This post may contain affiliate links, which is where I will receive a small commission if you buy from the link. At no extra cost to you! For more information please read the full disclosure here.
Happy New Year! I hope the first 4 days of 2021 have been nice to you…
Today I will be getting into the “do’s” and “don’ts” when setting up and organising your small business. So, if one of your goals for the new year was to start a business, this is the perfect starter post you will need to get you started. However, if you already have a small business, this will help you dot some i’s and cross some t’s.
Setting up your very own business is both exciting and overwhelming simultaneously. Personally, I believe one of the best ways to start a business is to learn as you go along. If you have been going back and forth with a business idea, just start! Making mistakes is inevitable.
So, this is where I come in… I have compiled a list of 5 “do’s” and 3 “don’ts” that I learnt and applied in my first year of owning a small business. Let’s get into it…
SETTING UP A SMALL BUSINESS DO’S AND DON’TS
DO’S
1. DO START SMALL
Whenever anyone asks me for advice when starting a business, the first thing I mention is to start small! You don’t want to get too ahead of yourself at the beginning, slow and steady really does win the race when it comes to being an entrepreneur (most of the time).
How should you start small?
- Find 1-3 items to sell BUT don’t buy them yet!
- List them on eBay and/or Etsy
- Mention in the product description that there will be a delay in shipment
These are the 3 steps I took before I bought any inventory for my business. If your item is available in multiple colours, list each colour. Over time, you will notice the views and “watchers” increasing.
Give yourself a specific time period, that you would like to test out your product before buying stock. 3-4 weeks is usually enough time to understand whether your product is going to do well or not.
You will also observe that some colours and products will do better than others. The items with the most “watchers” or “likes”, will most likely sell the best.
2. DO SET UP YOUR ORGANISATION SYSTEMS EARLY
You NEED to have an organisation system if you want to own a successful small business. It really is the strong foundation you all need.
Business organisation systems are slightly different from the personal organisation systems you set up.
Information you will need to organise:
- Inventory
- Month Review: Money ingoings and outgoings
- Calculating the profit margin of stock
- Upcoming product releases
I use Google Drive to house all of my documents and spreadsheets, so everything can be accessed at any time.
3. DO START ON AN ONLINE MARKETPLACE
An advantage of starting your business on an online marketplace instead of on a site such as Shopify is the need of little to no social media. Online marketplaces such as eBay or Etsy are great for beginners because it is so user friendly. If you are struggling, there are hundreds of videos and blog posts to help you out.
eBay or Etsy?
If you are not sure whether to set up your business on eBay or Etsy, I highly suggest starting with eBay. One of the reasons being that listing is free (you can upgrade to a business account later on). Whereas when you list on Etsy, you have to pay $0.20 for EACH listing. Although it is small, the goal is to spend as little as possible in the very beginning.
Once you get your head around owning an online business or if your business starts to grow fast, you can open your own storefront.
4. DO TAKE RISKS
Starting your own business can be quite daunting and intimidating so you may be scared to take risks. Taking small risks and some big ones too is a given and are necessary. HOWEVER, be smart! The risks you take (big or small) need to be calculated and strategic.
5. DO READ ABOUT YOUR BUSINESS MARKET AND COMPETITORS
Lastly, it is important to constantly learn about your business market and current competitors.
How do I do this?
- Read articles
- Look at competitors social pages
I don’t do it as much as I should, but I find it useful when I put some time towards it.
DON’T’S
1. DON’T FORGET TO CHECK YOUR CASH FLOW OFTEN
A big mistake which beginners make (me included!) is not checking your cash flow enough. Once I calculated my profit margin (very badly), I didn’t check my cash flow for about 2 months as I was still figuring out the balance between university and my business.
When I FINALLY remembered to check, I had realised I was barely making any profit! Please don’t make the same mistake as me…
Set weekly/ bi-weekly reminders, to check that your stock price, shipping and other expenses haven’t gone up recently. Also, check your bank account to make sure you have not been overcharged in areas.
2. DON’T TAKE OUT LOANS IF YOU CAN
At the start of your small business, the best thing to do is to spend your money on the essentials. Some essentials being, packaging and inventory. If it is looking like your inventory will cost you a lot more than you can afford, I would suggest waiting a while. During this waiting time, you can start a side hustle/ part-time job that will help you save some money.
However, speak to your accountant/ financial advisor for my information.
3. DON’T MARK UP YOUR PRODUCTS TOO MUCH
Calculating your profit at the beginning can be very difficult and confusing. I remember when I first got my hands on my stock and I was just staring at it for an hour, going back and forth with pricing.
