So you want to own your own business? Before you even begin to start, ask yourself a few questions. What will your business be? What will your logo or icon be? What type of business will you run? What will be your business name? Aside from these questions, there are many many more that you should ask yourself before starting your own business.
I myself run my own online business which I have been doing since 2012. My business is called Red Moon Whisper Studios where I buy and resell model horses at a collector's price. Recently, I have also been reselling horse tack that I no longer use and plan to publicly release this as my second business soon. Since I have been doing this for a little over four years, I have gained a lot of experience and knowledge about the industry. Such as the value of a product, how to properly advertise, how to communicate with customers, how to keep your webpage (or in my case Facebook page and Instagram account) up to date, and a lot more. With all of this, here are five pros and five cons about having your own business.
1. Media
Con: Updating, constantly. This is something that I am kind of bad at, sometimes. With any business, you always want to regularly keep up to date on your media accounts, price changes on your product, and how society is reacting to your product.
Pro: You can reach out to new people through so many different ways! Through all of my years of buying and selling, I have met so many people and eight out of ten are usually really nice and cooperative when doing business!
2. Customers
Con: There is always one bad seed out of the bunch. With my four years of experience, I have had many people back out of a buy and become what we call "tire kickers". For those who do not know, a tirekicker is basically someone who backs out of a sale at the last minute. I have dealt with many of these and they can become very annoying. The other side of this is when customers think that your pricings are incorrect and snap at you for this. But at the end of the day, it is just another part of business.
Pro: You create many new connections! I have had so many customers over the years that now I can be confident in my sales. The best part is when a customer informs you of the delivery of the item and how excited and happy they are to have it!
3. Pricing/Payments
Con: Sometimes you get the value of a product wrong or the payments never come. I have had incidents where I valued a product at a very low price and the realized that it could have sold for a lot more. This is simply another part of business that you can learn from for future sales. Payments can also be a huge problem in business. We all want to be paid right away but sometimes that does not happen. I have had many people tell me they were ready to send a payment out, and then never do. This is yet another part of the industry that you can learn from.
Pro: When you set the price correct, and get the right amount you want, that is ALWAYS a plus! An additional positive side is when the customer sends the payment at the correct time length and it arrives on time. Either way, when you get the money, it is always a good thing!
4. Shipping
Con: Finding the correct box size and packaging. I tend to always find a good box for my models that will prevent them from being moved around or possibly damaged, but when it comes to other items, that is a little different. Recently, I solid twenty-three books online in one sale and it was surprisingly difficult to find a box that would fit them all to my liking. Eventually I did, but this is why I like to have multiple boxes of different sizes.
Pro: Getting the item out of your house! It can sometimes be a relief when you no longer have that item that has been for sale for over a year on your self any more. I have had a couple models take over a year to sell and when they did it was such a sigh of relief to know that I had my space back. It is also always good when you know the item is going to a home where the customer will fully enjoy it.
5. Creating a Name for Yourself
Con: It takes a while. It has been four years for me and I am still trying to get my name out there. This is not an easy job to do if you are new to the industry. While my family is full of members who own and have owned their own business, such as my dad, my grandpa, my great-grandpa, etc., I taught myself everything I know and self-advertised my products by myself. This takes a lot of hard work and dedication and sometimes years before you truly get your name out there.
Pro: It is worth it! Even though I am still working on getting my business out there, it has been a fun road! I have met a lot of amazing people through this industry and still am! Through all of these years, I am slowly starting to get out there more and get into contact with people and create a trusting profile to buy from. In the end, it is surely worth it!
When owning your own business, you are going to have many things thrown at you. I have had countless customers unhappy with me but then I have the ones that really matter. The ones who are positive in every way! I have gained so much knowledge through self teachings and observing fellow businessmen and women that I truly am grateful for all I have learned and done. I love owning my own business and would not ask for anything else!
