What timing. I literally quit my 9-5 job this morning to make my side hustle my main hustle now that I make more money from my business than my former job.
I know someone said to not focus on marketing but you ABSOLUTELY need to learn marketing (and branding) if you’re going to build a product-based business.
My business mentor built an e-commerce business that grew to making 50k/month but he decided to go a different route because his heart wasn’t in it and wanted to go a different direction. He later built a coaching business making 150k/month and he liked that more because of the impact he was making.
To succeed in any business venture, you need to have entrepreneurial spirit. And a strong motivator and reason for why you want to build it. It’s going to take a lot of hustle and grind to get things off the ground.
Eventually, you’ll be able to outsource and delegate different aspects of your business like accounting, management, and administration, etc.
But the top 2 things you need to master (for any business) is sales and marketing.
A caveat is like if you’re creating something completely different that nobody has ever done before (and can’t replicate), then you have a blue ocean to work with which can make differentiating your brand much easier—though you still need at least a foundational knowledge of sales and marketing.
Sales and marketing are 2 sides of the same coin. If you’re in business, you need to learn to embrace these 2 things.
You need to get to the point where you know how to handle your own sales and marketing. THEN, you can delegate and outsource that.
For selling products like perfume, I’d go for either e-commerce (if you want to handle everything yourself and have total control) or Amazon FBA (they’ll take care of the inventory and shipping part).
But, no matter what sort of product-based business you’re building, you’re going to need to have some startup capital for manufacturing your product. Since, most manufacturers are only going to make your products if you’re ordering like 200+ at a time.
But, for startup capital, it’s best to use your own and start small, rather than to go into a lot of debt only for things to not work out. It’s better to start small and grow from there. This is advice taken straight from Mark Cuban’s book, How to Win at the Sport of Business. He’s a literal billionaire by the way, but I’m sure you knew that. 😉
Anyway, the best thing to do is to educate yourself, invest in your own skills and mindset. You need to have the entrepreneurial spirit running through your veins. You need to have a driving force within you, a powerful why, to push you through the hard times and the challenges and come out on top.
I like talking about this stuff, so feel free to DM me. Depending on what direction you want to take, I may have some ideas on what resources I think would be best based on your direction and goals.
Ah, for the startup capital, without debt you have 3 main options:
1. Create strong income stream (ideally something that pays six-figures) and then fund your business with your existing income.
2. Leverage crowdfunding. Conceptualize your idea. Build an audience around it. Inspire people to make it a reality and support the creation of it. People can crowdfund your idea so you’ll have the startup capital to get things launched. (This requires some networking and organic marketing chops.)
3. A combination of both. (Honestly, probably the best approach, but the other 2 can work too for sure.)
Those are important but ultimately those things are just math which is not hard to understand. The thing that is hard to understand is effective advertising.
Not to be harsh. If you want to start a business try something original. There is way too many people out there creating perfumes and unless you are a big time celebrity the chances of having people buy your products will be very challenging and exhausting and you could end up spending millions of dollars and make zero profit.
Skip all the BS Management, Marketing, and like courses. ACCOUNTING... accounting... and more accounting after that. Business is Numbers and Margins.
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Anonymous
(30-35)
+1 y
Take out a business bank loan, buy a success perfume company, use the bank loan as a tax right off, see how the owner ran the company, and do what you think you need to do.
Focus is the the key and marketing and people skill is the most important. If your goal is big enough and you set your mind to it, the obstacles won't matter.
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