Overtime, I came up with these questions which I answer every time I price an item…
- How much is postage?
- How much is the packaging?
- How much was the product?
- How much profit margin do I want?
- What are my competitors pricing a similar item?
Don’t also make the mistake of making your product too affordable. Pricing may take a few tries, don’t worry.
And that’s it!
Before I leave you so you can get started on the above tips, please don’t forget to DREAM BIG. I’m sure owning your own small business is one of your dreams and passions, so keep going. It is hard, but don’t stop! Remember why you started and don’t look back.
OTHER POSTS YOU MAY BE INTERESTED IN:
A twenty something year old, obsessed with all things design, organisation. want to learn more about me, click here.
Simi's fave resources
My Projects
TEMPLATE CUSTOMISATION
CUSTOM WEBSITE
WEBSITE AUDIT
This post may contain affiliate links, which is where I will receive a small commission if you buy from the link. At no extra cost to you! For more information please read the full disclosure here.
Happy New Year! I hope the first 4 days of 2021 have been nice to you…
Today I will be getting into the “do’s” and “don’ts” when setting up and organising your small business. So, if one of your goals for the new year was to start a business, this is the perfect starter post you will need to get you started. However, if you already have a small business, this will help you dot some i’s and cross some t’s.
Setting up your very own business is both exciting and overwhelming simultaneously. Personally, I believe one of the best ways to start a business is to learn as you go along. If you have been going back and forth with a business idea, just start! Making mistakes is inevitable.
So, this is where I come in… I have compiled a list of 5 “do’s” and 3 “don’ts” that I learnt and applied in my first year of owning a small business. Let’s get into it…
SETTING UP A SMALL BUSINESS DO’S AND DON’TS
DO’S
1. DO START SMALL
Whenever anyone asks me for advice when starting a business, the first thing I mention is to start small! You don’t want to get too ahead of yourself at the beginning, slow and steady really does win the race when it comes to being an entrepreneur (most of the time).
How should you start small?
- Find 1-3 items to sell BUT don’t buy them yet!
- List them on eBay and/or Etsy
- Mention in the product description that there will be a delay in shipment
These are the 3 steps I took before I bought any inventory for my business. If your item is available in multiple colours, list each colour. Over time, you will notice the views and “watchers” increasing.
Give yourself a specific time period, that you would like to test out your product before buying stock. 3-4 weeks is usually enough time to understand whether your product is going to do well or not.
You will also observe that some colours and products will do better than others. The items with the most “watchers” or “likes”, will most likely sell the best.
2. DO SET UP YOUR ORGANISATION SYSTEMS EARLY
You NEED to have an organisation system if you want to own a successful small business. It really is the strong foundation you all need.
Business organisation systems are slightly different from the personal organisation systems you set up.
Information you will need to organise:
- Inventory
- Month Review: Money ingoings and outgoings
- Calculating the profit margin of stock
- Upcoming product releases
I use Google Drive to house all of my documents and spreadsheets, so everything can be accessed at any time.
3. DO START ON AN ONLINE MARKETPLACE
An advantage of starting your business on an online marketplace instead of on a site such as Shopify is the need of little to no social media. Online marketplaces such as eBay or Etsy are great for beginners because it is so user friendly. If you are struggling, there are hundreds of videos and blog posts to help you out.
eBay or Etsy?
If you are not sure whether to set up your business on eBay or Etsy, I highly suggest starting with eBay. One of the reasons being that listing is free (you can upgrade to a business account later on). Whereas when you list on Etsy, you have to pay $0.20 for EACH listing. Although it is small, the goal is to spend as little as possible in the very beginning.
Once you get your head around owning an online business or if your business starts to grow fast, you can open your own storefront.
4. DO TAKE RISKS
Starting your own business can be quite daunting and intimidating so you may be scared to take risks. Taking small risks and some big ones too is a given and are necessary. HOWEVER, be smart! The risks you take (big or small) need to be calculated and strategic.
5. DO READ ABOUT YOUR BUSINESS MARKET AND COMPETITORS
Lastly, it is important to constantly learn about your business market and current competitors.
How do I do this?
- Read articles
- Look at competitors social pages
I don’t do it as much as I should, but I find it useful when I put some time towards it.
DON’T’S
1. DON’T FORGET TO CHECK YOUR CASH FLOW OFTEN
A big mistake which beginners make (me included!) is not checking your cash flow enough. Once I calculated my profit margin (very badly), I didn’t check my cash flow for about 2 months as I was still figuring out the balance between university and my business.
