Could you give me encouragement and advice on my new small business venture?
February 20, 2012 · 3
Myself and my friend’s wife are starting a small limoncello-producing business in the Caribbean. We have very tiny money, but we have a fantastic product from my friend’s grandmother which has been improved by adding Caribbean characteristics in terms of how the fruit is processed and the type of alcohol used. We feel that it’s a wonderful idea. However, neither one of us has business experience, and neither one of us has too much money to place forth. Nevertheless, we’re having an opening celebration in a month at another friend’s designer store. There will be about 150 people at this event and it’s a fantastic time to promote our product. We’ll have to create promotional material (a banner, business cards, fliers, etc.). Everything seems generally exciting however, it’s all really quite daunting. I was wondering what advice you could give me to get through this apprehension. Success stories maybe? Maybe, however, I should pay attention to these feelings. I have no idea. Please let me know about your first experiences if there are any similarities, as well as the lessons learned from them. Thank you very much.
Pay good attention to those feelings.
When I first made the switch 3 years ago, I felt the same – but that’s hardly any price to pay for feeling alive, and doing something that makes you want to jump out of bed each morning. Today, 3 years on, I still feel excited and apprehensive at times, but isn’t it a wonderful feeling to do something you like (and earn from it)?
All the best!
Great advice from Ericnuts. However, I would highly recommend business cards also…..forget about the fliers, they do just end up in the garbage. When I first started my small business,,,I was scared and excited all at once! The cost is what was the most overwhelming to me. I did all of the above that you are, until I discovered that I was throwing alot of $ out the window. Now I have a web site….not too fancy…..I hand out business cards to everyone who arrives to an exibit and/or whom I start to speak too about it out in public, in hopes they will keep it and remember my product. You would be surprised as to how many people will acturally hold onto those little cards. I have had people contact me years later. Good Luck!
Sounds like a fun business. Your strong focus is powerful (im envious).
For starters, make a website so you can communicate your product. Honestly, cards and fliers all go in the trash(unless you are talking to distributors perhaps). What stays with the customer is the taste and the name. A website is easy access for almost everyone, all you need is the product name. A and will also be important in branding your product.
You dont need a patent to protect your idea, just make sure the trade secret stays safe. Make sure anyone who knows the recipe signs a strict non-disclosure-agreement.
You need to follow all FDA regulations for manufacturing and labelling of the product.
As a word of caution, dont rely only on you friendship to maintain your business structure. Friendships change and and adapt. You should have a contractual relationship with the people you work with so that no issues go unresolved. If the participants dont want a contract I would argue that they are not serious about the business. You can make contracts without a lawyer(just google it) and as soon as you get funds you can have it written up professionally.
It would be good to form a type of coorporation to protect your personal property in the event of a litigation. Do a wiki search for LLC.
I have recently started a business developing and marketing new products. Im doing some product development consulting free of charge in exchange for customer testimonials.(i recommend this practice for your business too) If you would like some more specific advice on ways to brand and market your product send me an email at eric@boteinnovations.com
Best of luck in your venture!