The past year has brought many changes for me, one of the most significant being that I started my own business.
I created my clothing brand, Pink Caroline, during this time last year.
Since then, I have learned so much about what it means to run a successful brand. I’ve also learned lots about myself as an entrepreneur.
If you’re interested in starting your own business, whether it be right now or one day in the distant future, this article will provide some insight for you!
Just get started.
If you have a passion, and can see yourself making that passion into a business, just get started. Don’t be afraid, because nearly every successful business has started out small.
Your business doesn’t need to be successful immediately. In fact, many businesses exist for years before they become popular or even profitable.
So, just get started and build your business slowly.
I was nervous to start my business, because I knew that it would take lots of work and probably wouldn’t be successful right away. However, after I decided to just get started by making a business plan, the rest of the process came easily to me.
Taking the leap to simply start made my dream feel real, so I felt motivated to follow through with the plan I had created.
If you just get started, the business you’ve envisioned will feel real to you, and you’ll feel inspired to keep working to make it into a reality.
keep your circle small.
When creating your business, surround yourself with the people who support you unconditionally. This is so important, because we generally take on the attitudes of those who we spend the most time with.
Starting a business is a tough and discouraging process at times, so you can’t afford to be surrounded by negativity.
Keep your circle small by surrounding yourself only with those who are optimistic, nonjudgemental, and supportive of you and your dreams. This way, you can be sure that you are at your very best as both a person and an entrepreneur.
When I was in the process of creating my business, my mom suggested that I only tell my closest family and friends about it before launching. This was a great piece of advice, because I was only ever motivated and inspired by my small circle, especially during the hard times.
COMPARISON IS THE WORST THING YOU CAN DO.
Don’t compare yourself to other entrepreneurs.
This is something that is so easy to do, especially when another business gained popularity quicker than yours or is profitable before yours. But it’s the worst thing you can do.
Every time I’ve compared myself to another entrepreneur, I’ve only felt confused and defeated. What works for their business might not work for mine.
But it’s important to recognize that the reason for this is because your business is not their business, and you are a different person than they are, which is a good thing.
It’s also important to remember that, no matter how much you grow, there will always be a business that is just as successful or more successful than yours. So, the sooner you get into the habit of focusing only on your own goals, the better.
After all, a business does the best when its owner believes in it. When comparing yourself to others, you are unable to fully believe in your business.
Research, research, research.
When I started creating my business plan, I realized that there were so many things that I just didn’t know. I had never taken a business class in college, or ever been educated about many of the basic things that entrepreneurs need to know.
If you’re in a position similar to mine when I first started, it’s a great idea to spend your time researching. Google is a great resource, as is your local or university library.
Read about the different business types (sole proprietorship, partnership, etc.) and decide which one is right for you. Research local and federal laws that you must follow as a business, and figure out which licenses you are required to apply for. Research different suppliers and consult with them before deciding who will manufacture your products.
These are just a few of the items that you must research before launching your business. There are many more, and as you research, you’ll probably keep thinking of new questions that you need to find the answers to.
Research takes time, but it’s required to ensure that your business is successful. Remember, what you put into something is exactly what you get out of it, and the same goes for your business.
KNOW YOUR VALUES.
To me, businesses that contribute to a greater cause are the most admirable. Businesses that know their values set themselves apart because they actively contribute to making the world a better place.
I think that, as business owners, entrepreneurs are in a great position to give back to the community around them. While envisioning your future business, ask yourself what is meaningful to you.
Is there a specific cause that you feel passionately about? Do you have a personal story that connects to a certain charity or organization? What are some life principles that you believe in?
When I created my business plan, I knew that I wanted to utilize my business to positively contribute to the lives of other people. I decided that my business would donate ten percent of sales made on the first of each month to charities across the world.
As my business grows, I will be able to donate more. The act of giving back, even though it’s small, makes me feel that my business is doing some good.
When you know your values, the success of your business will not be measured just by profit. It will also be measured by how you made the world a better place.
SET GOALS REGULARLY.
When your business launches, you’ll likely have already envisioned a list of goals you wish to achieve. For example, one of your first goals might be to sell one-hundred products.
But what happens after you achieve your initial goals?
My biggest piece of advice would be to set a new goal after each one you’ve reached. Thinking that you don’t need to put in any more effort after you’ve achieved those initial goals is a very dangerous mindset, because more than likely, it will lead to your business failing.
After I reached some of my first business goals, I found myself lagging in my effort. I just wanted a break, because I had put so much work into achieving the things that I wanted to. In my mind, I had reached the level of success that I needed to, so I didn’t try as hard anymore.
This mindset led to several problems for my business. I didn’t update the website as often, so I had fewer sales. I stopped making marketing content, so potential customers weren’t exposed to my brand as much as they had been before. I received little customer feedback because I stopped asking for it.
When I realized that my business had fallen behind due to a lack of goals, I began setting new ones. My brand gained success again, because I was actively working towards my objectives.
One thing I learned from this experience is that you can’t aim high unless you know what exactly it is you’re aiming for. Identifying your goals, and creating new ones as often as you need to, will ensure that your business is successful in the long run.
ENTREPRENEURSHIP IS FULL OF LIFE LESSONS.
Overall, owning a business is a highly rewarding and valuable experience. I have found that many of the things that apply to running a respectable and lucrative brand also apply to living a good life. Identifying your goals applies to virtually every aspect of life, as does keeping your circle small and knowing your values.
I hope that this article has given you some insight as to what running a business looks like, and how to do so meaningfully. As an entrepreneur, you will be exposed to many life lessons through your work, more than I am able to list here.
I wish you the best of luck with your business, and I’m cheering you on.