When I FINALLY remembered to check, I had realised I was barely making any profit! Please don’t make the same mistake as me…
Set weekly/ bi-weekly reminders, to check that your stock price, shipping and other expenses haven’t gone up recently. Also, check your bank account to make sure you have not been overcharged in areas.
2. DON’T TAKE OUT LOANS IF YOU CAN
At the start of your small business, the best thing to do is to spend your money on the essentials. Some essentials being, packaging and inventory. If it is looking like your inventory will cost you a lot more than you can afford, I would suggest waiting a while. During this waiting time, you can start a side hustle/ part-time job that will help you save some money.
However, speak to your accountant/ financial advisor for my information.
3. DON’T MARK UP YOUR PRODUCTS TOO MUCH
Calculating your profit at the beginning can be very difficult and confusing. I remember when I first got my hands on my stock and I was just staring at it for an hour, going back and forth with pricing.
Overtime, I came up with these questions which I answer every time I price an item…
- How much is postage?
- How much is the packaging?
- How much was the product?
- How much profit margin do I want?
- What are my competitors pricing a similar item?
Don’t also make the mistake of making your product too affordable. Pricing may take a few tries, don’t worry.
And that’s it!
Before I leave you so you can get started on the above tips, please don’t forget to DREAM BIG. I’m sure owning your own small business is one of your dreams and passions, so keep going. It is hard, but don’t stop! Remember why you started and don’t look back.
OTHER POSTS YOU MAY BE INTERESTED IN:
This post may contain affiliate links, which is where I will receive a small commission if you buy from the link. At no extra cost to you! For more information please read the full disclosure here.
Happy New Year! I hope the first 4 days of 2021 have been nice to you…
Today I will be getting into the “do’s” and “don’ts” when setting up and organising your small business. So, if one of your goals for the new year was to start a business, this is the perfect starter post you will need to get you started. However, if you already have a small business, this will help you dot some i’s and cross some t’s.
Setting up your very own business is both exciting and overwhelming simultaneously. Personally, I believe one of the best ways to start a business is to learn as you go along. If you have been going back and forth with a business idea, just start! Making mistakes is inevitable.
So, this is where I come in… I have compiled a list of 5 “do’s” and 3 “don’ts” that I learnt and applied in my first year of owning a small business. Let’s get into it…
SETTING UP A SMALL BUSINESS DO’S AND DON’TS
DO’S
1. DO START SMALL
Whenever anyone asks me for advice when starting a business, the first thing I mention is to start small! You don’t want to get too ahead of yourself at the beginning, slow and steady really does win the race when it comes to being an entrepreneur (most of the time).
How should you start small?
- Find 1-3 items to sell BUT don’t buy them yet!
- List them on eBay and/or Etsy
- Mention in the product description that there will be a delay in shipment
These are the 3 steps I took before I bought any inventory for my business. If your item is available in multiple colours, list each colour. Over time, you will notice the views and “watchers” increasing.
Give yourself a specific time period, that you would like to test out your product before buying stock. 3-4 weeks is usually enough time to understand whether your product is going to do well or not.
You will also observe that some colours and products will do better than others. The items with the most “watchers” or “likes”, will most likely sell the best.
2. DO SET UP YOUR ORGANISATION SYSTEMS EARLY
You NEED to have an organisation system if you want to own a successful small business. It really is the strong foundation you all need.
Business organisation systems are slightly different from the personal organisation systems you set up.
Information you will need to organise:
- Inventory
- Month Review: Money ingoings and outgoings
- Calculating the profit margin of stock
- Upcoming product releases
I use Google Drive to house all of my documents and spreadsheets, so everything can be accessed at any time.
3. DO START ON AN ONLINE MARKETPLACE
An advantage of starting your business on an online marketplace instead of on a site such as Shopify is the need of little to no social media. Online marketplaces such as eBay or Etsy are great for beginners because it is so user friendly. If you are struggling, there are hundreds of videos and blog posts to help you out.
eBay or Etsy?
If you are not sure whether to set up your business on eBay or Etsy, I highly suggest starting with eBay. One of the reasons being that listing is free (you can upgrade to a business account later on). Whereas when you list on Etsy, you have to pay $0.20 for EACH listing. Although it is small, the goal is to spend as little as possible in the very beginning.
Once you get your head around owning an online business or if your business starts to grow fast, you can open your own storefront.
4. DO TAKE RISKS
Starting your own business can be quite daunting and intimidating so you may be scared to take risks. Taking small risks and some big ones too is a given and are necessary. HOWEVER, be smart! The risks you take (big or small) need to be calculated and strategic.
