Friday, November 11, 2011

How to create a successful business from doing what you love- STEP 2

How to create a successful business
from doing what you love
                                           (i.e, craft hobby, interest, passions).

Step 2: Where to start?

Once you’ve identified what you love to do, the next key step is to work out whether there is an opportunity for you to live the life you want and make money from your passions.

Once you’ve worked this out, you have to ask yourself the following questions:
·         Are you good at it?
·         Do you think you could make a living from this?
·         Are you ready for this?
·         Are you 100% COMMITTED

If so, then you’re already halfway there.

Let’s just say that you’re a fantastic sewer who loves making quilts. You want be able to sew quilts full time and sell these to customers. There are a lot of fantastic quilters out there.

  • What is going to make your quilts different from everyone else?
  • ·  Why are people going to buy from you?
    Here are some points you need to consider: 
  • What is it you are going to sell?
  • Are you a product or service based business?
  • Are you really selling products or sewing for other people etc...
  • What makes you different and unique?
  • What is your Quirk or USP (Unique Selling Point)?

Remember, there’s no point doing exactly the same thing that other people are doing.

Discussion points about uniqueness:

In every business there are basic fundamentals that you need to consider. I guess some of the things you could think about are maybe the fabrics you use... Are they different from everyone else? Like limited edition fabrics, vintage fabric or special yarns with a green environmental focus.

Maybe you want to manufacture your own...
Perhaps your patterns are different...
Maybe you will sell cushions to go with the quilts...
Perhaps your unique selling point is embroidery or using silks etc.....

Other things to consider too:
  • Where will you work?
  • At home or away from home? Compare the advantages and disadvantages between         the two so you can see which one would suit your business lifestyle.
  • You may want to share your studio with other (complimentary) designers or artists who will help you by sharing expenses, referrals, overflow work, inspiration & support, etc.
  • How many hours?
  • Are you able to work full time or part time? How will you allocate time for work and    time for looking after your children and family? Be disciplined when you allocate time.

Remember, this is your passion and your business, so it’s critical that you invest the time you need to nurture your passions (and your business).
  • Can you do the work yourself or do you need to hire someone to do it for you? You may need to get someone to complete part of your product. Outsourcing – getting someone else to do it for you. For example, sending out your handbags to a sewer to sew the handbags for you etc.
  • Wholesale or retail? Different skills are involved with each...Are you going to sell your product direct to your customer or are you going to sell your product to a retailer?
  • How will you promote your work?
  • Leverage today’s technologies and embrace them. Welcome them into your business.
  • Don’t forget to set aside some time to do your Blogs.
  • Work your network using FaceBook, Twitter. Virtual networks are just as important as face to face networking events and direct contact with your customers and industry colleagues.
  • Who are your ideal customers? Narrow down to your key customers... The customers that will generate income for your designs and business.
  • Production work? Are you going to produce unique work; “One Off” items, or are you looking to create a production line and repeat the same product.
  • Work out your costings: Knowing your cost is key! Ensure you have included your self worth (Your hourly rate), your overheads, and don’t forget to include advertising and marketing costs.
  • Who are your competitors?
  • What is their competitive edge?
  • What are their strengths & weaknesses?
  • Who are your role models and heroes? We all have an idol. Find out more about them, get inspired, and follow their successes. Your role models don’t have to be in the same industry, but if you do have one in the same industry as you... even better! Your role model could be a celebrity, someone in your family, or circle of friends.
At ArtSHINE our coaching methods not only focus on the business side, but also on the personal side too, so that there is a perfect balance between life and work. It may be that when you start down this new path you still have to work full time in your existing job, look after children, do the housework... And you’ll have to devote time, energy, and effort to this new business too.

Well, this is great. What we do at ArtSHINE is to make sure you leverage your time so that you can do both things and still feel good about everything. It’s all about making your transition easier.

   Please tune in for next week: 

Step 3:  Goal Setting

How to create a successful business
from doing what you love
                                               (i.e, craft hobby, interest, passions).

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