You’ve got a great idea for a business. The next step? Well, there are several. But one of the most important is getting down to the nitty-gritty details of building something tangible that you can actually distribute and sell as a product or service…even if you have no experience doing so. Sounds daunting? It doesn’t have to be!
I studied Biomedical Engineering in college and worked as an engineer for five years before quitting my job and starting my own business making and selling jewelry on Etsy. I had never made jewelry before I started my company, which was aptly named “Something Borrowed Bling.” The first time I made a pair of earrings out of polymer clay, I was instantly hooked. Soon, my friends and family were asking me to make them jewelry for their birthdays and special occasions.
I started selling on Etsy in 2005 with no experience, a cheap digital camera from Target and a few items that I made in my kitchen. After a few months of selling on Etsy, earning a small profit every month and seeing my work featured in magazines like In Style Weddings, I decided to quit my engineering job and go into business full-time as an online retailer.
Here are five key principles you can use when starting your own business from scratch: Peter DeCaprio
1) Tap into Your Talents
Something drew you to the idea for your new company — whether it’s a new technology, a service that fills a need or an opportunity to make money. This “something” is likely something you’re already an expert in and enjoy doing (or would like to continue doing). You might be wondering how the Internet fits into the equation when considering your talents; there are many opportunities online when it comes to launching your own business. For example, my talent was in designing and making jewelry. I took what I enjoyed most about my hobby and transferred it into a virtual storefront on Etsy where anyone in the world could see and purchase my work!
2) Stay Small
While we all want our businesses to become large-scale successes, sometimes they can take off faster than we expect — which can lead to some big problems if you’re not prepared. When starting out, set small goals for yourself and aim to achieve them before you even consider raising the stakes. I still limit the number of items I’m selling on Etsy as a way to ensure that I can provide my customers with quality merchandise and excellent customer service at all times — I simply don’t have time to take on any new challenges until these are achieved!
3) Be True To Yourself
When starting your own business, it’s easy to feel pressure from others who might question or criticize your decisions. Don’t let this stop you from following your dreams! Success is driven by those who stay true to themselves and do what they love, not by those whose main priority is making money above all else without doing anything they love. Be true to yourself and do what excites you if you want your business to succeed — that’s what will keep you going when times get tough!
4) Look for Opportunities to Branch Out
Along the same lines, don’t be afraid to branch out once you get started. If your original idea doesn’t pan out the way you expected, don’t get discouraged. It may turn out to be something completely different or even better than you originally intended it to be! I’ve always loved making jewelry but for a while I struggled with drawing my own designs. Once I decided to hire an artist to draw each design for me before creating custom pieces, my business took off in ways that I never could have imagined – allowing me to turn what started out as a hobby into my full-time career.
5) Learn As You Go
Don’t be afraid to ask for help when you need it! It can take some time before you start seeing a profit from your business so don’t let financial struggles set you back. If no one has taught you how to create or manage a budget, consider taking a class on this subject. There are many resources available online, from free seminars and webinars to affordable online courses. Make use of them if they’re applicable to your needs – the information you learn will surely come in handy down the line!
Conclusion by Peter DeCaprio:
As with any new business, success does not come overnight. Persevere and remember that hard work always pays off in the end! Whether you’re planning on starting a business from scratch or looking to expand an existing company, keep these principles as a guide for your journey.
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