5. DO READ ABOUT YOUR BUSINESS MARKET AND COMPETITORS
Lastly, it is important to constantly learn about your business market and current competitors.
How do I do this?
- Read articles
- Look at competitors social pages
I don’t do it as much as I should, but I find it useful when I put some time towards it.
DON’T’S
1. DON’T FORGET TO CHECK YOUR CASH FLOW OFTEN
A big mistake which beginners make (me included!) is not checking your cash flow enough. Once I calculated my profit margin (very badly), I didn’t check my cash flow for about 2 months as I was still figuring out the balance between university and my business.
When I FINALLY remembered to check, I had realised I was barely making any profit! Please don’t make the same mistake as me…
Set weekly/ bi-weekly reminders, to check that your stock price, shipping and other expenses haven’t gone up recently. Also, check your bank account to make sure you have not been overcharged in areas.
2. DON’T TAKE OUT LOANS IF YOU CAN
At the start of your small business, the best thing to do is to spend your money on the essentials. Some essentials being, packaging and inventory. If it is looking like your inventory will cost you a lot more than you can afford, I would suggest waiting a while. During this waiting time, you can start a side hustle/ part-time job that will help you save some money.
However, speak to your accountant/ financial advisor for my information.
3. DON’T MARK UP YOUR PRODUCTS TOO MUCH
Calculating your profit at the beginning can be very difficult and confusing. I remember when I first got my hands on my stock and I was just staring at it for an hour, going back and forth with pricing.
Overtime, I came up with these questions which I answer every time I price an item…
- How much is postage?
- How much is the packaging?
- How much was the product?
- How much profit margin do I want?
- What are my competitors pricing a similar item?
Don’t also make the mistake of making your product too affordable. Pricing may take a few tries, don’t worry.
And that’s it!
Before I leave you so you can get started on the above tips, please don’t forget to DREAM BIG. I’m sure owning your own small business is one of your dreams and passions, so keep going. It is hard, but don’t stop! Remember why you started and don’t look back.
OTHER POSTS YOU MAY BE INTERESTED IN:
A twenty something year old, obsessed with all things design, organisation. want to learn more about me, click here.
Simi's fave resources
My Projects
TEMPLATE CUSTOMISATION
CUSTOM WEBSITE
WEBSITE AUDIT
This post may contain affiliate links, which is where I will receive a small commission if you buy from the link. At no extra cost to you! For more information please read the full disclosure here.
Happy New Year! I hope the first 4 days of 2021 have been nice to you…
Today I will be getting into the “do’s” and “don’ts” when setting up and organising your small business. So, if one of your goals for the new year was to start a business, this is the perfect starter post you will need to get you started. However, if you already have a small business, this will help you dot some i’s and cross some t’s.
Setting up your very own business is both exciting and overwhelming simultaneously. Personally, I believe one of the best ways to start a business is to learn as you go along. If you have been going back and forth with a business idea, just start! Making mistakes is inevitable.
So, this is where I come in… I have compiled a list of 5 “do’s” and 3 “don’ts” that I learnt and applied in my first year of owning a small business. Let’s get into it…
SETTING UP A SMALL BUSINESS DO’S AND DON’TS
DO’S
1. DO START SMALL
Whenever anyone asks me for advice when starting a business, the first thing I mention is to start small! You don’t want to get too ahead of yourself at the beginning, slow and steady really does win the race when it comes to being an entrepreneur (most of the time).
How should you start small?
- Find 1-3 items to sell BUT don’t buy them yet!
- List them on eBay and/or Etsy
- Mention in the product description that there will be a delay in shipment
These are the 3 steps I took before I bought any inventory for my business. If your item is available in multiple colours, list each colour. Over time, you will notice the views and “watchers” increasing.
Give yourself a specific time period, that you would like to test out your product before buying stock. 3-4 weeks is usually enough time to understand whether your product is going to do well or not.
You will also observe that some colours and products will do better than others. The items with the most “watchers” or “likes”, will most likely sell the best.
2. DO SET UP YOUR ORGANISATION SYSTEMS EARLY
You NEED to have an organisation system if you want to own a successful small business. It really is the strong foundation you all need.
Business organisation systems are slightly different from the personal organisation systems you set up.
Information you will need to organise:
- Inventory
- Month Review: Money ingoings and outgoings
- Calculating the profit margin of stock
- Upcoming product releases
I use Google Drive to house all of my documents and spreadsheets, so everything can be accessed at any time.
3. DO START ON AN ONLINE MARKETPLACE
An advantage of starting your business on an online marketplace instead of on a site such as Shopify is the need of little to no social media. Online marketplaces such as eBay or Etsy are great for beginners because it is so user friendly. If you are struggling, there are hundreds of videos and blog posts to help you out.
eBay or Etsy?
