10 Things I’d Do Differently If I Started My Small Business in 2024

Summary

In this insightful video, the creator of a handmade art business reflects on the strategies they would employ differently if starting over in 2024. Highlighting the importance of early investment in business infrastructure, the need for building a supportive team, and the value of time and energy management, the speaker shares crucial lessons learned. They also emphasize the benefits of direct sales through personal websites, the use of .store domains for increased visibility, and the integration of AI for efficiency. Additionally, the video touches on the significance of financial planning, embracing technology, prioritizing personal branding, and fostering a strong professional network. The creator encourages documenting the business journey and being authentic to connect with customers on a deeper level.

Takeaways

• 💼 Invest in your business early by purchasing better equipment and supplies, and eventually hiring employees to save time and increase efficiency.
• 🤝 Build a team and ask for help to avoid burnout and ensure sustainable growth, delegating tasks to free up time for more critical business activities.
• 🛒 Consider selling directly through your own website rather than using marketplaces to avoid fees and have more control over your brand and customer relationships.
• 🌐 Choose a .store domain for better visibility, more visitors, and potential savings on essential e-commerce tools, which can be beneficial for a small business.
• 💰 Learn financial planning early on, including setting up a business checking account and possibly a business credit card to track expenses and earn rewards.
• 🤖 Embrace technology, including AI tools, to assist with tasks like email writing and generating content ideas, to save time and increase productivity.
• 📱 Focus on short-form video content like Instagram Reels or TikToks for more effective marketing and personal branding.
• 📸 Document your business journey, including behind-the-scenes footage and personal stories, for marketing and to reflect on your growth.
• 🔗 Build a strong professional network for support and community, engaging with other small business owners on social media platforms.
• 👥 Show your face and personality early on to connect with your audience on a personal level, using story branding to make your business more relatable.
• 🎥 Consider the importance of visual storytelling and personal branding, as it can significantly impact the success and relatability of your small business.

Q & A

What is the main focus of the speaker's business?

The speaker runs a handmade art business, specializing in selling cute polymer clay creations.

When did the speaker start their business and what was their educational background at the time?

The speaker started their business in 2020 while still in graphic design school.

What challenges did the speaker face in the early stages of their business?

The speaker faced challenges such as learning everything business-wise by themselves and managing logistics without prior knowledge.

What is the first piece of advice the speaker would give if starting a business in 2024?

The speaker advises investing back into the business early on, such as purchasing better equipment and supplies, and eventually hiring employees.

Why did the speaker initially hesitate to invest in a label printer for their business?

The speaker was reluctant to spend $100 on a label printer and instead chose to print and manually attach labels, which was time-consuming.

What is the second main point the speaker emphasizes for a successful business?

The speaker emphasizes the importance of asking for help and building a team as soon as possible to avoid burnout and to manage the many tasks involved in running a business.

Why does the speaker recommend selling directly through one's own website instead of using a marketplace?

The speaker believes that having one's own website avoids marketplace fees and is more beneficial since the business owner is already investing time in marketing and bringing in customers.

What is the significance of a domain name for a business according to the speaker?

A domain name is significant as it is the first impression customers get of the store and can impact visibility and marketing effectiveness.

What benefits does the speaker mention about using a .store domain for a business?

The speaker mentions that a .store domain can attract 87% more visitors, double the visibility on Google, and save 12% per conversion when running ads.

What financial advice does the speaker give for someone starting a business?

The speaker advises opening a business checking account to separate personal and business expenses and getting a business credit card for earning points and managing finances.

How does the speaker suggest using AI to benefit a small business?

The speaker suggests using AI for tasks such as writing emails with Grammarly AI and generating content ideas with Chat GBT to save time and increase efficiency.

What social media strategy does the speaker recommend for a small business in 2024?

The speaker recommends focusing on short-form videos like Reels or TikToks instead of just aesthetic or professional photos on platforms like Instagram.

Why is documenting the business journey important according to the speaker?

Documenting the business journey is important as it provides valuable assets for marketing and allows the business owner to look back and see their progress over time.

What is the speaker's view on creating a professional network on social media for small businesses?

The speaker believes that engaging with other small business owners on social media can provide support, community, and opportunities to learn from each other's experiences.

What is the final piece of advice the speaker gives for showing one's face and personality in a small business?

The speaker advises showing the face and personality behind the business to connect with customers and make the brand more relatable, which is a part of story branding.