STARTING A CANDLE BUSINESS IN 2024?!? 5 THINGS I WISH I KNEW SOONER

Summary

In this video, the creator shares valuable insights from a full year of entrepreneurship, offering five key tips for success. They emphasize the importance of self-discipline, financial planning, creating value beyond price, and the power of personal branding. Additionally, they discuss securing business funding and how faith in God can help overcome challenges. The video encourages entrepreneurs to stay focused, be intentional, and leverage resources like the Ultimate Sales Survival Guide to improve their business strategy and achieve their goals.

Takeaways

• 😀 Entrepreneurs must be more disciplined than those in traditional jobs because they lack external structure and fear of being fired.
• 💡 Without a 9-to-5 routine, it's easy to become lazy and distracted. Staying disciplined and focused is critical for success.
• 💪 Time management is key—focusing on productivity rather than procrastinating through activities like cleaning or redecorating can make a big difference.
• 💰 Start by understanding your financial goals, breaking down revenue targets, and building marketing strategies around them.
• 🛒 Product sales come from the value you provide, not just the price. Engaging content like process videos and well-lit packing demonstrations help drive sales.
• 🤳 Personal branding is crucial—people resonate with you as an individual, not just your logo. Show your face to build trust and connection with your audience.
• 💳 Securing business funding is essential, especially for entrepreneurs with lower credit scores. SBA loans and Shopify or Stripe funding can be great options.
• 🔑 Credit plays a big role in business funding. It's important to have a solid business plan and financial structure to succeed.
• 🙏 Faith in God and thinking beyond your limitations can help overcome challenges. Seek guidance and stay positive.
• 📘 Utilizing guides like 'The Ultimate Sales Survival Guide' can provide structured, practical steps for growing and funding your business.

Q & A

What is the main purpose of the video?

The main purpose of the video is to share the lessons the speaker has learned after one year of being an entrepreneur and provide tips to help others who are struggling with their entrepreneurial efforts.

Why does the speaker emphasize the need for discipline as an entrepreneur?

The speaker emphasizes the need for discipline because entrepreneurs don't have an external force, like a boss, to motivate them. They must be self-driven to achieve success, unlike in a 9-to-5 job where there are set schedules and the fear of being fired.

What mistake did the speaker make early in their entrepreneurial journey?

The speaker initially struggled with productivity and time management, spending too much time on personal tasks like cleaning and redecorating instead of focusing on growing the business. This led to wasted time and a lack of focus on important financial and business goals.

What is the first actionable tip the speaker offers to new entrepreneurs?

The first tip is to focus on finances and set clear revenue goals. By knowing how much revenue is needed and breaking it down into daily sales targets, entrepreneurs can create marketing strategies and sequences that align with their business goals.

How does the speaker suggest improving product sales?

The speaker suggests focusing on delivering value rather than just lowering prices. They highlight that emotional and process-based videos, which showcase the making of a product, can resonate more with customers and encourage sales.

Why does the speaker advise against using a logo as a social media profile picture?

The speaker advises against using a logo because it is less personal and doesn't build a connection with the audience. They recommend using a human face, which makes the brand more relatable and helps followers see the person behind the business.

What does the speaker say about business funding and its importance?

The speaker stresses that business funding is crucial for success. They explain that personal credit scores often impact the ability to secure business loans and recommend applying for funding after high-sales periods, like Black Friday, to improve the chances of approval.

What lesson about faith does the speaker share?

The speaker shares that faith in God is essential for overcoming challenges and growing a business. They encourage viewers to focus on the power of faith rather than getting stuck on limitations, trusting that God will provide guidance and opportunities for success.

How does the speaker recommend entrepreneurs approach marketing and social media?

The speaker recommends using engaging content, like process videos or packing orders, to attract attention on social media. They suggest that good lighting and aesthetics are important for presenting the brand in a way that resonates emotionally with potential customers.

What final advice does the speaker offer for business growth?

The speaker advises entrepreneurs to have a solid business plan that includes understanding their niche, demographic, and revenue goals. This plan can guide decisions and help them confidently seek business funding and make smarter business choices.