If you are not sure whether to set up your business on eBay or Etsy, I highly suggest starting with eBay. One of the reasons being that listing is free (you can upgrade to a business account later on). Whereas when you list on Etsy, you have to pay $0.20 for EACH listing. Although it is small, the goal is to spend as little as possible in the very beginning.
Once you get your head around owning an online business or if your business starts to grow fast, you can open your own storefront.
4. DO TAKE RISKS
Starting your own business can be quite daunting and intimidating so you may be scared to take risks. Taking small risks and some big ones too is a given and are necessary. HOWEVER, be smart! The risks you take (big or small) need to be calculated and strategic.
5. DO READ ABOUT YOUR BUSINESS MARKET AND COMPETITORS
Lastly, it is important to constantly learn about your business market and current competitors.
How do I do this?
- Read articles
- Look at competitors social pages
I don’t do it as much as I should, but I find it useful when I put some time towards it.
DON’T’S
1. DON’T FORGET TO CHECK YOUR CASH FLOW OFTEN
A big mistake which beginners make (me included!) is not checking your cash flow enough. Once I calculated my profit margin (very badly), I didn’t check my cash flow for about 2 months as I was still figuring out the balance between university and my business.
When I FINALLY remembered to check, I had realised I was barely making any profit! Please don’t make the same mistake as me…
Set weekly/ bi-weekly reminders, to check that your stock price, shipping and other expenses haven’t gone up recently. Also, check your bank account to make sure you have not been overcharged in areas.
2. DON’T TAKE OUT LOANS IF YOU CAN
At the start of your small business, the best thing to do is to spend your money on the essentials. Some essentials being, packaging and inventory. If it is looking like your inventory will cost you a lot more than you can afford, I would suggest waiting a while. During this waiting time, you can start a side hustle/ part-time job that will help you save some money.
However, speak to your accountant/ financial advisor for my information.
3. DON’T MARK UP YOUR PRODUCTS TOO MUCH
Calculating your profit at the beginning can be very difficult and confusing. I remember when I first got my hands on my stock and I was just staring at it for an hour, going back and forth with pricing.
Overtime, I came up with these questions which I answer every time I price an item…
- How much is postage?
- How much is the packaging?
- How much was the product?
- How much profit margin do I want?
- What are my competitors pricing a similar item?
Don’t also make the mistake of making your product too affordable. Pricing may take a few tries, don’t worry.
And that’s it!
Before I leave you so you can get started on the above tips, please don’t forget to DREAM BIG. I’m sure owning your own small business is one of your dreams and passions, so keep going. It is hard, but don’t stop! Remember why you started and don’t look back.
OTHER POSTS YOU MAY BE INTERESTED IN:
A twenty something year old, obsessed with all things design, organisation. want to learn more about me, click here.
Simi's fave resources
My Projects
TEMPLATE CUSTOMISATION
CUSTOM WEBSITE
WEBSITE AUDIT
This post may contain affiliate links, which is where I will receive a small commission if you buy from the link. At no extra cost to you! For more information please read the full disclosure here.
Happy New Year! I hope the first 4 days of 2021 have been nice to you…
Today I will be getting into the “do’s” and “don’ts” when setting up and organising your small business. So, if one of your goals for the new year was to start a business, this is the perfect starter post you will need to get you started. However, if you already have a small business, this will help you dot some i’s and cross some t’s.
Setting up your very own business is both exciting and overwhelming simultaneously. Personally, I believe one of the best ways to start a business is to learn as you go along. If you have been going back and forth with a business idea, just start! Making mistakes is inevitable.
So, this is where I come in… I have compiled a list of 5 “do’s” and 3 “don’ts” that I learnt and applied in my first year of owning a small business. Let’s get into it…
SETTING UP A SMALL BUSINESS DO’S AND DON’TS
DO’S
1. DO START SMALL
Whenever anyone asks me for advice when starting a business, the first thing I mention is to start small! You don’t want to get too ahead of yourself at the beginning, slow and steady really does win the race when it comes to being an entrepreneur (most of the time).
How should you start small?
- Find 1-3 items to sell BUT don’t buy them yet!
- List them on eBay and/or Etsy
- Mention in the product description that there will be a delay in shipment
These are the 3 steps I took before I bought any inventory for my business. If your item is available in multiple colours, list each colour. Over time, you will notice the views and “watchers” increasing.
Give yourself a specific time period, that you would like to test out your product before buying stock. 3-4 weeks is usually enough time to understand whether your product is going to do well or not.
