The Business of Business: A “How-To” for Novice Entrepreneurs (Part 1)

This year I started my own business. I had some time on my hands and a hobby, from which I derived a great deal of joy. The journey has been both rewarding and incredibly challenging. Even a humble business requires enormous amounts of capital, mental and physical energy and time. Still, I wouldn’t go back. It’s a powerful creative outlet, and I absolutely love it when people tell me that the soap is wonderful. Here’s a picture of one of my newest soaps:

I’m so pleased, in fact, that I want to share lessons learned and insights gained with readers. Because a small business is usually about a desire to be self-reliant and independent, it’s critical to know what’s on the other side before you set out. We all want to thrive. Why should financial independence be the exception?

Here are some really simple tips for entrepreneurs just starting out:

• Do lots of research before you get your license. Once you get started, it’s difficult to slow down, and you may not be financially or mentally ready to start, even if you do have a great idea.
• Find a mentor. If you know people in your field of interest, make a connection. If you’re totally new to the industry, make time to attend some workshops. Be creative: Mentoring can be as simple as investing in some books written by a respected and experienced person in your field.
• Save Money! There are probably more hidden costs than you can imagine. You might need supplies you’ve overlooked, or even a canopy tent for sales. You might buy packaging that simply doesn’t work or need liability insurance. It’s shocking, but little expenses add up. Having a cushion, or even regular income until your product takes off, is a must if you want to see your venture to the end.
• Lastly, find and follow your passion. This may seem simple, and it is true, but often overlooked. Chances are, if you’re not excited, it’s going be very difficult to get other people excited. Plus, passion will help you get through setbacks, tedious paperwork and the profit-less periods, which are, unfortunately, inevitable. The best prescription here is heart.

I’ll be sharing more about other business-related topics, such as business blogging, using social media and getting a domain. These are just some of the things I’m learning by running a small business. In the meantime, you’re invited to my business blog to see just what I’ve got going on at Majestic Garden!

http://majesticgardensoap.com/

Don’t forget to let me know what you think!