5 Things to Master When Starting a Small Business at Home
by SHE Media Partner Network’s Alexandra Nicole of City Chic Living
A lot of ladies and gents are peeking over the fence at the idea of starting a small business at home with the wake of COVID-19 so I have a few tips that can go for any small business start up whether it be a new brick and mortar or home business. You can also apply these tips regardless of the industry you plan on entering.
5 Things to Master When Starting a Small Business
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Know Your Personal worth
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Know your Brand Value
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Brainstorm the Name
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Growth and Profit Planning
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Identify Your Brand
Master these tips and set yourself up for success. Here are the tips in detail!
Know Your Personal Worth and Brand ValueÂ
Many people underestimate their personal worth by undervaluing themselves when starting a small business. This not only stifles your money flow but it also makes it more difficult for you to raise prices once you have an established customer base. Begin by evaluating your experience and years in your profession and this market. If you are new to this market, no worries. Consider your brand worth in conjunction with your product or service. Think about your ability matched against the competition if you are offering a service, and when offering a product, match quality, benefits, features, and price against the competition’s product.
Brainstorm the Business Name
Many underestimate the importance of this part when in all actuality this is one of the most crucial pieces. Never pick a name that appeals to you and then just move forward. There are so many aspects of the name to consider. Can your customer spell your brand name easily? Is it easy to pronounce? Is the URL available for purchase? I would say that checking the URL is number one. People often create an entire branding plan around a name only to find that the URL is not available, or worse, a competitor with a similar product is already conduction business with that brand name. Be sure to do your research!
Growth and Profit Planning
Some may think this is jumping ahead but I always recommend that one considers future growth before investing. You should think about complimentary or up-sell products and services to your company. Never put all of your eggs in one basket when it comes to one product or service. It may be an amazing launch but if successful, soon others will catch on and imitate. You need to be one step ahead with a new product or service launch that will not cannibalize your current business, but compliment it or add levels, such as pricing levels, quality levels, etc.
Identify Your Brand
I love working with clients on this piece. We do a few visualization practices to come up with a look, feel, experience and smell behind their brand. I know it sounds odd but to write these visualizations down, even an imagined smell, will help you to stay within your brand limits when it comes to the creation piece and will further more, ensure a successful omnichannel experience.
Now ladies and gents, this is just the beginning. There are many other things you must do to set yourself and your brand apart.
You can be sure to master each one of these lessons with my Small Business Start Up Course : Quitting Your Job + Know Your Worth!
ABOUT ALEXANDRA NICOLE
Alexandra Nicole is a single mother, CEO of The Confident Boss and Founder of City Chic Living Blog. Through her online courses, The Confident Boss, Alexandra is dedicated to helping women discover their entrepreneurial strengths so that they can do what they love & live their best life. She also covers relatable topics such as, mom style editorials, beauty hacks for the boss mom, home and garden discoveries, lessons on staying healthy, and travel diaries on her blog City Chic Living. Awarded Memphis Magazine’s Top 20 under 30, she is a Memphis native running her local businesses and even teaching at the University of Memphis where she received her MBA and is currently pursuing her PhD. Alexandra believes in the power of women helping women and welcomes you to connect with her on Instagram, Twitter, and Facebook at @citychicliving and be sure to check out her blog, citychicliving.com.
