Tips for Starting a Small Business in 2024
BY SOPHIE BAKSHI
Looking for a new passion project to work on in 2024? Interested in exploring the world of entrepreneurship?
Well, the new year is the perfect time to start a small business. In addition to making some extra money, starting a small business is the perfect way to acquire new skills and gain career experience. In this article, we will discuss some tips and tricks for starting a small business in 2024.
1. Capitalize on your strengths and available resources.
UVA-themed sticker pack. Rhea’s Sticker Shop
Rhea Bakshi started her small business, Rhea’s Sticker Shop, shortly after college decisions were released during her senior year of high school. Many of her friends complained about the lack of cute, affordable merch available for their college. So, Rhea began brainstorming how she could use her artistic talents to address this issue.
She said, “I started by identifying what kinds of products I could feasibly create with the resources at my disposal. Having been gifted a Cricut machine that same year and knowing drawing is a strength of mine, I decided that creating stickers would be a good option.”
By utilizing her artistic skill set and the machinery available to her, Rhea was able to create a thriving small business with over 300 orders to date.
2. Stay up to date with trends.
Take a Bow earrings. Evry Jewels
When considering what kind of business you want to start, it’s important to be aware of current social media trends and their influence on the business world. As new trends emerge, your customers’ wants and needs will shift, affecting the success of your business.
By integrating relevant trends into your product offerings and marketing approach, you can attract new customers looking to stay up-to-date with the latest fad. Whether it’s on Tiktok, Instagram, or another social media platform, ensuring that your content incorporates trendy language, images, or themes is a great way to gain the attention of new customers.
Evry Jewels, a fashion jewelry brand, runs a TikTok account featuring popular music and entertaining challenges such as asking strangers trivia questions in exchange for free jewelry. Their ability to stay up to date with trends and engage viewers has allowed the brand to amass over 1.2 million followers on TikTok.
3. Don’t be afraid to ask for help.
Rainbow Connection necklace. EmBracelets
Starting a business can be a daunting task. It is easy to get overwhelmed with the sheer number of components involved in this process and lose sight of the bigger picture. In situations like these, Olivia Castel, founder of EmBracelets, believes that it is important to “engage your community with your new idea or business.” She says that “it always helps to share your vision, and your community can support you with sales, views, connections, personal support, and whatever else you may need to pursue your idea.”
As Olivia suggested, your community – family, friends, teachers, etc. – can provide you with many important resources, but also help you refine your product offerings by giving you valuable input and feedback. Her final piece of advice is to “stay inquisitive, to ask for help, and to ask for opportunities because what is the worst that can happen? Someone says no? Eventually someone will tell you yes and it will be worth all of the no’s you receive.”
Starting a small business can seem challenging, but utilizing your strengths, resources, community, and staying up to date with trends can lead to an incredibly rewarding and life-changing experience.
