5 answers
Cate
Student
Miami Gardens, Florida
1
Question
5 answers
Theophilus Mensah
Entrepreneur
46
Answers
Grambling, Louisiana
Updated
Theophilus’s Answer
Hey Cate!
This is my favorite question on this platform. I have answered this same question several times and I always love to share my experiences here! This is how I started my business 5 years ago. I started my e-commerce skincare and haircare business at the age of 16. Here’s a practical guide based on what worked for me and I think it would be helpful to you as well.
1. Start with a Purpose and Vision
First of all, you have to Identify a problem and think about how you will solve it. That's simply business. Every successful business begins with a clear purpose. Think about a problem you want your business to solve and how to monetize that problem. There could be a lot of people doing the same business you are doing but think about what you want to achieve and how your business will make a difference. When I started my business in 2019, my vision was more than just selling products; it was about helping people feel confident in themselves. I was always happy I was able to convince people to buy from me. Your purpose should be something that keeps you motivated and connected to your customers.
2. Research the Market
Understanding your target audience is essential. Who are you selling to? Who are they, what do they need, and what can you offer that others don’t? I researched competitors and trends, observing what customers valued and where the gaps were. Use this knowledge to shape your offerings and find a unique angle for your business.
3. Build a Strong Brand
Your brand is more than just a name; it’s your business’s identity. Choose a name and create an image that communicates your values and appeals to your audience. Build a brand that people will remember and feel connected to.
4. Establish Partnerships and Reliable Operations
Relationships are key. Finding the right suppliers and partners can make or break your operations. I partnered with suppliers who shared my quality standards and delivery partners who could ensure a seamless experience for customers worldwide. Take time to build these connections because they’re essential to delivering on your promises.
5. Engage with Customers Consistently
Growing a customer base isn’t just about advertising; it’s about real engagement. Let your customers trust you and be open! Always communicate and keep them updated. I used online platforms to connect directly with my audience, answer questions, and create trust. Whether it’s social media, emails, or other channels, engage with your customers in a way that makes them feel valued and keeps them coming back.
6. Stay Adaptable and Track Progress
Every business needs flexibility. I tracked my customer engagement and adjusted based on what worked and what didn’t. For example, offering a flexible payment plan helped me make my products more accessible. Track your metrics, learn from them, and be ready to pivot based on what your customers need.
Finally, Persevere Through Challenges
Starting a business isn’t always easy, and there will be challenges along the way. When I faced obstacles, staying focused on my vision kept me moving forward. If you believe in your purpose and stay committed to learning and growing, you’ll build a business that not only meets market needs but also reflects who you are.
Now this is how I funded my business
When I first started my business, I didn’t have a lot of money to work with. Instead, I found creative ways to use what I had and build from there.
1. Start with Product Photos and Test Interest
I began by taking quality pictures of products and posting them on social media platforms. I used these photos to attract customers before even buying the products. This allowed me to gauge interest and confirm demand without investing money upfront. By showcasing the products, I was able to create buzz and connect with customers before I even stocked inventory.
2. Use Customer Payments to Fund Wholesale Purchases
Once I had interested customers, I used their payments to buy the products at wholesale prices from trusted partners. This approach allowed me to finance each sale without needing upfront capital. It also meant I could access wholesale rates, which kept my costs low and increased my profit margins.
3. Reinvest Profits to Build Inventory
With each sale, I reinvested the profits back into the business. Once I had enough cash flow, I could start purchasing products in advance and stocking them myself. This allowed me to offer faster delivery to my customers and also buy larger quantities, further lowering my costs per item.
4. Build Customer Trust and Grow Steadily
By communicating openly with customers about my process and staying transparent about delivery times, I built a loyal customer base. I focused on customer satisfaction and reinvested profits consistently, which helped me grow steadily over time.
Starting small, being resourceful, and reinvesting profits allowed me to scale up without taking on debt. This approach might take longer, but it builds a strong foundation and keeps you financially stable as you grow.
How do you market?
Know how to market and know your style and choice of words! It is very crucial. Use positive words in your marketing.
Compare these;
Imagine you sell a drink with a tag of 20% fat and I also sell the same drink with a tag of 80% fat-free. Which one sounds positive?
Let us break it down:
1. 20% Fat vs. 80% Fat-Free
a. “20% Fat” emphasizes the undesirable aspect, drawing attention to something people may want to avoid.
b. “80% Fat-Free” focuses on the positive, framing the product as a healthier option.
2. 100% Protein vs. Every Spoonful Contains Protein
a. “100% Protein” might sound overwhelming or unrealistic, as people often expect a mix of nutrients in food.
b. “Every Spoonful Contains Protein” suggests consistency and encourages the customer to visualize the nutritional benefit.
These are the key takeaways for Marketing:
Use Positive Framing: Focus on benefits or appealing attributes.
