So we have chosen an idea for a business, and we have named that business.
So where do we go from there? Well, if we are trying to be a savvy entrepreneur, we had better make sure to research and determine our initial method of bringing in revenue.
Why did I say “initial” method? Well, like anything else in business we must be ready to adapt to the times. If we find out down the line that we need to adapt our business model to make the most profit and give our customers better value, then we need to be ready to do that.
But firstly, we must come to a conclusion as to what our starting revenue streams will be.
For the purposes of Candles For Cure, my main area of deliberation was whether or not to make the business solely web-based, or to also expand my offerings into a local non-web market.
My eventual conclusion was to get the best of both worlds. I have set up the Candles For Cure website with the intention of being able to make sales via the website, of course! But I have also taken steps to ensure that in the near future, Candles For Cure candles will be available in several local area businesses, and of course I am promoting directly to family, friends and acquaintances as well.
Why take this route?
I felt that in order for a small, home based candle company to be sucessful, it needed the most exposure that it would possibly receive. The Candles For Cure website is a great start (and is evolving constantly. Think of the current page as an “open beta”). But if I truly want Candles For Cure to take off, I realized the need to have a more personal and local marketing strategy also in place.
Therefore, I have been making some product pitch materials that I am planning on bringing to local businesses which I feel would have some success promoting Candles For Cure. Grocery Stores, Hair Salons, Craft Stores. They are all locations which would have a captive audience for candle merchandise.
So by planning out my revenue streams properly, I have not only opened up the entire internet to my products (More on marketing your website later!) , but many local shoppers in my hometown as well.
For a small business, making tangible products by hand, this is a wonderful start and should keep me plenty busy!
