If I Start A Small Business in 2024, Here's What I'd Do // 10 things I wish I knew before starting

Summary

In this video, Jenna shares her ultimate guide to starting a small business in 2024, drawing from her experience building her crochet plushie brand. She covers everything from choosing the right selling platform, tracking expenses, and creating consistent branding, to leveraging short-form video content, investing in marketing, and building a reputable store. Jenna emphasizes the importance of professional branding, dedicated work hours, running promotions, and prioritizing customer service. She also highlights the significance of passion, having fun, and setting boundaries to avoid burnout, providing both practical strategies and mindset advice for aspiring entrepreneurs looking to succeed in the creative business world.

Takeaways

• 🛒 Choose the right selling platform: Etsy is recommended for organic traffic, but having your own website with a `.store` domain helps you own your audience.
• 💰 Track expenses from day one using spreadsheets or software like QuickBooks to avoid backtracking and simplify tax preparation.
• 📱 Ensure consistent social media handles and branding across all platforms to make your business easily searchable and recognizable.
• 🎬 Focus on short-form video content such as Instagram Reels, TikTok, and YouTube Shorts to increase engagement and reach a wider audience.
• 📈 Invest in marketing and ads early on to drive traffic to your store and generate initial sales, even with a small daily budget.
• ⭐ Build reputation by providing excellent customer service and gathering five-star reviews to increase trust and credibility.
• 🏷️ Run sales and offer incentives to attract initial customers and encourage purchases, without undercutting yourself excessively.
• 🎨 Have professional and cohesive branding, including logos, colors, and headers, using tools like Canva or KD for easy creation.
• ⏰ Dedicate specific working hours to your small business and treat it like a legitimate job to maximize productivity and consistency.
• 😊 Have fun, stay genuine, and establish boundaries to prevent burnout while pursuing your passion and enjoying the business journey.
• 🚀 Focus on creating a business aligned with your passion to ensure long-term commitment and satisfaction, avoiding ventures that don’t bring joy.

Q & A

What’s the first thing to consider when starting a small business in 2024?

The first thing to consider is choosing the right platform to sell your products. For example, Etsy is great for handmade items due to its built-in audience, but you should also consider creating your own website for more control and better branding opportunities.

How important is it to track your expenses when starting a business?

It’s crucial to track your expenses from the very beginning. Keeping detailed records of your purchases for supplies, tools, and materials helps avoid headaches later, especially come tax time. Using tools like spreadsheets or accounting software can make this much easier.

Why is consistent branding across platforms important?

Consistent branding is key for recognition and professionalism. When all your platforms (Instagram, Etsy, YouTube, etc.) reflect the same name, logo, and style, it makes it easier for customers to find and trust your business.

Should I be focusing on video content for my small business?

Yes, short-form video content (like Instagram Reels, TikTok, and YouTube Shorts) is essential for growing your business. It helps you connect with a wider audience and engage potential customers, as it’s easier for people to discover your business through videos.

What role does marketing play in growing a small business?

Marketing is critical, especially when starting. Investing in ads (like on Etsy) and running promotions or discounts can help bring attention to your products. It’s important to get your brand in front of as many people as possible, even if it’s just a small budget to begin with.

How can I build trust with potential customers?

Building trust comes from providing excellent customer service and delivering high-quality products. Also, getting those first few reviews is important—people are more likely to buy from you if they see others have had a positive experience.

What’s a good strategy to incentivize buyers?

Offering occasional sales or discounts can be a great way to attract buyers. Even a small 10% off can encourage people to take the plunge and make a purchase. As your business grows, you can decrease the frequency of sales but still offer occasional incentives.

How important is professional branding for my business?

Professional branding is extremely important for establishing credibility. It gives your business a polished look that can set you apart from competitors. Using tools like Canva to design your logo, product photos, and social media posts can help you achieve a cohesive and attractive brand image.

What time commitment is required to grow a small business while working full-time?

Dedicating time consistently is essential. In the video, Jenna mentions she works on her business from 5:00 p.m. to 8:00 p.m. each day, treating it like a second job. This commitment allows you to focus and make meaningful progress without feeling overwhelmed.

How can I avoid burnout while juggling a full-time job and a side business?

Setting boundaries is key to avoiding burnout. While it’s tempting to overwork yourself, it's important to maintain a healthy work-life balance. Jenna emphasizes the importance of enjoying your passion project and not letting it consume all your time and energy.