One year into launching Eightytwo, the experience has come with a lot of growing pains and valuable lessons.
Here are 8 things we’ve learned and 8 things you need to know as you begin your own business venture.
- IT MAY NOT GO EXACTLY AS PLANNED
- IT’S A LOT OF HARD WORK
- BE PREPARED TO SPEND MORE MONEY
- SOMEONE WILL LOVE WHAT YOU HAVE TO OFFER
- PEOPLE LOVE STORIES
- A MENTOR IS INVALUABLE
- NETWORKING IS IMPORTANT
- YOUR BUSINESS ACUMENT WILL GROW
IT MAY NOT GO EXACTLY AS PLANNED
At the start we all have the perfect business idea pictured in our head, we’ve created a story of how it going to work out and how we’ll reach our targets. However, life is unpredictable and sometimes business can be as well, the vision you had in your head may not play out exactly how you thought it would e.g., your target demographic isn’t your most consistent buyer or don’t seem to be finding your store. For, us personally some products we thought would be a hit didn’t end doing so well and other products we thought would be slow burners end up being widely popular.
Whatever it may be in your case it just means you need to rethink your strategy, try new methods or adjust your business plan. Once you’ve figured out what doesn’t work, you’re one step closer to figuring out what will work which means you’re one step closer to success.
IT’S A LOT OF HARD WORK
A bit cliche and fairly obvious but if it’s your first time running a business it’s only until you get into the swing of it when you realise how many things you need to do to not only sustain but to grow. Each business type will come with its own set of challenges but in regards to running an ecommerce business, some of the challenges can be maintaining a social media presence, sampling new products, upkeep of the website, attending in person events, executing a market plan and so forth. There is literally something that needs doing all the time and whilst it can be overwhelming, it all does feel worth it when the results come together and you start reaching your targets so hang in there.
BE PREPARED TO SPEND MORE MONEY
This ties in with the points made above but depending on your business idea the upfront costs can be way higher that you anticipated. Again, once you get into the swing of your running your business, you may need to pay for extra things to help your business succeed. E.g., Once we started Eightytwo, we anticipated just being an online business but we quickly saw the value of attending events and marketplace and thus we had to spend extra money on applications, insurance, display stands, gift bags etc.
In other cases, you may need spend some more money for marketing, equipment upgrades license fees, additional supplier costs/shipping etc.This may not always be the case but always be prepared to spend a little more to get to where you want to go. (Spending more money than you anticipated is never fun)
SOMEONE WILL LOVE WHAT YOU HAVE TO OFFER
Normal human behaviour would have many of us questioning ourselves and questioning whether our business will connect with people. However, unless your business idea is completely unethical and against human morality, someone somewhere will appreciate what you have to offer. Although we’ve been at this for a year, I’m still a little taken aback when people react so positively to our brand and products.
In such a huge world with a global audience at your fingertips digitally, there’s people out there who will relate to you, your struggles and your business’s mission. It may not be easy to find them but trust me they’re out there.
PEOPLE LOVE STORIES
One thing I’ve realised from business especially in 2022 is that people love people and people love stories. I’ll say it again people love people and people love stories.
One thing people always ask us is “what’s the reasoning behind the name ‘Eightytwo’”.Once they learn the original meaning behind the name, we find the reaction positive and usually leads to pleasant lengthened conversations thereafter. Don’t be afraid to tell your story and your inspiration because people often want to know the face behind business and why you do what you do. The major benefit being that customers will feel more connected to you and the brand.
A MENTOR IS INVALUABLE
As you go through the early stages of your business, you’ll undoubtedly have questions on what you should be doing and how you should be doing them. Whilst the internet can be a great resource for such queries, nothing beats having an experienced mentor to help you along the journey. The reason being because mentors would’ve been in the exact position you’re currently in, they’ve would’ve made several mistakes and gained real life experiences and knowledge from it. Thus, they’re in the perfect position to advise and steer you away from any potential missteps. Moreover, mentors can introduce you to their network and open up new options for your business to grow. However, it’s important to find a mentor who not only has experience in your field but can somewhat understand your business and its mission.
NETWORKING IS IMPORTANT
Networking is invaluable in all instances, whether it’s professional or socially, don’t skip out on the chance to let people know about yourself and your business because you’d be surprised how many avenues and lanes can open up when you do. Furthermore, don’t miss out on the chance to network with start-up/small businesses similar to yours as you’ll be able to help each other growth, share information as well as cross promote each other. Believe it or not, there’s people who want to help you succeed. Through attending events and networking we’ve met several people who not only love our business idea but have lent their expertise and introduced us to their networks.
YOUR BUSINESS ACUMENT WILL GROW
No matter what level of business expertise you have, once you launch your business, you’ll naturally become more business savvy over time.
I personally didn’t consider myself to have much business acumen before starting EightyTwo but as I’ve spent time working on it, experimenting with different things and receiving feedback, I feel my business mindset has been grown substantially over the last year. Moreover, learning about ecommerce practices, studying other successful businesses and having insightful conversations has really opened my mind up. So, no matter what level of proficiency you’re on, rest assured you’ll only get better with time which will serve your business well.