Did you know that you are able capable of running your own business? What is your passion and what do you like to do? It’s simple, these questions could be a great starting point for running your own business. Sitting in my entrepreneurship class at the beginning of semester inspired me to take action and create my own business on campus, “Shirt Shark & Co.”. My business partner, Nana Lokko, and I are running the T-Shirt business on campus, and for every T-Shirt we sell we are saving a percentage to create a scholarship for the Clark community. Our business is all about spreading positive vibes and inspiring others to take action and become leaders.
Because I’ve been through the stress that it takes to run your own business, here are my top tips that could help you turn your passion into a profit:
Tip #1: Do What You Love
I’m a firm believer that in order to succeed in a particular field, you must love what you do. Forget about the money for a second, and set some time aside to consider what exactly you enjoy doing. This is the most important step because it will dictate the success of your business. Follow your passion and turn it into a reality.
Tip #2: Write a Business Plan
Once you have the idea, write up a business plan. Be organized and concise so you know where the business is going to be taking you. Seek out help if necessary, but just make sure that your idea is well thought out so you are aware of how much time and money it’s going to take.
Tips #3: Know Your Target and What They Want
A very important thing to consider is who you are selling to, or who are you targeting. Understand that in order for your business to stay on track there must be a demand for your service or product. Take time to understand your target and to ensure that their needs are being met. For instance, for Shirt Shark & Co. all we had to do was stand up in front of the UC and ask the Clark community what they want to see on the clothes we make – and that’s it.
Tip #4: Establish a Budget
I get it, we are all college students, which means we don’t have extra money to spend on whatever we want. Because of this, it is highly important to come up with a budget. Know how much money are you able to spend and how can you make the most out it.
Tip #5: Do not go CRAZY – Be Patient
When we started Shirt Shack & Co. we had the idea that money was going to be falling from the trees. However, it is essential to know that it takes time to build a brand or a business in general. As much as I want us to seem as the new Nike or Zara, I need to understand that it is a process and our time will come. Be patient because as long as you are putting in the work, success will come.
Tip #6: Work, Work, and Work
Speaking of putting in work, I recommend giving it your all. Know that the business is not going to run on itself and that work needs to be done. What I personally like to do to know that I am getting things accomplished is write things on my planner to keep track of what has been done (to make yourself feel accomplished) and what needs to be done (to push yourself to your full potential).
Tip #7: Be Flexible
My last piece of advice is to be flexible. Understand that not everything is going to be rainbows all the time. Running a business has its ups and downs so be willing to make adjustments if needed. Understand that there is always room for improvement and that being flexible will help avoid you many headaches.
Speaking from my personal experience, I encourage you to follow these tips, and to remember that it is never too late to take action and do what you love. Hope you enjoy these tips!