Be Relatable: Help customers imagine the experience or benefit (like enjoying a spoonful of protein-packed cornflakes).
Simplify Your Language: Use words that are easy to understand and emotionally engaging.
When done right, these techniques build trust and make your business stand out! All the best! See you again.
Remember consistency is key👍
This is my favorite question on this platform. I have answered this same question several times and I always love to share my experiences here! This is how I started my business 5 years ago. I started my e-commerce skincare and haircare business at the age of 16. Here’s a practical guide based on what worked for me and I think it would be helpful to you as well.
1. Start with a Purpose and Vision
First of all, you have to Identify a problem and think about how you will solve it. That's simply business. Every successful business begins with a clear purpose. Think about a problem you want your business to solve and how to monetize that problem. There could be a lot of people doing the same business you are doing but think about what you want to achieve and how your business will make a difference. When I started my business in 2019, my vision was more than just selling products; it was about helping people feel confident in themselves. I was always happy I was able to convince people to buy from me. Your purpose should be something that keeps you motivated and connected to your customers.
2. Research the Market
Understanding your target audience is essential. Who are you selling to? Who are they, what do they need, and what can you offer that others don’t? I researched competitors and trends, observing what customers valued and where the gaps were. Use this knowledge to shape your offerings and find a unique angle for your business.
3. Build a Strong Brand
Your brand is more than just a name; it’s your business’s identity. Choose a name and create an image that communicates your values and appeals to your audience. Build a brand that people will remember and feel connected to.
4. Establish Partnerships and Reliable Operations
Relationships are key. Finding the right suppliers and partners can make or break your operations. I partnered with suppliers who shared my quality standards and delivery partners who could ensure a seamless experience for customers worldwide. Take time to build these connections because they’re essential to delivering on your promises.
5. Engage with Customers Consistently
Growing a customer base isn’t just about advertising; it’s about real engagement. Let your customers trust you and be open! Always communicate and keep them updated. I used online platforms to connect directly with my audience, answer questions, and create trust. Whether it’s social media, emails, or other channels, engage with your customers in a way that makes them feel valued and keeps them coming back.
6. Stay Adaptable and Track Progress
Every business needs flexibility. I tracked my customer engagement and adjusted based on what worked and what didn’t. For example, offering a flexible payment plan helped me make my products more accessible. Track your metrics, learn from them, and be ready to pivot based on what your customers need.
Finally, Persevere Through Challenges
Starting a business isn’t always easy, and there will be challenges along the way. When I faced obstacles, staying focused on my vision kept me moving forward. If you believe in your purpose and stay committed to learning and growing, you’ll build a business that not only meets market needs but also reflects who you are.
Now this is how I funded my business
When I first started my business, I didn’t have a lot of money to work with. Instead, I found creative ways to use what I had and build from there.
1. Start with Product Photos and Test Interest
I began by taking quality pictures of products and posting them on social media platforms. I used these photos to attract customers before even buying the products. This allowed me to gauge interest and confirm demand without investing money upfront. By showcasing the products, I was able to create buzz and connect with customers before I even stocked inventory.
2. Use Customer Payments to Fund Wholesale Purchases
Once I had interested customers, I used their payments to buy the products at wholesale prices from trusted partners. This approach allowed me to finance each sale without needing upfront capital. It also meant I could access wholesale rates, which kept my costs low and increased my profit margins.
3. Reinvest Profits to Build Inventory
With each sale, I reinvested the profits back into the business. Once I had enough cash flow, I could start purchasing products in advance and stocking them myself. This allowed me to offer faster delivery to my customers and also buy larger quantities, further lowering my costs per item.
4. Build Customer Trust and Grow Steadily
By communicating openly with customers about my process and staying transparent about delivery times, I built a loyal customer base. I focused on customer satisfaction and reinvested profits consistently, which helped me grow steadily over time.
Starting small, being resourceful, and reinvesting profits allowed me to scale up without taking on debt. This approach might take longer, but it builds a strong foundation and keeps you financially stable as you grow.
How do you market?
Know how to market and know your style and choice of words! It is very crucial. Use positive words in your marketing.
Compare these;
Imagine you sell a drink with a tag of 20% fat and I also sell the same drink with a tag of 80% fat-free. Which one sounds positive?
Let us break it down:
1. 20% Fat vs. 80% Fat-Free
a. “20% Fat” emphasizes the undesirable aspect, drawing attention to something people may want to avoid.
b. “80% Fat-Free” focuses on the positive, framing the product as a healthier option.
2. 100% Protein vs. Every Spoonful Contains Protein
a. “100% Protein” might sound overwhelming or unrealistic, as people often expect a mix of nutrients in food.
b. “Every Spoonful Contains Protein” suggests consistency and encourages the customer to visualize the nutritional benefit.
These are the key takeaways for Marketing:
Use Positive Framing: Focus on benefits or appealing attributes.