You will also observe that some colours and products will do better than others. The items with the most “watchers” or “likes”, will most likely sell the best.
2. DO SET UP YOUR ORGANISATION SYSTEMS EARLY
You NEED to have an organisation system if you want to own a successful small business. It really is the strong foundation you all need.
Business organisation systems are slightly different from the personal organisation systems you set up.
Information you will need to organise:
- Inventory
- Month Review: Money ingoings and outgoings
- Calculating the profit margin of stock
- Upcoming product releases
I use Google Drive to house all of my documents and spreadsheets, so everything can be accessed at any time.
3. DO START ON AN ONLINE MARKETPLACE
An advantage of starting your business on an online marketplace instead of on a site such as Shopify is the need of little to no social media. Online marketplaces such as eBay or Etsy are great for beginners because it is so user friendly. If you are struggling, there are hundreds of videos and blog posts to help you out.
eBay or Etsy?
If you are not sure whether to set up your business on eBay or Etsy, I highly suggest starting with eBay. One of the reasons being that listing is free (you can upgrade to a business account later on). Whereas when you list on Etsy, you have to pay $0.20 for EACH listing. Although it is small, the goal is to spend as little as possible in the very beginning.
Once you get your head around owning an online business or if your business starts to grow fast, you can open your own storefront.
4. DO TAKE RISKS
Starting your own business can be quite daunting and intimidating so you may be scared to take risks. Taking small risks and some big ones too is a given and are necessary. HOWEVER, be smart! The risks you take (big or small) need to be calculated and strategic.
5. DO READ ABOUT YOUR BUSINESS MARKET AND COMPETITORS
Lastly, it is important to constantly learn about your business market and current competitors.
How do I do this?
- Read articles
- Look at competitors social pages
I don’t do it as much as I should, but I find it useful when I put some time towards it.
DON’T’S
1. DON’T FORGET TO CHECK YOUR CASH FLOW OFTEN
A big mistake which beginners make (me included!) is not checking your cash flow enough. Once I calculated my profit margin (very badly), I didn’t check my cash flow for about 2 months as I was still figuring out the balance between university and my business.
When I FINALLY remembered to check, I had realised I was barely making any profit! Please don’t make the same mistake as me…
Set weekly/ bi-weekly reminders, to check that your stock price, shipping and other expenses haven’t gone up recently. Also, check your bank account to make sure you have not been overcharged in areas.
2. DON’T TAKE OUT LOANS IF YOU CAN
At the start of your small business, the best thing to do is to spend your money on the essentials. Some essentials being, packaging and inventory. If it is looking like your inventory will cost you a lot more than you can afford, I would suggest waiting a while. During this waiting time, you can start a side hustle/ part-time job that will help you save some money.
However, speak to your accountant/ financial advisor for my information.
3. DON’T MARK UP YOUR PRODUCTS TOO MUCH
Calculating your profit at the beginning can be very difficult and confusing. I remember when I first got my hands on my stock and I was just staring at it for an hour, going back and forth with pricing.
Overtime, I came up with these questions which I answer every time I price an item…
- How much is postage?
- How much is the packaging?
- How much was the product?
- How much profit margin do I want?
- What are my competitors pricing a similar item?
Don’t also make the mistake of making your product too affordable. Pricing may take a few tries, don’t worry.
And that’s it!
Before I leave you so you can get started on the above tips, please don’t forget to DREAM BIG. I’m sure owning your own small business is one of your dreams and passions, so keep going. It is hard, but don’t stop! Remember why you started and don’t look back.
OTHER POSTS YOU MAY BE INTERESTED IN:
This post may contain affiliate links, which is where I will receive a small commission if you buy from the link. At no extra cost to you! For more information please read the full disclosure here.
Happy New Year! I hope the first 4 days of 2021 have been nice to you…
Today I will be getting into the “do’s” and “don’ts” when setting up and organising your small business. So, if one of your goals for the new year was to start a business, this is the perfect starter post you will need to get you started. However, if you already have a small business, this will help you dot some i’s and cross some t’s.
Setting up your very own business is both exciting and overwhelming simultaneously. Personally, I believe one of the best ways to start a business is to learn as you go along. If you have been going back and forth with a business idea, just start! Making mistakes is inevitable.
So, this is where I come in… I have compiled a list of 5 “do’s” and 3 “don’ts” that I learnt and applied in my first year of owning a small business. Let’s get into it…
SETTING UP A SMALL BUSINESS DO’S AND DON’TS
DO’S
1. DO START SMALL
Whenever anyone asks me for advice when starting a business, the first thing I mention is to start small! You don’t want to get too ahead of yourself at the beginning, slow and steady really does win the race when it comes to being an entrepreneur (most of the time).
