To kick-off to the new GoodBeads blog, I wanted to share the 5 best pieces of advice I’ve received when it comes to starting a business.
Disclaimer: I am not a small business expert, but I have definitely become an expert at researching best business practices. This blog’s purpose is to share business (and life) wisdom through my journey with GoodBeads, and to hopefully help you and your business be successful!
1. “There will never be a right time”
This might be my favorite quote in this list. If you find yourself with an idea for a product or service, the kind that excites you and you just can’t let go of, you’re probably thinking ‘hey, I think I could make money off of this’ or ‘maybe I should start a business’. Now if you’re like most people, these thoughts are immediately followed up by ‘well, now’s just not the right time’, or ‘I’d probably need to do x, y, and z first’. I definitely had these thoughts, that I shouldn’t or couldn’t start a business. To put it simply- now wasn’t the best time. I could use the money for something else. Then I remembered tip #1- there will never be a right time. This idea was a big factor in why I decided to start GoodBeads a year ago. Moral of the story: everyone has a thousand reasons why now’s not the time to start. If you’ve got a promising idea for your business, make now the right time.
2. “See opportunities where others see problems”
If you’ve got an idea and are thinking of starting a business, you are probably just that type of person who sees opportunities where others see problems. Maybe you have a solution to a problem that works better or more effectively than the current existing options. That right there is seeing those opportunities that many people overlook or just accept as problems. With GoodBeads, I loved creating jewelry, but I also knew there was a lot of waste produced in the making (packaging, supplies, etc.), the problem, so I decided to source my supplies sustainably and also give back to the environment with every purchase, the solution.
3. “Don’t reinvent the wheel”
This quote is the perfect follow up to tip #2. Seeing opportunities where other people see problems does not mean you are reinventing the wheel. For example, let’s say you are a chef, and you’re interested in making a new Italian dish. You don’t need to go and reinvent the way we make pasta. Instead, maybe you combine a unique blend of flavors to make your dish stand out. Sounds like a lot less work with the same great result, right? Being creative doesn’t mean you need to start from scratch. It is often better to make improvements on an existing product or to take your own spin on things. I didn’t decide to make a whole line of jewelry for your elbows, I just decided to make the standard items with my own spin on them.
4.“Don’t invest what you aren’t afraid to lose”
Not that I am a fan of using double negatives, but this is a good one. When you decide to take the plunge and launch your business (remember tip #1), you need to be comfortable in your investment. No matter how big or small your business will be, this rule still applies. If you are putting $50 into craft supplies or $5,000 into having a website made to start your business, make sure you are okay with “losing” that money (or not making it back, at least not right away). Otherwise, your mentality around money can be a hurdle for you as you begin your business venture.
5. “Your creativity doesn’t have to pay the bills”
I heard this while listening to an interview with the incredible Elizabeth Gilbert, the best-selling author of Eat, Pray, Love. If you get the chance, check out her interview on Marie TV. When you are caught up in the beginning stages of starting your business, it is so easy to become frustrated and disappointed in the financial aspects. You may worry about your initial investment and question your sanity for embarking on this adventure (see tip #4). It is scary to start a business, and you can feel unsuccessful at first if your expectations aren’t met right away. But, you need to remember WHY you decided to start your business, because you enjoy being creative, because you enjoy thinking outside of the box, or because you want to create something better/more helpful. Whatever the reason, you need to remember that your creativity and your vision don’t have to pay the bills. In time, it is quite possible they could pay the bills, but for now, it’s best to indulge in your creativity and enjoy the ride.
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