TAKING CARE OF BUSINESS FROM DAY ONEBy mea | 31st August 2018
Want to start your own business? You might think it sounds like an impossible task, but if you have a great idea and are prepared to work REALLY hard, it’s pretty amazing being your own boss. Brooke Legacy started the same way and we wanted to share our experience with all the budding entrepreneurs out there so heres some tips.
Start with a business plan.
Sure, you might have a great idea but if you want to turn it into a business, you need to have a plan of how you’re going to get it off the ground and allow it to grow. A good business plan can help with the important things like defining the direction of your business, securing finance and creating strategies to achieve your goals.
Know your customer.
It might sound simple, but you really need to think about who is going to buy your product or service. If you don’t identify your ideal customer or a target audience for your product, you won’t find your place in the market. Once you identify your customer you can also figure out the best way to reach them, which will also influence your marketing strategy.
After completing our business plan, we figured out who Brooke Legacy’s typical customer would be and what makes them tick. We needed to focus our product offering on what they wanted so we would be successful.
Work out what gap you’re filling in the market.
What makes your idea unique? What are you providing that nobody else is doing? You need to take the time to identify what sets you apart from the competitors in your market. There will always be competitors so it’s important to identify their strengths and weaknesses and how you’ll differentiate from them. Remember why you wanted to start your business this should be your motivation for success.
We created Brooke Legacy purely at frustration for the lack of apparel for riders of different heights and the lack of quality on the market . Our main focus has always been from day one, is to bring sizing equality to riders that is stylish yet smart and subtle look and made to a very high quality. This is what we felt was deeply missing in our industry and this became our passion
Build a network of likeminded people, mentors and people with experience.
So many people have done what you’ve done, taken an idea and transformed it into a new business. Do not be afraid of this, there will always be competition and similar products on the market, but Don’t be afraid to ask for help, your professional networks, business contacts, friends and family can be your best resource. You never know who can offer you a different perspective, invaluable advice or a new contact unless you speak up.
Create a budget
As much as you’d hope the money starts rolling in overnight… it doesn’t. You need to manage it from the start and have a clear budget in place, because you need to plan for how you’ll fund the business while you’re getting on your feet.
If you’re not sure about budgets, find someone who can help you because understanding complex things like cash flow and forecasting is so important. We have a great bookkeeper and accountant who keeps us on track, so definitely bring in the experts on this one if you need to.
Remember that things don’t happen overnight.
As much as you want to be a success after a few months, it doesn’t happen that way – and that’s ok! There’s a lot of hard work, sacrifice and failure along the way but just think of every setback as a learning experience and each mistake as an opportunity to improve.
When we first started Brooke Legacy equestrian I was working a corporate job and putting in hours trying to build Brooke Legacy Equestrian from the ground up. Brooke Legacy was founded out of pure hard work and sacrifice, we were founded from a small amount of money from a sale and no large investment was given ever, so matter your finances at the start remember it is possible. Every sale went straight into making the next, we started from one item and now we have a range of collection that is continuously growing .