Business Series Part Three - Store Owner Business Advice

It's been a little while since we've visited our Business Series. Just to recap our Business Series started with your Vision. Part two we talked about What You Put Into It.

Unlike your ordinary business series, focusing on start up (which is important) we wanted to bring you another level to the table. We wanted you to hear first hand from business owners themselves about the "real world" of owning your own business and being your own boss.  While researching start up and business plans are all very important, we feel an inside look is invaluable information for you.

Thanks to Barb the designer and store owner behind Knack Studios for graciously sharing her experience with us.
            

Hi Barb,

Thanks again for answering a few questions about opening up your own store.

We are excited to hear from a business owner first hand about the aspects of starting, running and operating your own store.

If you could share the top five most important things you suggest doing before opening a store, what would they be?

1. do your homework .... find out what your point of difference is

2. know your target market

3. brand yourself!! This is worth every penny!! Hire a graphic designer to come up with your logo, website and print.  Plaster it everywhere and in everything you do!! ( my husband happens to be a graphic designer and has done all my branding for me, but I did realize a dream this year and paid for a letterpress business package!)

4. come up with a business plan ........ know where you are going and how you plan to get there. Use cash if you can , and grow small and smart instead of strapping yourself with a big loan.

5. make sure you have a good support system .... you will need them in the days to come:)

             

Many people may love the idea of being their own boss, but we want to know first hand the pro's and con's of being your own boss. Could you share some of those with us?

Pros for me , being able to schedule my work around my kids and their schedule is priceless. Freedom in direction and decision making and getting to do what you love everyday.

Cons,  Finding balance and keeping it,  You're it!! Lots of time involved !! The financial side of things ( non creative),taxes and discouragement

    

If you could have known one thing before opening up your own store that you know now, what would it be?

I wish I had a better sales and marketing background!! You really have to sell yourself and your product and that is a little awkward for me at times:)

How important are goals for a store owner?

HUGE. That saying "if you aim at nothing you'll hit it every time" ..... so true. Your goals will help keep you motivated and focused during the hard days:)

A special thanks to Barb for sharing this insightful look on owning and running your own business. I highly encourage you to check out Knack studios.

In person at 1207 Pendleton St
Greenville, SC 29611
Online - http://www.knackstudios.com/