Right Brain Questions for a Left Brain Business
Many artists and creative people (right brain) are not comfortable in the world of business (left brain). That’s okay; not everyone can be fabulous in all aspects of life. However, if you focus on what you do really well — and do your homework — you’re sure to move forward with informed decisions.
First and foremost, you need to ask yourself a few key questions about what you want out of your business.
- Do I want my business to be my sole source of income?
- What is my timeline for making that happen?
- Is this business (and what I create) what I want to do full time?
- How much energy am I willing to spend to make my business sustainable and successful?
- How passionate am I about making this work?
As an entrepreneur, you must place a value on your time, as well as your widget. (In this case, whatever you create is your widget.) Your brain can be your widget if you sell design, styling, ideas, concepts or strategy. You need to know exactly how much it costs you to produce your widget before you can spend one cent promoting it. These numbers play a key role in your budget. This Etsy Blog post can help you put a number on your widget. Here are some questions to guide you:
- How much money are you going to generate by selling your widget?
- How many widgets do I need to sell to break even? To make a profit?
- If you could wave a magic wand and sell 100, 500 or even 1000 of your widgets, would that be enough to pay off your expenses? Would you be able to live upon n?
Start-Up Costs
When considering start-up costs, keep in mind that you are in control. You get to decide how to spend your hard-earned money, and many of these items can be executed on a shoestring. There are templates for many items available online for free or for a minimum fee, so choose wisely. Costs will vary depending on your business plan and how you decide to sell your widget.
Not all of these costs apply to every business. There are many variables that go into each expense, so every business will also have different line item costs. Ask yourself what you’ll need to spend on:
- A website* – Etsy is a wonderful place to feature your wares with very low start-up costs for creating an online store. (There are benefits to having an Etsy shop and your own website.)
- Photography** – Great photography is key to promoting your widget, whether you plan to use social media, a website, Etsy or tradeshows as your vehicle for selling.
- Design – Website, printing, marketing. If you have a design background, you can do this.
- Printing* – Hang tags, business cards, materials for tradeshows, labels, bags, envelopes, promotional cards, postcards.
- Legal – If you invented your widget or the method to execute your widget, consider a trademark or patent attorney. If you have a unique name, trademark it.
- Marketing – Press kit*, trade publications, advertising.
- Tradeshows – Entry fee, booth fee, hidden expenses, physical display costs, travel.
- Vendor costs – Wholesale, commission.
- Office – Phone, Internet, utilities.
- Computer – Hardware, software, upgrades, technical support, backup drive, repair.
- Materials – Every component needed to build your widget.
* You can get a great website executed and launched very affordably if you write all the content, provide the photography and know exactly what you want aesthetically.
** You can get these styled, designed and executed within your design community or you can do it yourself.
It’s no small feat to start your own business selling something you create! Congratulations on having the confidence to ask yourself these tough questions. You know that “Keep Calm and Carry On” graphic that has taken Etsy by storm (you can currently find over 3,500 listings using this phrase!)? The British hung this poster as a morale booster during WWII and it perfectly sums up what your mantra needs to be as you move forward in the exciting process of starting up your own business. Your to-do list may seem overwhelming, but moving steadily forward is going to allow you to live your dream of supporting yourself by doing what you love and selling your wares or ideas for a profit. It’s easy to launch a business — the tough part sustaining it.
For those of you who are getting ready to pitch your product or idea to a person of influence or a panel of judges – remember that perfecting a short presentation is a fantastic opportunity to fine-tune your objectives for your business.
GETTING READY FOR THE PITCH
- Know your audience. Research the panel so you understand what they can do for you and your business.
- Be sure you know what you want out of this meeting. Do you want a licensing agreement? Do you want a book deal? Do you want to have your product manufactured? Do you want a partnership agreement? Are you willing to sell your design or concept outright? Or, is this primarily an opportunity to gain information and experience?Consider what it is you want to walk away from this meeting with and make that objective the focus of your pitch.
- Anticipate tough questions from the panel and be prepared to answer with solid, well thought out responses to the following questions:
What makes your idea/product unique?
Why does this idea/product need to be in the marketplace? Ideally, what do you want to happen with this idea/product? - Come in with business cards printed with your name and all your contact information. You can get these printed very inexpensively and it presents you in a much more professional light. They can be very simple- Name, email, phone number. If you have photos or samples to leave behind, be sure they have all your contact information attached to the product or photo sheet. Do not expect the panelists to have paperclips, rubber bands or staplers to attach your business cards to your products.
- Do your homework! Know for absolute certainty that there is nothing like your idea/product in the marketplace. If there is- address it straight on and be prepared to differentiate your idea/product clearly and confidently.
- Dress appropriate to your audience. You will be critiqued on your physical presentation as well as your oral presentation. You are an artist and you want the panel to take you seriously as an entrepreneur and a businessperson. You must feel comfortable yet confident and professional. Now is not the time to wear high heels or Spanx for the first time! Wear something that makes you feel powerful and confident- not self-conscious.
- Bring a pen and professional looking notebook, not a single piece of paper.
- Practice. Practice. Practice. Make notes. Fine tune, delete, edit. Keep it focused.
THE PITCH
- Breathe. This is your moment. Be yourself! You will be just fine.
- Go slow but be passionate. Give the panel time to absorb what you are saying. Don’t rush it. What may seem like a long silence in your mind is not that long to the listener.
- Tell them your name and your story. Only include relevant information that directly relates to your experience in developing this idea/product. Tell them specifically why you have the insight to invent this idea/product and why you are uniquely qualified to bring it to market.
- Specifically point to how and why you see a void and a need in the marketplace for your idea/product. Give examples of your research. Do NOT include references or investigations using family and friends. It is not objective. If there are similar products/ideas out there, confidently explain why your idea is different and better!
- Be prepared to answer questions. Remember- you are the subject matter expert about your idea/product. The panel is there to determine if they can bring your product/idea to market- they need to see if they can make a profit. Be prepared for their questions and answer calmly and with thoughtful consideration before you answer. Take a breath before you answer so you don’t jump right in without thinking about your answer.
- Never take any of their questions or critiques personally.
- Thank the panel for their help, their advice and consideration. Get their contact information before you leave the room. Smile on your way out!
AFTER THE PITCH
- Congratulate yourself! You have just done something most people do not have the nerve or the tenacity to do! This is a giant step forward in your exciting journey!
- Go someplace quiet immediately afterwards and write down EVERYTHING you can remember that was said and who said it. Do NOT count on your memory in 15 minutes after you have called your BFF! Write down everything they suggested, whether you agree with it or not. These women are experts in their fields and you will be well served to heed their advice. Think for a few moments on their advice and suggestions and write down a few of your own thoughts while everything is fresh and your adrenaline is pumping. Believe me, your mind will be racing with ideas on what to do next. Write them down.
- Write each panelist a handwritten thank you note. You may choose to write an email as well, but the handwritten note is a must. The thank you may be short and sweet. If you feel you left something out of your presentation or you want to address a specific point that a panelist brought up- a follow-up email is an excellent time to do so.
- Take action! Do not be paralyzed by indecision or because you are overwhelmed. Make a To Do list and be sure you DO something every day on that list towards making your dream come true!