5 tips for running a small business

Day 8 in the Blog Every Day in May challenge is a piece of advice for others.

I often get asked by friends and blog readers who either want to start a small business or who are in the beginning stages, for my advice.  

Every single time I am asked, I feel so flattered.  I mean, everything I know I learned on the internet!  Well, and experience. The internet knows a lot about everything but there is something invaluable about just doing it.

When I started my business I knew nothing.  NOTHING.  I made a lot of dumb mistakes but I learned from them and am constantly striving to be a better business owner.

If you are one of those who is dreaming up a business and call on me for advice - this is what I would tell you.....

1. Don't half ass it.  If you are going to make a go it it, go all out.  Let's say you love to make your own soap and you might want to sell that soap.   My advice is this - if you are going to only put in half of your efforts, then just keep that soap making as a hobby. 

It seems like everyone is trying to do any little thing to make money these days.  I know we all need to make a living and I don't knock anyone's hustle, but I hate to see talented individuals half-ass a business.  It makes the product {which is often fabulous} and the handmade market look "cheap."  If you have the idea and the time, then go all out.  

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2. It is hard and often disappointing.  Starting and maintaing a business is a lot of work and you likely will not be an overnight success.  Yes, we all know that neighbor's sister's friend who made a million dollars the first year just from a little bitty idea but.....that's rare.  That is the exception.  That is not the rule.  

If you work hard and do good things, your business will grow.  It might grow fast or it might not.  My business has seen steady growth but it has not skyrocketed like I once dreamt it would.  Dreaming is so fun, but it won't get you anywhere.  

Keep dreaming but realize that in order to make those dreams come true you are going to have to work really freaking hard and there will be disappointments along the way.  I just suffered a pretty big disappointment this week and felt like a huge failure for about a day.  This will happen.  Give yourself a day to dwell, then get over it and do it better the next time.

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3. Price accordingly.  Your creations, designs, and work are literally your blood, sweat, and tears {trust me, I have shed all three} so don't cheapen them by thinking lower is better.  I have talked about pricing here and here.  It is so, so, so important.

4. Stand out from the crowd.  It is really hard to create something that no one has ever seen before.  The way the world is nowadays it seems like everything has kind of been done.   But that doesn't mean you can't put your own spin on something.  Be creative and unique, don't copy ideas.  Copying might make you a quick buck {or several thousand} but it will not make a lasting business.

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5. Never stop learning.   Just because I have been running {Acute Designs} for three years does not mean I know everything.  I might know a little bit more than the person starting today, but I still have so much to learn.  

There will always be someone "above" you that has been there, done that, and bought the t-shirt.  Learn from them. There are so many books and blogs with endless amounts of advice.  Take the advice to heart and keep getting better.

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I know I said five.... but my last most important tip is to make friends with other designers and small business owners.  They can teach you things {#5} and be your sounding board when you need advice or just want to bitch!    

No matter what happens with your business - whether it gets really big or stays small, you will never get anywhere if you step on people to get ahead.

And finally, the best part about having friends in the biz is that you can collaborate.  You look out for one another and promote one another.  I have made several friends through blogs and social media.  At one point in life, if you would have told me I would have a friend that I met on the internet I would have responded "no and I also don't keep people in my basement...."

Well, the world has changed.  It is ok {and fun!} to connect with someone through a blog or Instagram and become real life friends.

Do you run a small business?  What is something you have learned along the way?

let's talk about pricing....again

A little over a year ago, I wrote a post about pricing that has become the most widely read post on my blog.  The fact that it gets so much attention and traffic makes me happy because I want others in the handmade/indie business world to correctly price their items. It is important that we as a community value our work.

I also wrote about pricing and valuing your work on Design*Sponge about a year ago. Obviously it is something I am passionate about :).   My blog has a small reach, but Design*Sponge has a ridiculous reach, so I know the message is out there and I know many of you have the same frustrations.

My personal frustrations stem from the fact low prices hurt the entire handmade community.

After vending at The Queen Bee Market last weekend, I saw so many LOW prices.  As I walked around and shopped, I was constantly impressed with the quality of work and the creativity that each and every seller possessed.  And I will admit, as a shopper, the low prices were enticing but they are damaging in the long run.

Don't get me wrong, many vendors set their prices just right - high enough to make a profit but low enough to be competitive.  However, every few booths, my eyes would pop out of my head when I would spot jewelry priced lower than that at Forever 21 or Claires.  

I know how much certain materials cost and I know that some of these materials are really inexpensive but we cannot forget all the other factors.  Factors such as marketing costs, packaging materials, booth fees, and your time.  Your time and my time is worth SO much more than a few dollars per hour.

The whole pricing issue in the handmade world can be a really frustrating topic.  I know I shouldn't let it frustrate me and I should just focus on my own product and blah, blah, blah.  But this isn't my hobby, this is my livelihood.  And when I see products similar to mine priced for a third of what I sell mine for, I want to scream.

I know so many of you who read this blog are also small business owners and we all struggle with the fine line of making a living and setting fair prices.  It isn't the easiest thing to do.  

When I first opened my business, I was in the mindset that "lower is better," but over the years I have realized that that couldn't be further from the truth.

There is no need to be greedy when pricing, but we do need to focus on fair pricing.  Our culture is addicted to cheap goods but trust me, there is room for reasonably priced goods.  

This is how I price my items ~

When I attend a handmade market,  I am expecting to pay a little more than I would at say, Target.  If we continue to price our items at a Target level, then we will create a thinking that handmade is cheap.  Cheap is a word I would never use to describe my business, so why would I want to give that impression with super low prices?