Starting an online business can be difficult, I know, I’ve tried. Especially during these times when most things are taking place online many people have moved their stores, businesses and services to make them available. It is, therefore, no surprise that people have been inspired to start online businesses of their own. From my own experience, I will share key things I wish I knew before, and some tips to help your business
- Inspiration
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Identify what you love the most. A passion-driven business is more likely to be a stronger business. If you enjoy things to do with hair, makeup or jewelry, anything that sparks your interest is a good place to start when it comes to thinking of business ideas. Do your thorough research on what you decide in order to familiarize yourself with the market prices and the target consumers.
- Open a separate business checking’s account
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To keep track of all your spending and budgeting create a bank account that is separate from your persoal one. I made the mistake of having both my personal and business accounts as one and it was very hectic to manage. It is better to organize your accounts in a way that your personal and business accounts are separated for easier financial tracking. This way you will have everything accounted for and it will be easier to send and receive money without interfering with your personal account.
- Listen to everyone
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Contrary to what many people think, it is better to listen to what everyone has to say about your ideas and business. Whether they have experience with businesses or not. Mike Kappel of Forbes magazine says, “be a sponge,” encourage the people who talk to you, to be honest with you because their concerns could possibly be the concerns of a future consumer. It is best to accept this criticism positively
- Build
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A strong team can bring great support when managing a small business. Whether it is a large team or a few people. Whether they’re helping manage the business or if it’s your close friends helping you keep track and motivating you. A team of supporters will encourage you to work harder and will help you feel less alone.
- Speak up
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Be ready to speak confidently about your business, even if it makes you uncomfortable. As a new business owner, you will need to market and network constantly. From networking with clients to negotiating supplier payment terms, you must be able to communicate. I remember when I was new and did not know how to properly speak about my business. When asked about it I would say “it’s nothing big” or “it’s just a small shop”. This creates an impression on the people listening to you and it certainly will not help with sales or even spark their interest. Therefore, if you’re worried about what people will think about your business, you need to get over it. Be confident in your creation and speak greatly of it.
At the end of the day, you need to remember that the dream you have with this business will only be accomplished if you take the first step and begin. Many people often dream of the “being your own boss lifestyle” and others have such great business ideas that they are afraid to put out there. As difficult as it may be to find the confidence to take the first step, it is fulfilling to get to where you want to be.