6 Lessons from the First Year in Business
A year ago, I took the exciting leap of starting my own business, and it has been a journey filled with valuable lessons. I'm grateful for the opportunity to share these insights with others who are also on this l path or simply curious about my experience. Join me as I reflect on my learnings and offer a glimpse into my journey so far!
1) Building a Supportive Network
I cannot stress how important it is to surround yourself with people that support you and immerse yourself in your industry’s community! When I started my business, I eagerly sought out opportunities to connect with local creatives. One event that has had a profound impact on me is Sunnyside Chats, a problem-solving potluck where small business owners come together to share advice and insights. The sense of being heard and inspired by fellow entrepreneurs as we tackle challenges is truly empowering.
Consulting Session with Lettering Works
From my creative connections to my supportive family and friends, I am constantly reminded of my potential and fueled with inspiration, especially during moments when you’re running low on steam or feeling uninspired.
2) The Power of Market Research and Brand Strategy
ChatGPT
I wish I conducted proper research to help define my market audience. I probably would have saved a lot of time figuring out my business’s offering and what to post on instagram (because that is what everyone is always wondering, right?). Understanding my target audience and their motivations would help me find where to “meet” them, what kind of content to create and have a better idea what my business is all about.
I made the mistake of just generalizing my target market and thinking my target market was the same as all other embroidery artists. I knew I stood out in a different way but I didn’t know how to communicate this.
Two months ago, I realized I should fine-tune my marketing and brand strategy because I was launching a new product offering, Original Artwork. Right around this time, ChatGPT was everything everyone was talking about. I have to admit I felt a little dirty using AI to help me with this but I have no regrets.
Using this tool helped me define what my brand was, how to implement this in my website, and come up with a content strategy. AI can help us entrepreneurs to set us up for success especially when something like marketing is not our strongest suit. Go ahead and give this ChatGPT prompt a try!
I want you to act as a market researcher - ask me questions about my [blank] business to help me find my target market.
3) Embrace Your Creative Freedom
Small Series Project
As creators, don't we want to create what we truly desire? However, sometimes this is easier said than done. I found myself facing the challenge of creating what everyone else in the embroidery industry was doing: digital patterns and embroidery kits. Initially, my plan was to start with digital patterns and, if they proved successful, move on to embroidery kits.
However, as time went on, I realized that I was dedicating less and less effort to my business. I came to the realization that I lacked inspiration and a sense of personal connection with my work. Having previously taken commissions, I cherished the connection with people and the artistic freedom that came with it. In contrast, with patterns and kits, I felt that I was constraining my artistic abilities to ensure they were beginner-friendly for embroidery enthusiasts.
I knew that in the long run, breaking into the original art scene would provide more opportunities for me to transition to running my business full-time. Therefore, I made the decision to shift my focus away from patterns and begin working on my first original art series, called the Small Series.
This achievement brought me immense pride, not only as an artist but also as a small business owner. As a friendly reminder, if you are considering a pivot in your own endeavors, be sure to conduct thorough market research as well. ;)
4) Embracing Failure and Learning from Mistakes
Mistakes are a part of life, and the same holds true for business. When you make a mistake or experience failure in your business, it can hit particularly hard, especially if you are solely responsible.
The best aspect of making a mistake is the opportunity to learn from it. I always take the time to reflect and document in my business journal how to move forward and glean valuable lessons from the experience.
There is always something new I am actively learning about, and currently, that topic is pricing commissions. Prior to embarking on a commission, I always provide a price quote based on my estimation of the project's duration. However, there are occasions when projects take longer than anticipated, resulting in a financial loss. To address this, I have recently implemented a reflection table for my commissions. This allows me to assess my feelings about the given price and compare it to the actual price, highlighting any disparities.
5) Long-Term Perspective and Patience
Slow Progression of the Rookery Piece
Just like embroidery, building a business is a slow and gradual journey. While some may achieve the remarkable feat of making $100k in just six months, if you truly desire a business that is uniquely yours, it's a marathon, not a sprint.
Before I launched my business, I received considerable interest from friends and family for bespoke pieces. This led me to believe that I had enough demand to kickstart my business. However, on the day of the launch, and even when I launched my website, crickets. I had underestimated the amount of marketing effort required in the first year.
6) Don't Forget to Create for Fun!
Urban Sketching Adventure!
So so important! As creators we forget to set time aside for ourselves. I love creating for myself because I don’t worry as much to make it perfect. It also encourages me to step outside my creative comfort zone. Sometimes it even inspires a future art series!
Conclusion
Looking back on my first year in business, I'm grateful for the valuable lessons I've learned along the way. Maintaining a long-term perspective, celebrating small milestones, and never forgetting to create for fun have been key to my journey. As I continue on this adventure, I hope to inspire and empower others in their own pursuit of creativity and entrepreneurship.