Everywhere I go, I hear people talking either about a friend who started their own business or about a gig they started themselves that's about to have the cash rolling in. The truth is that we live in a highly-entrepreneurial time where being a self-starter is encouraged and if you're not one, you may feel like you've been excluded from a secret society of overachievers.
So I dove into reading on how to start a business and dipped my toe in the water with a dropshipping company. These are the 5 crucial elements to having your own successful business that I learned:
1. Know your customer
This is the most important element of every successful business. If I'm trying to sell $200 yoga pants to high school kids, chances are that I won't get very far. Why? Because 16-year-olds don't have that kind of money unless it's Christmas and their parents decide to open up their wallets.
photo via Burst
So that would mean me making a profit once a year which is a terrible idea to even consider. Now, if I knew that women between 27 and 35-years-old were far enough in their careers to be able to afford a pair of $200 yoga pants and health-focused enough to want them, that's a whole different story.
The most important information to know about your customer is:
*how old they are
*what their spending limit is - whether they could afford your product
*where they live - so that you know what language to advertise in and what platforms
*how to reach them - do they use Facebook, Instagram, or Pinterest?
With these details clear, you can begin working on your product.
2. Get creative with the product
Creating a product isn't easy but it could be a ton of fun. Once you know that you want to sell yoga pants to women between 27 and 35-years-old, say in New York, it's time to come up with a pair they'll love.
Nowadays we don't just like to buy things . We shop for experiences and those are closely tied with ideology.
It's not enough for me to throw a pair of pretty rainbow-colored yoga pants on the market. My ladies would want to know:
Are these eco-friendly?
Do you donate a part of your earnings to women in need (so I can feel good about buying from you)?
Who else wears these, would I see Kim K rocking the pants or Lauren Conrad?
You're not just selling a product, you're selling an idea and a lifestyle . So come up with a good brand story! Make it authentic and interesting so that you create fans out of your customers.
photo via Bruce Mars
3. Don't compromise on quality
Having a low-quality product is a terrible mistake and one that's easy to make. Yes, I can have some yoga pants made in China out of bad fabric and sell them for $15 but if I want my customers to be happy (i.e. not having holes after a single downward dog), I have to be solid on my quality.
Spend time researching the best materials and where you could have your goods made at a price that provides good quality, is humane to workers, and leaves a profit for you.
Bonus points: explaining your production process in the brand story will strengthen your brand.
4. Have faith in your team
If you want to have a successful business, you have to trust your team. Wanting to oversee everything is normal, after all, this
Trust your team and take your time hiring to make sure that you've got the right people. Hiring is like shopping for
Going to an outsourcing company to distribute the things you've got to do is a great approach to keep your business running smoothly and stimulate the job market, too. Some companies, such as Intellias — software outsourcing company, is a great example of providing a great service thanks to a dedicated team.
photo via Rawpixel
5. Live and breathe customer service
Customer service is not just a department. It's an ideology that has to be upheld by the entire company, especially you - the owner.
Don't let any complaints go unheard. Address everything and quickly so that the customer sees that you care. This way, not only will they come back for more of your product but will serve as brand ambassadors and recommend you to their friends which is the best free advertisement you could possibly get.
Now that you've got the fundamentals down, go be a boss out there and create the business you've always wanted.
