how to start a SUCCESSFUL small business🖇️🧸: the ULTIMATE guide for 2024, my stationery shop journey

Summary

This video script offers a comprehensive guide for aspiring entrepreneurs looking to start a small online business. The speaker shares personal experiences, from the initial idea to launching an online stationary shop, emphasizing the importance of research, branding, and consistency in social media marketing. They discuss the practical aspects of product creation, pricing, and shipping, while also addressing the psychological barriers to starting a business. The script encourages viewers to set realistic goals, embrace imperfection, and stay motivated for long-term growth.

Takeaways

• 🚀 **Start with Passion**: The speaker emphasizes starting a business based on personal interest and passion, as it was with her online stationary shop.
• 🛠️ **Learn from Experience**: She admits to not having formal business education and instead, learning through her own research and experience.
• 🌱 **Grow Gradually**: The importance of starting small and scaling up is highlighted, such as making products at home before outsourcing.
• 🔎 **Research Thoroughly**: The script stresses the need for extensive research, especially when finding and selecting manufacturers.
• 💼 **Understand Logistics**: The nitty-gritty of business logistics, such as product creation, pricing, and shipping, is crucial to understand.
• 💡 **Identify Your Product**: Knowing what you're selling and how you're making it is the first step in starting a business.
• 🛍️ **Choose the Right Platform**: The speaker recommends using platforms like Squarespace or Shopify over Etsy for more control and branding.
• 📦 **Mind the Packaging**: Packaging is highlighted as an area that can significantly impact customer experience and should reflect the brand.
• 💰 **Pricing Strategy**: Pricing should cover costs of production, labor, and packaging, with room for profit.
• 📈 **Set Realistic Goals**: Setting attainable goals based on what's within your control is advised over focusing on arbitrary numbers.
• 🌐 **Utilize Social Media**: Social media platforms like Instagram and YouTube are powerful tools for marketing and building a customer base.
• 🎯 **Consistency is Key**: Consistent posting and brand development on social media are essential for audience growth and recognition.
• 💡 **Digital Products**: Creating digital products can be a low-cost way to start a business, avoiding the need for physical inventory and shipping.
• 📅 **Set a Launch Deadline**: Having a firm launch date prevents perfectionism from delaying the start of the business.
• 🌟 **Stay Motivated**: Maintaining motivation through setting personal goals and envisioning the future of the business is vital for growth.
• 🤝 **Community Support**: Engaging with a community of small business owners can provide support, inspiration, and growth opportunities.

Q & A

What was the initial motivation for starting an online stationary shop?

The initial motivation was the personal interest in arts and crafts, and the realization that creating and selling custom stickers could be a rewarding venture after receiving messages and comments from people interested in buying the designs.

What challenges did the creator face when starting their sticker-making process?

The creator faced challenges such as not having sticker paper and having to use FedEx printing for their designs, as well as figuring out how to cut the printed sheets with a Cricut machine.

How did the creator transition from making stickers as a hobby to considering it as a business?

The transition began when the creator received messages and comments from people interested in buying their stickers, which led them to research and learn from other artists and stationary shop owners who had successfully turned their hobbies into businesses.

What is the significance of the 5W approach in starting a small business according to the script?

The 5W approach (Who, What, When, Where, Why) is significant as it helps in simplifying the process of starting a business by addressing the key aspects such as the product, production process, location of sale, timing of the launch, and the unique selling proposition.

Why is it recommended to start with a minimal product range when beginning a business?

Starting with a minimal product range is recommended to avoid the financial risk and complexity associated with outsourcing and bulk orders, especially when the business is still in its early stages and the market demand is uncertain.

What are some factors to consider when choosing a manufacturer for your products?

Factors to consider include researching the company's values, production ethics, product quality, pricing, and customer reviews. It's also important to get samples from potential manufacturers before making a decision.

Why did the creator choose Squarespace over Etsy for their online storefront?

The creator chose Squarespace because of its user-friendly interface and the desire to have more control over their brand and domain, as opposed to using Etsy, which was perceived to be moving in a direction they did not prefer.

How does the creator approach pricing their products?

The creator approaches pricing by considering the cost of materials, labor, packaging, and any additional costs associated with production. They also look at similar small businesses for a pricing guideline and ensure they include a profit margin.

What role does packaging play in the creator's business, and how do they manage related costs?

Packaging plays a significant role as it enhances the customer experience and reflects the brand's aesthetic. The creator manages costs by being realistic, avoiding over-the-top packaging, and focusing on simple yet well-designed packaging elements.

Why is setting a deadline for the business launch important, and how does it impact the business growth?

Setting a deadline is important to prevent perfectionism from delaying the launch and to ensure that the business starts generating income. It also motivates the creator to work towards a specific goal and learn from the process, which contributes to business growth.

How does the creator suggest using social media for marketing a small business?

The creator suggests using social media platforms like Instagram and YouTube to create a cohesive and consistent brand aesthetic, post frequently, and engage with the audience. They emphasize the importance of storytelling and transparency to build a loyal customer base.

What advice does the creator give for staying motivated and growing a business?

The creator advises setting attainable goals based on what is within one's control, focusing on developing the brand and its aesthetic, and maintaining consistency in posting and product development. They also encourage finding motivation in the big picture and not getting discouraged by initial challenges.