create a support network and work with partners.
Above all, this book shows you how to make money from doing what you love!
The book is divided into clear chapters with stories throughout of people who have successfully started and grown their own business. They all offer their top tips for success.
With clear steps, useful links and expert advice throughout, consider this book your trusty guide as you go about turning your talent into a business!
Contributors
With thanks to the following people who have contributed their expertise or story to this book:
Case studies
Jenny McCabe – Coo & Co., Kate Jones & Stephen Gillies – Gillies Jones Glass, Katey Korzenietz – Home Restyler, Sonia Mundey – Yellow Book Interiors, Michelle Grey – Luxury Interiors | Kool Kids Rooms, Rachael Taylor, Lou Gardner – The Vintage Twist Company, Caroline Taylor – Patchwork Harmony | 91 Magazine, Cheryl Courtney – The Sewing Room, James and Sally Tickner – Liberty Rose Interiors, Billy Lloyd – Billy Lloyd Ceramics, Emily Readett-Bayley – Emily Readett-Bayley Ltd. | POSH Graffiti® | POSH Salvage™, Kate Schuricht – Kate Schuricht Ceramics
Experts
Emily Coltman, FreeAgent; Joanne Dewberry, Charlie Moo’s; Louise Findlay-Wilson, PRPro; Cally Robson, She’s Ingenious; Mark Shaw, Twitter expert; Greg Simpson, Press For Attention; Jackie Wade, Winning Sales; Laura Rigney, Pitcher House; Mark and Philomena, Business Photography; Niamh Guckian, Totally Wired
House Beautiful contributors
Julia Goodwin, Julia Evans, Zoe Jobson
We would also like to say a special thanks to Caroline Taylor of Patchwork Harmony for her invaluable help and assistance in putting this book together.
CHAPTER ONE. Making the Move From Hobby to Business Coming up with an idea
WHEN STARTING A new business, the first step is to come up with an idea. What will the business do? What skills of yours will it use? What talents will give it an advantage over others?
Whether you’re struggling to define your idea, or are overwhelmed by too many, often the most important thing to bear in mind is that a niche business can be the best kind of business.
What I mean by this is: come up with a product or service that meets the needs of a very well-defined audience. For example, Liberty Rose Interiors and The Vintage Twist Company.
There are two key benefits to having a niche business:
1 You keep marketing costs low, as your audience is very specific; you know where to find them and you have researched and understand the kind of marketing messages to which they will respond.
2 Customer loyalty remains high, as you become the expert in your field or the only provider of certain products to your market.
Think about how you can fashion your talent into an idea that has a clear purpose for a clearly defined audience.
Base your business on what you enjoy making but with an eye on what people will buy.
Researching the market
Research your potential customers, the competition and a price point by visiting competitors’ sites, online trade sites and forums, reading reports, and seeking intelligence from experts. Use survey tools such as SurveyMonkey (www.surveymonkey.com) and Wufoo (www.wufoo.com), and pose questions on Twitter, Facebook and LinkedIn.
Look for information that will answer the following questions:
What is the number of potential customers you can serve, and how do these customers like to be served?
What are their characteristics, spending patterns and who are their key influencers?
Who is currently serving your market?
Where are your potential customers going for their goods and services?
What do they like about what they’re getting and, more importantly, what do they dislike (as this opens up opportunities for you to improve on the status quo)?
In view of the above, is there a business here? Is there room in the market for your product or service and is the demand there?
If so, you then need to start thinking about what price you can charge.
“Make sure you understand the market you want to enter, research your competitors – why are they or aren’t they doing well?”
– Katey Korzenietz, Home Restyler
“Do your research at the start. Immerse yourself in the industry, find out what it is people want and consider if what you have to offer really fits in with the market.”
– Caroline Taylor, Patchwork Harmony
Price yourself at a rate that’s competitive with other providers in the market, that takes into account the amount of time, personal service and added value you offer, and that will turn a profit at the end of the day!
Survey tools
SurveyMonkey | www.surveymonkey.com
Wufoo | www.wufoo.com
Carry out research face-to-face by displaying goods at fairs and markets and complete the market research template below to be sure there’s a sufficient market of people to buy your products at a price that will turn a profit.
Market research template
How big is the market?
What is the number of potential customers I can serve and how do these customers like to be served?
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What are their characteristics, spending patterns and who are their key influences?
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Who is currently serving my market?
Where are my potential customers going for their goods and services?
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