file. Even when you may think that you have gotten away with something, trust me.....you haven't! They will lay in wait ( sometimes for years) and just when you are waiting for a refund check , maybe a lotto scratch-off or notice a freeze on your bank account...you get a letter stating that it is being with held for an outstanding tax balance.
- NOT SEEKING ADVICE: If you are the smartest person in your circle....then get a bigger circle! There is a whole group of smart people around you: personal friends, craft business associates, local business connections, parents, siblings, children, or a spouse. All of them have something to offer, and may see things you’re going to miss.
- DON'T QUIT YOUR DAY JOB: Even if you feel like your product is in high demand, most small businesses are not profitable within their first year or two. You should have a reliable source of income from something other than your new business to sustain yourself during your intial start-up period.
- SPENDING TOO MUCH: Many small businesses spend too much money "setting up shop," That inclues buying to much material, inventory, website, brochures and etc. There are alot of ways to have a professional presence without spending alot of money. Take a look at our different articles for Business Tools, that provide low cost ways for "upgrading" your business!
- FOCUSING YOUR PRODUCT: If your business isn't doing as well as you'd like it to, it's very easy to become
impatient and try to shake things up with a new product.
Businesses that do well stick with what they do best. Several years ago , I have a variety of products, but realized that my best sellers were the funny cards. This led me to really evaluate my products and focus my line....hence my brands called Glib Greetings and Courtesy Cards. Think about it...when you want a Frappachino you know exactly where to go right? The same should be said for what every your product is....when they want it, they should know to go to you to get it.
What advise do you think can hurt a business?