11 January 2016
5 Things You Need to Know in Order to be Successful as a Handmade Business
1. How do you know whether your business idea has legs?
Well, to put it simply, it really all boils down to your research. You need to do the research. There are no two ways about it. You need to fill yourself with confidence and certainty that your offering has enough demand and that people want what you’ve got.
#TIP: Hop onto Survey Monkey
(it’s free!), and develop a 10-question survey where you can start to ascertain a few key things like:
• whether people want to buy what you’re offering
• how much they’re willing to pay for it
• who is your target market?
A critical part of the puzzle here is to ensure that you have a strong point of difference, (POD) also known as a unique selling proposition. The reason why you need this is because you need to stand out amongst your competitors in the marketplace. You need to be able to confidently tell a prospective customer WHY your product is the best for their needs vs. any other products sold by your competitors.
Beyond doing your research and ensuring you have a cracking POD, you’ve got to do your due diligence, which brings me to the next key question…
2. What’s a competitor analysis and how do you do one?
Good question. I know it sounds simple, but hand on heart, I honestly cannot tell you how many people in biz go on, pedalling away day-in, day-out without an ounce of awareness of what their competitors are doing. NOT good.
There are so many benefits to keeping tabs on your competitors. One of the more relevant ones is that by understanding who your competitors are and what their PODs are, this can start to highlight for you what POD you can adopt to stand out and make you the destination for your offering in the marketplace.
And how do you do a competitor analysis? You basically need to analyse who your closest competitors are and you need to study them in terms of their niche, price point, POD, website, brand position, brand tone and so forth. You want to know them inside out!
3. Should you still pursue a passion or business idea even if there are already others out there doing the same thing?
Yes. Without a doubt. I know that the handmade market is busy. There are a lot of you competing for similar shares of markets. However, the key thing here to REALLY know that your idea / biz is worth pursuing is to ensure that you will have enough demand.
4. So how do you know that there’s enough demand?
There are several ways to ascertain whether your idea / biz has sufficient demand. Here are just a few to get you thinking:
• Google Keyword searches – how much info and interest comes up when you search for what you do?
• Articles / blogs – are people writing / blogging about what you offer?
• Keyword searches on Facebook – are people wanting /searching for / talking about what you do?
In a nutshell, if others are doing it, the chances are that there is enough demand. That being said however, you need to proceed with caution to ensure you’re not competing in a totally saturated market. Not to mention that we go back to your POD. You need a strong one. Always. No matter the size of market you’re competing in.
#TIP: To take things one step further, I want you to think about your niche – your area of expertise. What’s it going to be? By specialising in something, you’ll become far better at that one thing and you’ll become known for it. Furthermore, as you expand your expertise, you can charge more over time and it will become more lucrative for you.
5. What are some marketing strategies to reach your audience?
To be honest with you, this REALLY depends on your offering and your target market. But, what I do want you to take away from this is the following (listen closely because this is important).
You only really need 1-2 marketing strategies that work for you to get customers in the door.
Now, the catch is to trial all sorts of different marketing strategies in order to ascertain what those 2 key strategies are going to be for you in your biz. And the key here is to measure what works for you so develop measurable systems to understand your cost per lead, and your return on your marketing investment. In a nutshell, you want to be able to confidently decipher where your marketing dollar goes the furthest.
If you want to learn more about how to get your handmade biz kicking some serious goals, please join us for our exclusive Made It Webinar where we’ll be sharing our top 5 SECRETS to Growing a Successful Lifestyle Biz as a Mum
. It’s on Monday January 23rd at 8PM AEST
Now, it’s important to note that we’ve got only 100 seats available for this webinar so it’s first in, best dressed. You’ll want to make sure to show up extra early on the night to secure your spot.
We SO look forward to connecting with all of you Made It Mummas
Co-Founder of Business School for Mums
Hey! We’re Anna and Flori and we started BSFM about a year ago. Since then we’ve welcomed about 160 students into our biz system, and coached several hundred more … and counting!
We’re both biz coaches but each of us possess a little something special
So, Anna’s jam is all things personal and mindset coaching and I, Flori, am the marketing maven. We’ve got numerous degrees, advanced training and even an MBA under our belts.
We’re ALWAYS sharing freebies amongst our broader community so make sure to follow us on Instagram
so you don’t miss a beat!
We can’t wait to meet you at the webinar! See ya there! x