Dreaming big means starting small. Owning a small business is no easy feat, and takes a lot of persistence and determination. It probably all started with a few small ideas, and turned into reality. You brought your vision to life and you should be proud of your success. However, it can be easy to get ahead of yourself and your goals, so it’s okay to take a step back and be mindful in your current state. In order to grow your small business, you have to plant roots in the present. Nourishing your business with all the things it needs to be successful, internally and externally, will help it bloom into something bigger.
Studies show that 18% of small businesses fail during its first year, and 50% fail after 5 years in operation. These numbers may be surprising, but it goes to show that it’s important to make sure things are running smoothly before expanding. Some of the reasons small businesses fail are because there is a lack of funding, decrease of revenue coming in, unstable business plans and poor management. To have a small business be successful, everything has to be in order on every level. If one thing fails, then it likely will be a chain reaction.
It’s important to have goals for your small business, but instead of jumping to bigger and better things, try staying present in the moment. Being content with what you have accomplished and working to make it as smooth as possible, is the ideal way to stay afloat. For example, understanding your community and demographic is vital to consumer retention. Whether you are selling a product or a service you have to relate to your customers and get to know them. Businesses often fail because they are not in tune with their market, so it’s important to get out there so you can adjust your mission if necessary. A great way to do this is to open up a tent at a farmers market. It’s one of the ideal ways to learn and plant the roots of your business on a local level.
“Starting a small business means exactly that, starting small. That’s why selling your craft or product at a farmers market is the perfect place to get your business and name out there. Farmers markets have a lot of people looking to shop locally, so it’s the ideal place to meet the community and understand their shopping habits. Markets like these are usually pretty art focused, so selling your craft or product there will likely gain a lot of traction,” says Corey Pearson, Chief Quilt Artist and Brand Ambassador at Linda’s.
Not only do you get to sell what your company provides, but it’s a great opportunity to get to know people on a local level. What are they shopping for? What product/service relates to them? How does your company impact people? All these questions can be answered by setting up shop. A business could fail if it is not impacting people in a positive way.
“Farmers markets also are easily accessible for your local community, and can be a consistent source of income. People love farmers markets because they get to explore new stands, and get to see creative pieces in person, rather than online. Having hundreds of people see your craft will help spread the word about your name and give you a sense of security that small businesses crave,” says Pearson.
Growing a thriving business does not have to happen overnight. In fact, it would be surprising if it did. You have to nourish your business with love and care. Starting small gives you a lens to see all of the things that need to be fixed and fastened before you work towards expansion. There are so many ways to practice mindfulness in the small things. Take a step back and take pride in all you have done to get to this point. The bigger and better things will come with time. But first, you have to make sure your business is set up to bloom!
Published by: Holy Minoza
