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Real & Raw Tips for Creating a Successful Herbal Business
Quiet as it's kept, many of you aspiring entrepreneurs will need to work on yourself more than you will physically work on your business. When I first started almost a decade ago, I was my worst enemy. I self sabotaged, I doubted, I cut my own profits and growth, almost forced myself into calling it quits. On average small business owners only make it to 3 years of business so, I want to help you avoid becoming yet another statistic. Here are my tips for creating a successful herbal business 🌱
🌼Tip #1: Don't Be Cheap!
When you have limited funds, it can be challenging to avoid being frugal, but without making investments, it will be difficult to improve your current situation. Businesses cost money to run and maintain. In order to obtain a license, you will have to pay a fee. In order to create a website or create a product, money will first have to be exchanged. Some capital will be needed before you make a sale.
The reality is that when utility bills increase by $50, as they often do, they are typically considered a necessity rather than an elective subscription, and you would do whatever it takes to pay them. But when it comes to your business, you are willing to go without, or chose the cheapest option. this is because you secretly lack confidence in yourself.
When you are unwilling to invest in supplies for your business, you've subconsciously convinced yourself that you don't believe you will be able to earn that money back. You think of yourself, your ideas or your business as a liability, that's why you won't invest!
Don't let the financial situation of today, become your financial reality of tomorrow. A closed hand won't let go of the money that it's holdin, but also won't allow a new exchange to happen. Change will come, but only when you change your mindset and actions of one that promotes increase.
🌹Tip # 2: Don't Be Cheap (Pricing Wise)
On the surface it can look like I said the same thing twice, but the second most important thing you must understand is that what you sell should not be cheap! As an entrepreneur, you likely didn't start your business to sell the cheapest possible product. The problem often arises when determining pricing, as many believe that a superior product can only be competitive if it's offered at a lower price. This isn't necessarily true. In fact, luxury brands would not exist if the only motivating factor for purchasing was a cheap price. Focus on the value and quality of your product, and price it accordingly.
If you find that you're unable to generate a sufficiently high profit margin for your product, it may be time to reconsider or even scrap the idea altogether. In the world of business, things rarely go as planned and unforeseen obstacles can arise, from inaccurate projections to software malfunctions. It's important to recognize that while it can be tempting to pursue new and exciting ideas, they may not always be profitable. In fact, such ideas can actually be detrimental to your business's bottom line. It's crucial to exercise discipline and objectively evaluate the potential risks and rewards of any new venture before committing to it.
🌺 Tip #3 Stop Trying to Help Everyone
As herbalists, we often want to create businesses because we want to help people. We have an immense amount of love for people and plants, and we want to share it widely. While there's nothing wrong with this, there is a finite amount of time and energy that we have. Instead of spreading our resources wide and thin, we can choose to provide deeper, more meaningful transformations with the people who truly value our knowledge and expertise.
So, by focusing on a narrower audience, we can offer a more personalized and effective service, ultimately leading to greater success for both our clients and our business. And by concentrating our efforts on those who truly appreciate and benefit from our services, we can create a sustainable and fulfilling business that makes a real difference in people's lives.
🌻 Tip #4: Don't Be Afraid
Feeling cautious or fearful in the face of the unknown is a natural bodily reaction. However, fear should not be allowed to keep you inactive or hold you back. The reality is that much of business is unpredictable, and when you transition from being an employee to a business owner, you're assuming a greater level of risk. It's important to recognize that fear will always be present, but it's how you choose to respond to it that matters. To achieve growth and success in business, you must be willing to step out of your comfort zone and take calculated risks. Embrace fear as a natural part of the journey, but don't let it keep you from reaching the next level.
🌸 Tip #5: Focus on what Makes You Different
While fitting in may be important in school and other areas of life, it's often the opposite in business. In fact, standing out is crucial to success. As an educator, I urge my students to embrace their unique qualities and perspectives. By challenging the status quo and calling attention to what sets you apart, you not only make a lasting impression but also give voice to those who may have been overlooked. This is especially important in industries that have remained stagnant for long periods of time. People crave new ideas and a fresh perspective. When you bring something different to the table, people will be eager to hear your insights and value your contributions.
🌿
As an experienced entrepreneur, I've learned that success in business is not just about the physical work you put into it, but also about working on yourself. When I first started my herbal business almost a decade ago, I struggled with self-doubt and self-sabotage, which hindered my growth and profits. That's why I want to share some tips to help aspiring entrepreneurs avoid the same pitfalls. One of the most important things to keep in mind is that investing in your business is crucial, both financially and in terms of pricing. Don't be afraid to charge what your product is worth and focus on providing value to a targeted audience instead of trying to help everyone. And don't let fear hold you back - stepping out of your comfort zone is necessary for growth. Finally, embrace what makes you unique and use it to your advantage. With these tips in mind, you can create a successful and fulfilling herbal business.
Ready to learn more?
As an experienced herbal practitioner, I understand how challenging it can be to find your own path in this field. I also know how hard it is to find your own unique message- and how to articulate it so that people actually get it! That's why I've put together this free class - to share what I've learned and help you unlock the full potential of African herbalism.