After starting our business Elizabeth Koh we’ve learnt a thing or two about being in the fashion business world. If you are thinking about starting your own business the most important core value for us is to create something you are passionate about. This principle is really important as your heart has got to be in it! If you’re having trouble figuring out what that is maybe write down a list of your favorite things to do-hobbies, passions, things that make you happy everyday. Figuring out what it is you want to do for work can be a process in itself and when you have that part down your business needs to be sustainable, so here are 10 business brainstorming tips to get you thinking:
- How can you earn an income doing the things you love everyday?
- Think of all the people who you will reach out to with your idea. Who are they and where are they? How can you reach out to them in different settings?
- Research Test the market before spending too much money to make sure others are as interested as you are in your idea. Look at your competition, what has been successful in the past, and fine-tune your idea.
- Start with a small investment and put in time in the place of money whenever possible. Try do as much as possible on your own, there is lots of free advice out there so be wary before paying someone else to help until you can really afford it.
- Plan to stay in business for at least one year. Things don’t happen overnight, and giving up on a project once you have invested months of time and energy can be a mistake. If one thing isn’t working, look at what can be changed to solve the issues you are currently facing.
- Get online. Market your business using free online tools. If you have something to sell, opening an online store is easy to do and takes time rather than the financial investment of a brick and mortar store.
- Give it your all- keep your focus and don’t get distracted. Think about your goals everyday and make sure your day-to-day activities are inline with your bigger goals. Tell everyone you know about what you and doing, they may have helpful advice or be able to provide you with a useful contact.
- Look at the different options for expanding and plan ahead. Create a list of goals for 6 months, 1 year, 3 years, and 5. What is next in store for your business? Whether it be trade shows, opening a brick and mortar store, or hiring others, make a financial plan, look a the cost and benefits of expanding and different ways to do it.
- Analyze what’s working and isn’t working. What are your best sellers/what do people like the most about your business? Who are these interested people and what are the best ways to reach out to them? What should you make more of, what should you be making less of? Where is your profit coming from?
- Get creative. Add on products, brainstorm new ideas. Study new trends, research past trends and keep an open mind. Evolve and never stop creating new content and ideas!