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How do you start up a business from scratch and keep it going without fail and eventually become a very successful business you own?

I want to start my own business with homemade jewelry and have it become successful someday.

business business-management business-development
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Rebecca’s Answer

Thank you for your question. I am glad to hear that you would like to become an entrepreneur. Have you have thought about what industry you would like to start your business? Also, to sustain the business, it is necessary to keep the business strategy and model up to date. The world keeps changing, the business has to adapt for the change ahead in order to survive.
Below are my suggestions :
1. Think about what industry you have interest or you have strength
2. Do some analysis on the industry, e.g. entry criteria, competition status, any alternative / substitutes, etc.
3. Attend industry relevant courses and management course
4. Work in the industry some time to understand the business model and establish people network
5. Start the business online first if possible
6. Attend the industry seminars to keep the industry knowledge up to date
7. Prepare long term business plan and break it down into short term milestones. Review the progress regularly and make adjustment if necessary.
Hope this helps! Good Luck!
May Almighty God bless you!
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Jerome’s Answer

I think the scariest part is just starting! Create a few pieces and share them with friends and family. Post on social. Even if you just get 200 views on TikTok, that’s 200 potential customers who will see your work. Not every business will be successful, but you can’t find success if you never try! Hope you give it a go!
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Kathy’s Answer

That's fantastic! The appeal for unique and vintage items is on the rise. Utilizing social media and online platforms is a smart starting point that requires minimal investment. Focus on growing your customer base because word-of-mouth recommendations can serve as free and effective advertising. Wishing you all the success!
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Jason’s Answer

It's fantastic that you're already set on selling jewelry in your business. Have you sought any insights from industry-specific jewelers yet? You're likely to receive plenty of advice on crafting a business plan and becoming an effective business operator. However, your initial step should be gaining employment with a jeweler, possibly while selling your products at local farmers markets or on etsy.com. This will allow you to learn firsthand from an experienced jeweler about the intricacies, challenges, and networking aspects of the business. Running a business is challenging without the right partners and suppliers, so it's crucial to establish a supportive network for your goals. This network can be gradually built or quickly acquired through an apprenticeship. Don't hesitate to boldly walk into a local jewelry shop (preferably not a chain or franchise) and request an apprenticeship. Be audacious!
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Steve’s Answer

Let's kick-start your journey by crafting a robust plan for your business. This plan should address key points such as: identifying your ideal customer, defining the variety of jewelry you'll offer, selecting the right platforms for sales (like online or farmer's markets), researching competitors and their pricing, outlining your customer service approach, and forecasting your revenue and costs. Remember, the initial couple of years can be challenging for small businesses, making a well-thought-out plan crucial for survival. Once your blueprint is ready, dip your toes in the water by selling a few items on a platform like Etsy. This will give you a real-world understanding of what works and what doesn't, helping you fine-tune your product strategy. Let's turn your dream into a reality, one step at a time!
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Kiran’s Answer

Hi Lacie,

Great idea! As you have identified what business you want to start, try to gain more knowledge and ideas. You can use the Instagram account to market your product. By posting Instagram reels every day with new products and details. This will build your customer base and also give you more visibility to your business.

All the very best!
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Dan’s Answer

Many people expect to start a business and quickly become wildly successful. But most successful business owners work really hard to keep their business going, especially in the first few years. Also don't be afraid to fail -- failing early and learning from those failures can lead to a much stronger business and a much smarter entrepreneur (you!). So try lots of different things to find out what works best for you and your new business, and get comfortable with the idea that not all of them will be winners. Try to identify a need that is not being met for your customers. So for homemade jewelry, look for designs, materials, or ways of selling that you can't get from online stores, shopping malls, or big-box retailers. And keep asking lots of questions - look for other people around you who are doing the same kind of things and learn as much as you can from all of them.

Dan recommends the following next steps:

Look for unmet needs in your area - what designs, materials, ways of selling, or other angles can you target
Write down a basic business plan - what is your goal, how much time can you spend on it, where will you get your raw materials, who will you sell to (and how), what prices will you charge, how will you measure whether you are successful, etc?
Talk to as many people as you can and get more advice - always be learning
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Adam’s Answer

There is a saying that "If you do what you love, you'll never work a day in your life." Starting with doing what you love is important. I believe that embracing Social Media is important. A lot of times it can take time to build a following but constantly sharing posts of your jewelry, ideas or designs will help spread the word. There are many platforms available and I think that it's important utilizing all of them and if you see that someone is doing a good job with their Social Media posts, you can utilize their marketing ideas in your posts. In addition to Social Media, try joining groups of others in the same business for additional ideas. There are also selling platforms that can help get your products out in the market.
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Rajeene’s Answer

Hey there, Lacie! First things first, let's give you a big round of applause for taking the brave step of wanting to kick-start your own business. Remember, every business has its ups and downs, and that's perfectly okay. I'm not saying this to put you off, but to remind you that every stumble is a stepping stone to success.

Let's start with crafting a business plan, even if it's a basic one. You can easily find a template on the internet. Next, formulate a mission statement for your business. This will be the heart and soul of your business, the reason why you're doing what you're doing, and for whom.

Once you've got these two steps sorted, it's time to decide whether you want to set up shop online or open a physical store. What will your expenses look like? Set a budget, stick to it, and then figure out what kind of investment you'll need to get your business up and running. Will you need a team, or can you manage on your own, and for how long? How do you plan to spread the word about your business? All these details will be part of your business plan, making it a vital tool.

Lastly, find the best bulk suppliers out there to keep your costs as low as possible.
Here's wishing you the very best of luck!
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