How should you start small?
- Find 1-3 items to sell BUT don’t buy them yet!
- List them on eBay and/or Etsy
- Mention in the product description that there will be a delay in shipment
These are the 3 steps I took before I bought any inventory for my business. If your item is available in multiple colours, list each colour. Over time, you will notice the views and “watchers” increasing.
Give yourself a specific time period, that you would like to test out your product before buying stock. 3-4 weeks is usually enough time to understand whether your product is going to do well or not.
You will also observe that some colours and products will do better than others. The items with the most “watchers” or “likes”, will most likely sell the best.
2. DO SET UP YOUR ORGANISATION SYSTEMS EARLY
You NEED to have an organisation system if you want to own a successful small business. It really is the strong foundation you all need.
Business organisation systems are slightly different from the personal organisation systems you set up.
Information you will need to organise:
- Inventory
- Month Review: Money ingoings and outgoings
- Calculating the profit margin of stock
- Upcoming product releases
I use Google Drive to house all of my documents and spreadsheets, so everything can be accessed at any time.
3. DO START ON AN ONLINE MARKETPLACE
An advantage of starting your business on an online marketplace instead of on a site such as Shopify is the need of little to no social media. Online marketplaces such as eBay or Etsy are great for beginners because it is so user friendly. If you are struggling, there are hundreds of videos and blog posts to help you out.
eBay or Etsy?
If you are not sure whether to set up your business on eBay or Etsy, I highly suggest starting with eBay. One of the reasons being that listing is free (you can upgrade to a business account later on). Whereas when you list on Etsy, you have to pay $0.20 for EACH listing. Although it is small, the goal is to spend as little as possible in the very beginning.
Once you get your head around owning an online business or if your business starts to grow fast, you can open your own storefront.
4. DO TAKE RISKS
Starting your own business can be quite daunting and intimidating so you may be scared to take risks. Taking small risks and some big ones too is a given and are necessary. HOWEVER, be smart! The risks you take (big or small) need to be calculated and strategic.
5. DO READ ABOUT YOUR BUSINESS MARKET AND COMPETITORS
Lastly, it is important to constantly learn about your business market and current competitors.
How do I do this?
- Read articles
- Look at competitors social pages
I don’t do it as much as I should, but I find it useful when I put some time towards it.
DON’T’S
1. DON’T FORGET TO CHECK YOUR CASH FLOW OFTEN
A big mistake which beginners make (me included!) is not checking your cash flow enough. Once I calculated my profit margin (very badly), I didn’t check my cash flow for about 2 months as I was still figuring out the balance between university and my business.
When I FINALLY remembered to check, I had realised I was barely making any profit! Please don’t make the same mistake as me…
Set weekly/ bi-weekly reminders, to check that your stock price, shipping and other expenses haven’t gone up recently. Also, check your bank account to make sure you have not been overcharged in areas.
2. DON’T TAKE OUT LOANS IF YOU CAN
At the start of your small business, the best thing to do is to spend your money on the essentials. Some essentials being, packaging and inventory. If it is looking like your inventory will cost you a lot more than you can afford, I would suggest waiting a while. During this waiting time, you can start a side hustle/ part-time job that will help you save some money.
However, speak to your accountant/ financial advisor for my information.
3. DON’T MARK UP YOUR PRODUCTS TOO MUCH
Calculating your profit at the beginning can be very difficult and confusing. I remember when I first got my hands on my stock and I was just staring at it for an hour, going back and forth with pricing.
Overtime, I came up with these questions which I answer every time I price an item…
- How much is postage?
- How much is the packaging?
- How much was the product?
- How much profit margin do I want?
- What are my competitors pricing a similar item?
Don’t also make the mistake of making your product too affordable. Pricing may take a few tries, don’t worry.
And that’s it!
Before I leave you so you can get started on the above tips, please don’t forget to DREAM BIG. I’m sure owning your own small business is one of your dreams and passions, so keep going. It is hard, but don’t stop! Remember why you started and don’t look back.
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Happy New Year! I hope the first 4 days of 2021 have been nice to you…
Today I will be getting into the “do’s” and “don’ts” when setting up and organising your small business. So, if one of your goals for the new year was to start a business, this is the perfect starter post you will need to get you started. However, if you already have a small business, this will help you dot some i’s and cross some t’s.
Setting up your very own business is both exciting and overwhelming simultaneously. Personally, I believe one of the best ways to start a business is to learn as you go along. If you have been going back and forth with a business idea, just start! Making mistakes is inevitable.
