1. Do (A LOT OF) research
This is so important, because you need to know where in the market to position your product or service. Make sure you have a unique selling point – so that you know exactly what sets you apart from similar brands. See what similar products are priced at. Get quotes from all suppliers. Don’t forget about packaging. Find out how much the initial out lay will be and think about how you are going to finance this.
2. Draw up a business plan
No, you won’t stick to it exactly because theory is one thing and practice is something completely different, but this is an important exercise to get you thinking about your business and how you are going to make it work. Write down your vision and mission statement. Note down what you want to achieve with your business. Include how you will finance things and what your marketing plan is.
3. Start small
At the beginning I went a bit bananas with the variety of colourways I made my products available in. I should’ve chosen just two colourways to simplify things and to establish my brand. Also, don’t go overboard with spending too much money on stationery and equipment, only get what you absolutely need. You don’t want your cash to be stuck in objects, instead of being available for spending on suppliers/couriers. Don’t make your range too big. I’d advise starting with between five and ten to test the market, and gradually adding on from there.
4. Do market research
Delve deep here. You need to make sure you know who your customer is, what they like, when they buy, how they like to be communicated with etc. If you do this properly then you will be able to market your products more effectively.
5. Professional photos
The need for professional photographs cannot be stressed enough. This makes the world of difference. I have uploaded photos of my product to social media that I’ve taken myself and no sales, but as soon as I uploaded a professional photo of the same product, I made a few sales of that item the same day. Photography is definitely worth the financial investment.