Updated: Mar 8, 2022
Written by Contributing writer: Alyssa Strickland. Alyssa created millennial-parents.com for all the new parents on the block. On Millennial-Parents, she shares tips and advice she learns through experience and from other young parents in three key areas -- Education, Relationships, and Community.
Starting your own business is an exciting step—especially if it's your first time. As a new entrepreneur, you can increase your odds of success by focusing on easy-to-implement business models that are low-investment and low-risk. There are also certain steps you should follow to help get your business off on the right foot. This guide covers everything you need to know.
Select a low-risk business idea
Look for low-risk business models that won't require a lot of upfront investment. Examples include consulting, drop shipping, and online tutoring. Starting an ecommerce store is another option. If you have a knack for fashion, you can even launch your own fashion design brand. Inside Fashion Design is a community of creative independent fashion designers where you can find support and inspiration.
Define your brand
To stand out from the competition, it's important to define your brand. This is especially true if you enter the flooded field of fashion. What makes your products different from the rest? General Assembly provides a guide to defining your brand, explaining that your brand should have emotional impact and espouse your values.
Write a business plan
Once you've defined what makes your brand unique, get it in writing. Create a business plan detailing your products and services, management structure, and marketing plan. You can use free online templates to write the document. A business plan will also be useful if you are planning to seek external funding, as anyone giving money to your company will want a concrete overview of what it does.
Determine how to get the funding you need
Traditional bank loans are one way to fund your business. However, you also have many other options, including crowdfunding, angel investors, and peer-to-peer lending. Before you start searching for funding, determine exactly how much you need. This involves tallying up all your foreseeable operational costs, including materials, supplies, staff, marketing, rent, utilities, and more.
Get the necessary business technology
You'll also need some tools and technology to maintain your business operations. For example, say you're planning to start a fashion brand and are opening an ecommerce store. Useful technologies include an ecommerce web building platform, an email marketing tool, and digital asset management software. A customer relationship management tool is also a must-have.
Hire a support team
It's important to have a supportive team to help you realize your business vision. Online marketplaces like Upwork make it easier than ever to find talent you need. You can browse profiles quickly based on skill set, price, and experience. In creative fields like fashion, it's especially important to view people's portfolios. This will give you a sense of what they're capable of.
Invest in marketing
Once the essentials of your business are in place, it's time to attract clientele. Marketing is the answer. If you're in a creative field like fashion, focus on visually-driven marketing techniques. Magento offers ideas like taking stunning photos of your products and partnering with relevant bad ambassadors who reflect your values. It's also important to ensure your website is mobile-friendly since many consumers rely on mobile.
Starting your own business while pursuing your creative passion can be a dream come true. These tips can help you take the first steps towards achieving your goal.
Thank you Alyssa for sharing your words of wisdom!
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Want more content like this? Check out the Inside Fashion Design blog. You'll find resources covering everything from the creative side of the industry to business practicalities.