So, this is where I come in… I have compiled a list of 5 “do’s” and 3 “don’ts” that I learnt and applied in my first year of owning a small business. Let’s get into it…
SETTING UP A SMALL BUSINESS DO’S AND DON’TS
DO’S
1. DO START SMALL
Whenever anyone asks me for advice when starting a business, the first thing I mention is to start small! You don’t want to get too ahead of yourself at the beginning, slow and steady really does win the race when it comes to being an entrepreneur (most of the time).
How should you start small?
- Find 1-3 items to sell BUT don’t buy them yet!
- List them on eBay and/or Etsy
- Mention in the product description that there will be a delay in shipment
These are the 3 steps I took before I bought any inventory for my business. If your item is available in multiple colours, list each colour. Over time, you will notice the views and “watchers” increasing.
Give yourself a specific time period, that you would like to test out your product before buying stock. 3-4 weeks is usually enough time to understand whether your product is going to do well or not.
You will also observe that some colours and products will do better than others. The items with the most “watchers” or “likes”, will most likely sell the best.
2. DO SET UP YOUR ORGANISATION SYSTEMS EARLY
You NEED to have an organisation system if you want to own a successful small business. It really is the strong foundation you all need.
Business organisation systems are slightly different from the personal organisation systems you set up.
Information you will need to organise:
- Inventory
- Month Review: Money ingoings and outgoings
- Calculating the profit margin of stock
- Upcoming product releases
I use Google Drive to house all of my documents and spreadsheets, so everything can be accessed at any time.
3. DO START ON AN ONLINE MARKETPLACE
An advantage of starting your business on an online marketplace instead of on a site such as Shopify is the need of little to no social media. Online marketplaces such as eBay or Etsy are great for beginners because it is so user friendly. If you are struggling, there are hundreds of videos and blog posts to help you out.
eBay or Etsy?
If you are not sure whether to set up your business on eBay or Etsy, I highly suggest starting with eBay. One of the reasons being that listing is free (you can upgrade to a business account later on). Whereas when you list on Etsy, you have to pay $0.20 for EACH listing. Although it is small, the goal is to spend as little as possible in the very beginning.
Once you get your head around owning an online business or if your business starts to grow fast, you can open your own storefront.
4. DO TAKE RISKS
Starting your own business can be quite daunting and intimidating so you may be scared to take risks. Taking small risks and some big ones too is a given and are necessary. HOWEVER, be smart! The risks you take (big or small) need to be calculated and strategic.
5. DO READ ABOUT YOUR BUSINESS MARKET AND COMPETITORS
Lastly, it is important to constantly learn about your business market and current competitors.
How do I do this?
- Read articles
- Look at competitors social pages
I don’t do it as much as I should, but I find it useful when I put some time towards it.
DON’T’S
1. DON’T FORGET TO CHECK YOUR CASH FLOW OFTEN
A big mistake which beginners make (me included!) is not checking your cash flow enough. Once I calculated my profit margin (very badly), I didn’t check my cash flow for about 2 months as I was still figuring out the balance between university and my business.
When I FINALLY remembered to check, I had realised I was barely making any profit! Please don’t make the same mistake as me…
Set weekly/ bi-weekly reminders, to check that your stock price, shipping and other expenses haven’t gone up recently. Also, check your bank account to make sure you have not been overcharged in areas.
2. DON’T TAKE OUT LOANS IF YOU CAN
At the start of your small business, the best thing to do is to spend your money on the essentials. Some essentials being, packaging and inventory. If it is looking like your inventory will cost you a lot more than you can afford, I would suggest waiting a while. During this waiting time, you can start a side hustle/ part-time job that will help you save some money.
However, speak to your accountant/ financial advisor for my information.
3. DON’T MARK UP YOUR PRODUCTS TOO MUCH
Calculating your profit at the beginning can be very difficult and confusing. I remember when I first got my hands on my stock and I was just staring at it for an hour, going back and forth with pricing.
Overtime, I came up with these questions which I answer every time I price an item…
- How much is postage?
- How much is the packaging?
- How much was the product?
- How much profit margin do I want?
- What are my competitors pricing a similar item?
Don’t also make the mistake of making your product too affordable. Pricing may take a few tries, don’t worry.
And that’s it!
Before I leave you so you can get started on the above tips, please don’t forget to DREAM BIG. I’m sure owning your own small business is one of your dreams and passions, so keep going. It is hard, but don’t stop! Remember why you started and don’t look back.
OTHER POSTS YOU MAY BE INTERESTED IN:
