Learning from Your Beading Business Success and Mistakes
As a small business owner, you're bound to make some mistakes along the way, especially if you're new to entrepreneurship. However, these mistakes are a valuable way to gain experience and better your company over time. In addition to assessing your success stories and sales, it's important to analyze your mistakes and use them to your benefit.
First, start with evaluating your good qualities as a confidence booster and work your way down to your mistakes. As you round out the fiscal year, it's important to take a look at your most crucial sales and successes, according to Inc.com. By doing so, you'll gain a better understanding of what you do well as a small business and how you can continue doing well in the future.
To begin, determine if there was an actual need or demand that had to be met to satisfy the client. Next, think back to whether there was an actual strategy put in place in order to achieve your goals. Once you do this, you can analyze how you made the sale or objective successful in itself.
It's also important to make note of staff members who helped you reach your goals throughout the fiscal year. If there is a specific over-achiever on your team or someone who just naturally knows how to think outside of the box, keep them in mind in order to carry out similar success in the future.
Make note of any strategies that worked for you in these successful ventures, as well as ones that fell flat. In addition to learning from your mistakes, you'll also be able to jot down plans and tactics that were efficient. This can help you create a game plan for road blocks you encounter in the future.
After taking a closer look at your past successful ventures, it's time to analyze your mistakes in order to avoid them later down the line. Although you might think you're alone when faced with a problem that might sink your beading business, remember that entrepreneurship is one of the hardest industries to tackle. The best entrepreneurs are those who learn from their hiccups and use their experience to better their businesses.
"When people first start a business, processes are created by accident or in an ad hoc manner," Jay Arthur, author of Six Sigma Simplified Training, told the news source. "Problems are fixed by using common sense and trial-and-error as the business grows. But at some point, the ability of these two methods to solve more mysterious and complex problems begins to fall off. Eventually, they stop working altogether." Here are some of the most common mistakes made by small business owners early on, according to Microsoft:
"Calculate fixed and variable costs. Research market and competitive price points. Develop your distinct marketing edge (some call it 'USP,' for unique selling proposition). Figure the margin you need to walk away with dollars in your pocket," Joanna Krotz writes for Microsoft.
Being your employees' best friend. While it's a good idea to maintain a respectable relationship with your employees, it should be strictly professional rather than personal. This means accepting the responsibility of being the "bad guy" from time to time by assigning tasks around the store to your employees, even if they might be your good friends.
Failing to invest in marketing. Many entrepreneurs initially think that it's all about sales. This means composing a sales team that is ready to go out there and round up clients--but how effective will you be if consumers don't know what you offer? It's important to develop a marketing plan and hire members of your staff to handle these duties and make sure that your company mission, products and services are understood by the public.
Selling goods and services for less than they're worth. This is a common mistake by first time entrepreneurs who are afraid of not hitting the ground running. As a beading business owner, don't sell yourself short. Take the time to calculate your manufacturing and distribution expenses to price your items appropriately.
Once you have a grasp on your mistakes, Entrepreneur.com says it's important to not get angry, but rather step back from the situation and take a look at the determining factors. Try to hone in on the cause of the problem so you don't make the same mistake in the future. It's also important to realize that blowing the mistake out of proportion may do more harm than good. By keeping a cool head and understanding that these mistakes happen to other entrepreneurs as well, you can have peace of mind going forward.
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