Scentsy Director Wickfree Scott has set up a few businesses in his time, including our succesful Scentsy business. He works with many small craft and food businesses thorough his events company and is often asked to advise them during their business start-up phase. Here he shares with you his top five tips for starting up a new business in the video below - all his points are also in print below.
1 - Keep Cost Low
Keeping costs low is very important - the less you spend the more profit you will have. You cant blow money in the start up phase and its not a good business that takes three years to make profit. We have set up companys that made profit from day one - so cut your costs to the bone and make instant profit. Buy second hand, make do and mend, learn to do your own website and press releases - save cash at every step!
2. Get face to face contact with your potential customers
When people start up a business one of the first things they do is set up a facebook page. Dont get me wrong facebook is great for getting your name out there, but people spend far too many hours with their social media. Set a time period in the day for all your social networking.
Getting out to events, trade shows, networking meetings, talk about your business at your local club all this is very important to build your business, you may not get customers there and then but in the long run it could benefit.
3. Do Business With People You Want To Do Business With
Being in business is stressful enough so if you decided to go after a business deal or are looking to work with someone make sure you can work with them before you progress. You don't want to be working with someone who's alway negative, grumpy and isn't as ambitious as yourself you want to be working with someone who has the same mindset and work ethic as yourself.
4 - Be Passionate About Your Product
No matter what your product/service is there will be someone out there who will disagree with you, it could be as close as a family member. But stay 110% positive about your product and this will show to your customers. People buy off people and is they can see your passion its a great sign.
5 - Ignore Jealous People
The more success you have the more jealousy will follow. Ignore all jealous people and those who talk behind your back, they are trying to pull you back and take you off your game, use the jealousy to give you the hunger to drive you on even more.
What do you think of Scott's top five tips - would you change any of them? If so what would be your top tip to anyone starting a new business - add it into the comments box below or contact us at [email protected]