Today’s question comes from Vicky. Who is an (awesome) member of my Crafter Community!
She asked, “How do you know if your business has got real potential, or how do you know if you should just stop dreaming?”
Hi I’m Kat from craftercoach.com and you are listening to a Crafter Q&A where I answer your creative business questions so that you will never feel lost with your craft business ever again.
Today’s question comes from Vickie. She asked, “How do you know if your business has got real potential, or how do you know if you should just stop dreaming?”
This question may be a little bit sad because nobody should ever stop dreaming, but you need to have the right dream and it needs to be a dream that’s actually achievable, especially when it comes to business.
I once wanted to make a website all about cruise ships. It was going to be huge.
It would have all of the information that you can ever want about the different types of ships, where you can cruise, what it’s like to cruise, how to get the best deals, the works.
I love cruising, so I thought what a great idea to combine my passion with my business. I thought it was going to be amazing.
But after a little bit of research I realized that my idea was good in theory.
When I actually went and did the work to figure out if it could be a reality, I realized that there weren’t a lot of ways for me to make money from this passion unless I was a travel agent, which I’m not.
For me, a dream is amazing, but if your dream is to grow a successful business and there’s no income in your dream, then no income is no business, which means that you need to maybe choose another subject.
It doesn’t matter how passionate you are about something; if you want it to be a business, it needs to actually bring you in some income.
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How do you know if your business has got real potential?
Back to the question: How do you know if your business has got real potential?
First of all, I suggest breaking your dream down into goals and plans. With your business, what actually is it that you want?
Do you want to make $500 a month? Do you want to make $10,000 a month?
Do you want to make this money so that you can stop working? Do you want to make this money so that you can take your family on a holiday every year?
Break down into goals. Because if you don’t know what it is that you want and why you’re doing this, then when things get hard it becomes that much easier to give up. That’s the first step.
Figure Out Your Goals And Then Validate Your Idea
The second thing I would do is to validate your business idea.
Go ahead and figure out whether or not there’s people out there that are actually searching for and purchasing what it is that you want to sell.
Do your competition research. Do demand research.
See how many other people are selling what it is that you want to sell. Because if there are other people out there that are selling what you want to sell, it can be a good indication that you item is in demand.
Do that research and then move on from there. Validate your idea and then go forward with it.
The next part is to go and get it. You need to work for it. It won’t come for free. It will get hard. Roadblocks will come up, but you just need to keep pushing forward just a little bit every day.
How do you measure the success of your business?
As you go along, measure your success. Are sales increasing? Are your views to your shop increasing? Is your social media presence increasing? If everything looks like it’s heading in the right direction, perhaps you just need to be patient and keep moving forward.
Always be measuring how it’s going and change it up if you need to. If you get six months down the road and realize that and be wants to buy what you’ve got in your Etsy shop, maybe you need to change your product slightly. Maybe your pricing isn’t correct.
No giving up. No stopping dream. Go and get it. The roadblocks will come up, again. It’s hard work, but just keep moving forward. Measure your success. Change it up if you need to, and don’t stop dreaming.
And that is my answer to this Crafter Q&A and if you want more help from me personally you can check out my Crafter Community at craftercoach.com/community, that’s it from me until next week. Bye for now.