How I Turned $100 into a Successful Side Business
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Opportunity Identification:
Well, like most of you, I wanted to increase my income without giving up my full-time job. After some brainstorming, one niche I came across that required minimal upfront investment on my part was handmade candles. Unique, hand-crafted item groups were becoming widespread, and I was gifted in craft-making.
A lot of research was required before I could plunge into it. That included the market trends, customer demographics, and even possible competition. Also, the forum and social media group were really helpful, where people, the enthusiast and small-time business owners, shared their experiences and useful tips for understanding the game.
I drew up a very basic business plan that clearly stated what my goals and target audience were and how I would produce and market the product. Don't miss the opportunity, Because if you follow this guide, you must be able to turn $100 into a Successful Side Business.
Breakdown of the Initial Investment:
And with even just $100, I had to ensure that my purchases were well thought of. Here below is what the money I had worked with got me:
1-Raw Materials:
Wax, wicks, essential oils, dyes. I got them but bought fewer amounts to cut out the costs initially.
2-Equipment:
A melting pot, and molds, which were easily available and at less costly prices on various online platforms in the second-hand equipment category relevant to the business.
3-Packaging:
Had to be simple and attractive. I bought small boxes and a bulk amount of labels to cut down on the cost.
4-Marketing:
To advertise my new product, I dedicated a small percentage of my capital toward online advertising with some bias in social media marketing.
Production:
I did my little productions with just a few pieces of candles at a time. I did this, to enable me to learn the process without risking so much of my capital. With every other batch, I kept on improving my recipes and quality.
I worked in production during the evenings and on weekends. Balancing this with a full-time job was rather a challenge yet possible with effective time management. By understanding this strategy, you must be able to turn $100 into a Successful Side Business.
Developing an online presence is important as it can help in reaching the target audience. I created an account on major social media platforms like Instagram and Facebook, where I posted pictures of my candles, behind-the-scene activities, and reviews provided by delighted customers. Consistent posting and engagement drew me closer to a loyal audience. By developing a well target audience and social presence, you must be able to turn $100 into a Successful Side Business.
I created a free website to allow me to sell my products online and take orders. This made my business look more professional and encouraged people to buy my candles.
Marketing and Sales Strategies:
I had very little money to do any marketing, so the business was completely dependent on organic growth and word-of-mouth. In particular, the following were some of the strategies that worked quite well for me:
1-Social Media Marketing:
A community was built due to the engaging content and regular updates. Influencer marketing with the influencers who were using or connecting to my product added value and increased the possibility of reaching larger audiences.
2-Local Markets/Fairs:
There were lots of local craft fairs and markets that gave exposure and direct feedback from the clients, which worked pretty well in building a local customer base.
3-Referral Program:
Discounts to my customers upon referring new buyers were an incentive for word-of-mouth marketing, thus growing my customer base.
4-Email Marketing:
Collected email addresses at events and from my website to send regular updates, promotions, and news to my growing list of subscribers.
Scaling Up:
In the demand growth of my products, I plowed back the profits into the business and began procuring the raw materials at reduced costs, hence increasing the margins. I would also keep on trying new products and fragrances from time to time, hence my repeat customers are kept interested. By reducing the cost, you must be able to turn $100 into a Successful Side Business.
I had to engage in part-time efforts for the manufacturing and production support, as well as for the administrative tasks, all gradually necessitated by the expansion. This way, my time became available for investing in strategic growth and customer interaction.
Lessons Learned:
1-Start Small, Scale Gradually:
When starting small with minimum investment, there is reduced risk. On growth, reinvest the returns.
2-Customer feedback is gold:
Listening to customer feedback helped better the quality of products and understand market needs. Happy customers begot repeat businesses and referrals.
3-Effective time management:
Having a 9-5 job and being a momma business requires great discipline and effective time management. Prioritise tasks and set realistic goals.
4-Expand Network:
Building relationships with fellow momma or other small business owners within your locality and online.
Conclusion: $100 into a Successful Side Business
With proper planning, a little dedication, and wise execution, $100 can be very well invested in a successful side business. My journey with a not-so-big amount of investment has made me come to the position of being able to run a successful candle business. You can identify a niche, sustain a business with good financial management, utilize online platforms, and continuously learn from experiences to create a successful side business. If you follow this above guide, you must be able to turn $100 into a Successful Side Business.
Remember, big business starts small. Do what you can with what you have, and build from there. If I can, so can you.
