Several years ago, I ventured out into the soap making world. I started an LLC, registered with the State of Florida, the Department of Revenue and did the local business license. If I knew back then what I know now, I could have saved several thousand dollars.

Tips to save you time and money:
1. Buy Small in the Beginning. There are so many trial and errors that all new business ventures need to learn, buying too much too early can cost you tremendously. My lessons included: locating vendors for better ingredients to purchase in bulk and utilizing better tools or equipment. Early on I purchased good ingredients from high-end vitamin and health stores, whereas later I learned to buy in bulk high quality from a wholesale food company. In the beginning, I experimented with different soap molds, but learned the do’s and don’ts. Trial and error is important in the beginning of any business, but you want to minimize your losses. Win big, lose small.

2. Build Your Business Customers. Believing in your product is great and letting others catch that vibe is good but ultimately the heart of your sales should probably come through other businesses. My challenge was that I could sell my product to anyone I spoke to, but I had to speak to them for them to see the importance. Since most new businesses cannot be everywhere all the time, there was no way to get past the initial conversation for each returning customer. While referrals from friends and family are great, your product/service needs to be able to market itself to the majority, to survive.

3. Recapture Your Focus. There are so many different dynamics involved in building a business. Initially, you will try to do everything yourself because the money may not be available to do otherwise. However, you need to fully embrace, “You can’t beat a man at his trade”, is true. It’s your responsibility to know your trade inside and out, so invest in yourself. Take time to attend classes, go to conferences, talk to other professionals etc. All the other tasks associated with operating the business, such as; building a website, cutting the grass, cleaning the building, etc., forward it to someone else in that profession. Realize your time is valuable, so hone your focus to the heart of the business. Rest in letting others help you succeed.

4. Take Time to Breathe. Assembling motivators to keep you moving and on task is good. I posted a saying in a visible location that read “Don’t be upset with the results you didn’t get with the work you didn’t do.” However, anyone with the passion and drive to start/run a business is very much work oriented. The problem is they realize all the things that need to be completed and get overwhelmed. Make yourself take time out/off. Take time to hit the reset key for yourself, before you get up to move forward for another full throttled day. Remember your real motivations for everything you do, don’t sit them on the sidelines day in and day out. Take time to appreciate what matters most.

5. Know Your Strengths and Weaknesses. We all have them; the key is utilizing them in the right manner. For example, if you are a bookworm but not a people person, hire a sales person. If you are great with building a product, but you procrastinate completing accounting tasks until after the deadline, hire a bookkeeper or accountant. This will free your time, lower your stress and empower you to manage your business more effectively.

Thank you for reading. I wishing you much success, less stress and more money!