Case (![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png)
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fandomsecrets2017-02-01 06:34 pm
case) wrote in fandomsecrets2017-02-01 06:34 pm
[ SECRET POST #3682 ]
⌈ Secret Post #3682 ⌋
Warning: Some secrets are NOT worksafe and may contain SPOILERS.
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Notes:
Secrets Left to Post: 01 pages, 16 secrets from Secret Submission Post #526.
Secrets Not Posted: [ 0 - broken links ], [ 0 - not!secrets ], [ 0 - not!fandom ], [ 0 - too big ], [ 0 - repeat ].
Current Secret Submissions Post: here.
Suggestions, comments, and concerns should go here.
Starting Your Own Business
(Anonymous) 2017-02-02 12:15 am (UTC)(link)Re: Starting Your Own Business
(Anonymous) 2017-02-02 12:16 am (UTC)(link)Re: Starting Your Own Business
(Anonymous) 2017-02-02 12:55 am (UTC)(link)Re: Starting Your Own Business
(Anonymous) 2017-02-02 02:01 am (UTC)(link)no subject
The first thing you need to research is what type of business legality applies best to yours - sole-proprietor, LLC, Inc, etc - and what licenses and legal processes are needed to set it up and keep it going. Second thing is to get yourself an accountant who understands self-employment and small business taxes (and you can afford). Most of what you need to answer questions is on the internet for free, but when it comes to paying for licenses (some are free, some are not) and things like accountants and lawyers, that's an expense a lot of people don't factor in.
It really depends on what the business is, though. A person like me selling items and taking commissions for individual clients will have vastly different experiences and needs than someone running a small business with employees, doing a service business only with no retail, etc.
Re: Starting Your Own Business
I guess, I would say the most important things you should consider are
-What's your market? You need to know demographics, how much they're willing to pay, etc. Find out exactly how many people MIGHT buy your thing. Be ruthless about it. For example, if you set up a booth at a local craft fair that gets 500 attendees, how many are likely to buy your handmade quilts? Assume 10% browse your booth, and you make a sale to 1%. Is this sustainable or is your demographic too narrow? (Obviously insert your own scenario based on your own product/service here)
-Is the thing you're selling something that can be easily and cheaply purchased elsewhere? For example, if you want to sell candles (bad idea), you're competing against Walmart, Etsy, Scentsy, mall boutiques, Amazon, local crafts vendors, etc. That means your product either has to be significantly better in some measurable way (cheaper, higher quality, easier to obtain, etc.) If you're offering a service, you need to know where else people can get that service and how much they need it. A lot of service busiensses close because there just isn't a huge demand for dog salons or artisan cupcake catering.
One of the main ways small businesses fail is that they assume there will be a market when there isn't one. Friends and family will TELL you your ideas are great, but you need to do your best to ignore that. You need to be hyper-critical of your business if you want to succeed because customers aren't going to cut you any slack.
Okay, I guess I do have a story but not about my business.
I knew a woman who used to manufacture specialized equipment. She did direct sales but she also sold them through a larger parent company that helped with advertising and provided stuff like trade show booths.
She had a bad customer one time. A guy who bought 1k worth of tools, but then a few weeks later tried to return them, already used. He wanted his money back, and she told him no because the tools had been used. They went back and forth for a few weeks, and finally he complained to the parent company and they told her she had to accept the return and refund his money. They also pulled her display at one of the industry trade shows.
After this all went down she was lamenting to me about how she lost a 1k sale. She didn't really get it, though, and I felt bad bc it's a huge deal, but I had to correct her. She didn't lose a 1k sale, she lost tens or hundreds of thousands of dollars she would have gotten at the trade show. All because she didn't want to suck up a 1k loss or let this guy 'win'.
The customer is always right, even when they're wrong. People will try to scam you, or take advantage of you. And by and large you have to just let them. Most customers are great,and you have to learn to just roll with the bad ones. Not every transaction is pleasant or successful and sometimes you'll lose money and it sucks.
Pissing off customers can destroy your business. All it takes is one person with a grudge to spam your social media, flood the local health department with bullshit complaints, find your other clients and tell them how horrible you are, whatever.
Re: Starting Your Own Business
Best of luck!! For my parents, it's been great because they've been able to be fairly flexible with their lives.