Two Keys to Small Business Success
Leveraging passion and knowledge for profit
Starting a business can be intimidating for women. One venture capitalist says that this is because women need to know 80% of what they need to do before starting a business while men only need to know 20%.
Whether the statistics are true or not, the point is valid. Women are generally less willing to take risks than men. But, as this venture capitalist mentions, the reality is that most women already know most of what they need to in order to start a business. Once they realize this, they have the confidence to take the leap.
Follow your passions
One piece of advice I give to women is to discover what their passions are and then find a way to make money pursuing them.
I recently read about Corey O’Loughlin and Nina Vitalino, who did just that when they started their business, Prep Obsessed, in 2013. Prep Obsessed, as they describe it, sells “preppy items for the home as well as customized accessories and on-trend jewelry.”
The two ladies went about starting their business in a very untraditional way – by simply featuring items they liked on a Facebook page and Instagram. Before they had even sold a product they had 1,000 Facebook fans.
Today, they boast over 100,000 Facebook fans, and have just now opened up their first storefront in Palm Beach Gardens, Florida.
As O’Loughlin told Entrepreneur, "We never ask what [our customers] want us to offer them. Instead, they are confident that we know what they want because they're confident we love the same things."
Know your customer
Another key to success for Prep Obsessed was that they knew their customer. As Entrepreneur shares, “Prep Obsessed targets a relatively narrow user profile: U.S. women between the ages of 20 and 50 who have expressed interest in specific brands (Tory Burch, Lilly Pulitzer) and categories (including fashion and home and garden). The company also goes after those users' friends.”
For the entrepreneurial partners, it’s more important to focus on a niche rather than trying to reach everyone. This focus has paid off. O’Loughlin and Vitalino use Facebook’s targeted marketing tools to reach these women, spending about $40 per day, or about $15,000 per year. The result, as of last year, was sales in excess of $500,000 and a fast-growing fan base.
The best part is that they’ve quit their jobs and are working full time to build their business.
A new way of doing business
Prep Obsessed is an example of how starting a business has radically changed. As Robert wrote about last week (“No Excuse To Not Start That Business”), “the Internet has changed the way we do business…and the access we have to learning how to start and build a successful business.”
Today, with just a few hours on the side and a few dollars a day, you can build a business online that can start you on the path to following your dreams and financial freedom.
If you want to learn more, then you’re in luck. One book that I highly recommend is The Circle of Profit by Anik Singal. In the book, Anik shares his quick and easy way to start an online business. He’s helped over 100,000 people as a coach in this area, and he can help you. The best part? He’s giving his book away for free!
Download The Circle of Profit today, and start pursuing your business dream.