Be Relatable: Help customers imagine the experience or benefit (like enjoying a spoonful of protein-packed cornflakes).
Simplify Your Language: Use words that are easy to understand and emotionally engaging.
When done right, these techniques build trust and make your business stand out! All the best! See you again.
Remember consistency is key👍
Rebecca Tang
Banking
1851
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear that you would like to become an entrepreneur. Have you thought about what industry you have interest?
Below are my suggestions:
1. Think about what industry you have interest or strength
2. Do some analysis on the industry, eg entry criteria, competition status, any alternative or substitute
3. Attend industry related courses and management courses
4. Work industry some time to understand the business model and establish people network
5. Start the business online first if possible
6. Establish long term business development plan with short term milestones. Review it regularly and make adjustments if necessary
Hope this helps! Good luck!
May Almighty God bless you!
Below are my suggestions:
1. Think about what industry you have interest or strength
2. Do some analysis on the industry, eg entry criteria, competition status, any alternative or substitute
3. Attend industry related courses and management courses
4. Work industry some time to understand the business model and establish people network
5. Start the business online first if possible
6. Establish long term business development plan with short term milestones. Review it regularly and make adjustments if necessary
Hope this helps! Good luck!
May Almighty God bless you!
David Chou
Project Management
8
Answers
Los Angeles, California
Updated
David’s Answer
To kick-start your entrepreneurial journey, you first need a sparkling business idea. After that, it's essential to dive into market research to grasp who your potential customers are and identify your competition. Next, it's time to craft a comprehensive business plan. This plan should outline your ultimate goal, your strategies for generating income, and an analysis of your competitors. Finally, you'll need to secure the necessary funding for your venture and establish your business operations. Remember, every step is a learning experience and a step closer to success. Keep going!
deborah kania, bfa, mba
Marketing
70
Answers
New Bern, North Carolina
Updated
deborah’s Answer
Hello Cate! I like that you like business :) The other answers are really good and helpful to you regarding steps needed to start a business. I want to highlight a few essential steps that cannot be skipped:
Business planning - This is just getting answers for many questions required to be prepared to successfully launch and operate your business.
Risk-Tolerant Mindset - Willingness to take chances and make mistakes, and learn, when first start working in your new business. Business plans help reduce risks, but when you start the business there will be situations that you could not have anticipated in the business planning stage. And a mindset that looks at challenges as opportunities.
Comfort and desire to learn and do these things well - bookkeeping/recordkeeping, selling, and customer service. These are are even more important that the product product or service you are providing. You have to have the same level of passion for managing the business as for the product/service you are passionate about
Build a team - No entrepreneur can be successful alone. You may have employees or not. In addition, build relationship with other entrepreneurs, and advisors (financial, legal, business), and others who have to support you (family, friends).
Use all the learning and support resources available to you - Education/training, mentoring, etc. Near you: https://business.fiu.edu/faculty-and-research/centers-institutes/sbdc/, online: https://www.sba.gov/, https://www.score.org/
Good luck!
Business planning - This is just getting answers for many questions required to be prepared to successfully launch and operate your business.
Risk-Tolerant Mindset - Willingness to take chances and make mistakes, and learn, when first start working in your new business. Business plans help reduce risks, but when you start the business there will be situations that you could not have anticipated in the business planning stage. And a mindset that looks at challenges as opportunities.
Comfort and desire to learn and do these things well - bookkeeping/recordkeeping, selling, and customer service. These are are even more important that the product product or service you are providing. You have to have the same level of passion for managing the business as for the product/service you are passionate about
Build a team - No entrepreneur can be successful alone. You may have employees or not. In addition, build relationship with other entrepreneurs, and advisors (financial, legal, business), and others who have to support you (family, friends).
Use all the learning and support resources available to you - Education/training, mentoring, etc. Near you: https://business.fiu.edu/faculty-and-research/centers-institutes/sbdc/, online: https://www.sba.gov/, https://www.score.org/
Good luck!
Eddy H
Consultant
27
Answers
Seattle, Washington
Updated
Eddy’s Answer
Starting a business from scratch requires careful planning, determination, and strategic execution. Begin by identifying a clear business idea based on your passions, skills, and market demand. Conduct thorough market research to understand your target audience, competition, and industry trends. Create a detailed business plan outlining your goals, value proposition, funding requirements, and marketing strategies. Secure funding through personal savings, investors, or loans, and choose a suitable business structure, such as a sole proprietorship, partnership, or limited company. Register your business, obtain necessary licenses, and set up operations, including a website, social media presence, and any physical infrastructure. Focus on delivering exceptional products or services while continuously refining your approach based on customer feedback. Starting small and growing sustainably can help you build a strong foundation for long-term success.
Wishing you best of luck as you try this out!
Wishing you best of luck as you try this out!