From $0 to $150k: Lessons from a Sticker Business
Table of Contents
- Introduction
- Starting a Business from Home
- Investing in Equipment
- Opening Shop on Etsy
- Expanding to Own Website
- Creating Additional Income Streams
- Lessons Learned from Entrepreneurship Journey
- The Skill of Making Money
- Seeking Knowledge
- Practice
- Reflection
- Standing Out in a Crowded Market
- The Importance of Building and Selling
- Avoiding Trend-Driven Business Decisions
- Setting Realistic Goals
- Start Small and Build Proof
Article
Lessons Learned from Starting a Successful Business from Home
A few years ago, I embarked on a journey to start my own business. I wanted to earn some extra income and decided to make and sell stickers from home. Little did I know that this small venture would turn into a thriving business, earning me over a hundred and fifty thousand dollars. Throughout my entrepreneurial journey, I have learned valuable lessons that I believe can benefit others who are starting their own businesses. In this article, I will share these lessons in the hopes of giving you a head start and helping you avoid some common pitfalls.
Starting a Business from Home
To begin my business, I invested around $300 in a craft cutting machine and a printer. I taught myself how to use these tools and opened a shop on Etsy. What started as a few sales gradually grew into daily sales on the platform. This initial success gave me the confidence to take the next step.
Expanding to Own Website
To further expand my business, I decided to create my own website using Shopify. Having my own website allowed me to have more control over my brand and reach a broader audience. This decision proved to be instrumental in the growth of my business.
Creating Additional Income Streams
As my business continued to thrive, I realized the potential of creating additional income streams. I started making YouTube videos documenting my journey, which unexpectedly became another source of income. This experience taught me the importance of exploring different avenues and not limiting oneself to a single revenue stream.
Lessons Learned from Entrepreneurship Journey
Throughout my entrepreneurial journey, I have learned several valuable lessons that have shaped my success. One of the most crucial lessons I learned is that making money is a skill. Just like any other skill, getting better at it requires continuous learning and practice.
The Skill of Making Money
In Kobe Bryant's book, "The Mamba Mentality," he discusses his approach to getting better at basketball. This approach can be applied to any skill, including making money. The three-part process he describes consists of seeking knowledge, practicing, and reflecting.
The first step is seeking knowledge. To learn what works, it is essential to look for successful individuals who have been where you want to go. Reading about influential entrepreneurs and their journeys can provide valuable insights and inspiration.
Practice is the second step. Accumulating knowledge is futile without putting it into action. It is crucial to implement what you have learned and actively seek opportunities to practice the skill of making money.
Reflection is the final step in the process. Evaluating your actions, analyzing data, and assessing outcomes allow you to identify areas for improvement. Successful athletes and entrepreneurs consistently reflect on their performance and make adjustments accordingly.
By repeating this cycle of seeking knowledge, practicing, and reflecting, you can gradually improve your skills and achieve success in making money.
Standing Out in a Crowded Market
In a crowded market, standing out is crucial to gaining attention and attracting customers. Many people make the mistake of copying others, assuming that what worked for someone else will work for them. However, true success often comes from going against the grain and doing something different.
To illustrate this, let's look at the early days of Nike. Co-founder Phil Knight observed hundreds of white and blue shoe boxes on store shelves. He chose to deviate from the norm and opted for a bright and bold orange color for Nike boxes. This unconventional approach helped Nike capture attention and become a leading global brand.
The Importance of Building and Selling
Businesses can be simplified into two essential elements: building and selling. Building involves creating a product or service that brings value to people. However, many individuals focus solely on building and neglect the crucial aspect of selling. To succeed, it is necessary to allocate time and effort to both aspects of the business.
While building and selling may require different skill sets, acknowledging the importance of both and striving for improvement in both areas can significantly impact your success as an entrepreneur.
Avoiding Trend-Driven Business Decisions
In the age of trendy products and markets, it is tempting to jump on the bandwagon and try to capitalize on trends. However, relying solely on trends can be risky. Trends come and go, and by the time you establish your position, the trend might have already passed, leaving you with little to show for your efforts.
For instance, during the pandemic, there was a surge in the sale of face masks on Etsy. Thousands of sellers joined the market, seeking profits from the trend. However, as demand declined, many sellers found themselves stuck with excess inventory and limited sales.
When choosing a niche or business idea, it is essential to consider long-term sustainability and market dynamics beyond temporary trends.
Setting Realistic Goals
Starting small and building proof is a valuable approach when setting goals for your business. Many aspiring entrepreneurs dream of achieving massive success without acknowledging the challenges they may face. However, setting small and achievable goals allows you to accumulate evidence and bolster your belief in what is possible.
Reflecting on my own journey, I initially set a modest goal of earning two thousand dollars a year from my sticker shop. As I started achieving small milestones and earning consistent income, my belief in greater success grew. I now believe that making a million dollars from selling stickers is possible because I have accumulated proof of my progress.
In conclusion, starting a successful business from home requires dedication, continuous learning, and adaptability. By seeking knowledge, practicing, and reflecting on your actions, you can improve the skill of making money. Standing out in a crowded market, focusing on both building and selling, and avoiding trend-driven decisions are additional keys to success. Start small, set achievable goals, and accumulate evidence of your progress along the way.
Highlights:
- Starting a small business from home can lead to significant income streams.
- Seeking knowledge, continuous practice, and reflection are crucial for success.
- Standing out in a crowded market is essential to attract attention and customers.
- Building a valuable product/service and effective selling strategies are both necessary for success.
- Avoid relying solely on trends, as they can be short-lived.
- Start small, set achievable goals, and accumulate proof of success.
FAQ
Q: How much money can I make from starting a business from home?\
A: The income potential from a home-based business varies greatly depending on various factors, including the industry, effort invested, and market demand. With dedication and smart strategies, it is possible to achieve significant income streams.
Q: Should I focus more on building or selling in my business?\
A: Both building (creating a valuable product or service) and selling are essential for business success. Strive to improve in both areas or consider partnering with someone who excels in the area where you have weaknesses.
Q: Is it necessary to stand out in a crowded market?\
A: Yes, standing out in a crowded market is vital to attract customers and gain a competitive edge. Being different and offering unique value can increase your chances of success.
Q: Should I base my business decisions solely on current trends?\
A: While trends may present opportunities, relying solely on them can be risky. Trends come and go quickly, and by the time you establish your position, the trend may have already passed. Consider long-term sustainability and market dynamics when making business decisions.
Q: How can I set realistic goals for my business?\
A: Setting realistic goals involves starting small and building proof of concept. By achieving incremental milestones and accumulating evidence of success, your belief in what is possible will grow.
