Everyone at some point has thought about starting a business. Or maybe you are running one right now. We all struggle to grow our business and sometimes need some tips or inspiration from other sources.
Here are my Top 10 tips that helped me grow Powers Sports Memorabilia.
#1 GET A WEBSITE
2019 is an e-commerce world. Has been for a long time. Almost everything in this world can be bought online.
You will need a website to sell your product and service at some point. Get started early to build up those links and a following.
Of course, activate and use your social media accounts as well.
#2 START OFF SLOW
Don't by a bunch of crazy inventory right off the bat. Get some simple stuff that sells quickly so you can get some transactions under your belt.
#3 DON'T PAY YOURSELF
Your business is small, it needs all the cash it can get. Don't be taking cash out when it needs it to grow. If you can, start your business on the side while you have a full time job and build up that nest egg.
#4 KEEP OVERHEAD LOW
Try not to hire unnecessary people. Don't rent that building if you can do it from home. Cut expenses like paying someone to do your accounting. Maybe you learn that to help better understand your business and also save it some money at the same time.
#5 CREATE FREE CONTENT
People like free stuff. People like people who give them free stuff. Be that guy or gal! Make yourself an expert in your industry and then share that knowledge with your customer base through free content like this post.
#7 FIND YOUR NICHE
Some people are known for selling certain products or services. Find an area of your industry that isn't being served and start serving it. I played college baseball and I thought college baseball autographswould be a good seller. Turned out they weren't. Try stuff out and find out for yourself.
#8 EXPAND YOUR NETWORK
You are going to need people to grow your business and that includes other vendors that have a product or service you can sell or that helps make your business more profitable. Find those people you trust and add them to your team.
#9 FIND SOME WHITE SPACES
There is a ton of white space in almost every industry. Whether it is lack of products or content not being generated. Find that white space and exploit it.
#10 TURN YOUR BUSINESS INTO SOMETHING FUN
If you aren't enjoying what you are doing every day it will show. It will show in the effort you put out and in the numbers at the end of the year. Your Bank account doesn't lie! Find that passion and turn it into a business. It is never too late.
After you get your business going, protect what you have a built. An LLC is a great way to go.
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