Helpful Resources for Starting & Managing a Small Business

From the beginning, a business must have a clear set of goals, a concise mission statement, and organized objectives. These are crucial in creating a strong foundation; the more in-depth and precise they are, the more stable your business will be.

As a business grows, so do the legal and financial regulations and requirements. Starting a business with detailed, organized, and accurate records will undoubtedly assist in the future.

Overhead includes the cost of ingredients, packaging, processing materials, administrative costs, and more. Be wary of higher costing shortcuts. While these may seem appealing as easy source solutions, they might be more than what you need just starting out. Keeping overhead low early on is beneficial for newly established businesses and helps create a more profitable future.

Here are some benefits to keeping the overhead of your business as low as possible:

• Lower cost reduces the amount of profit needed to break even (a top concern with new businesses)
• Helps when creating competitive pricing strategies
• Creates additional revenue for expansion and advancement

SKS understands that packaging can be one of the leading costs for a business, which is why we offer bulk purchasing, a loyalty program, and free shipping.

When starting a business, having unique and creative ideas to help your products stand out is key to selling. It is also important to keep your competitors in mind and tailor your products to your customer's needs. Marketing a 'one-of-a-kind' product to stand out in a niche of competitors reaching out to the same customer demand can be challenging and something to take into serious consideration during the planning stages of your business.

A simple, yet effective way to stand out is through the packaging you choose for your products; make your products stand out on shelves, while also giving customers an effortless and appealing way to use them. With SKS' large variety of packaging options, we are happy to assist in finding the right packaging choice for your product lines. You can also pair your products with professionally printed custom labels in order to create a memorable impression for potential and new customers.

Don't be afraid to use new software programs, technology, equipment, and other resources that can assist your business without significantly increasing long-term overhead costs. Simply using a program to keep track of inventory, supplies, or using online resources when creating an e-commerce website can lead to results that exceed your expectations.

Consistency is key. It builds trust with customers to give them confidence when purchasing, creates returning customers, and generates positive feedback. Make sure that changes to products or packaging choices are calculated, scheduled, and transparent with customers to help keep the trust you have earned.

• Areas for Consistency
• The quality of ingredients in products sold
• The level of customer service offered
• Consistent packaging choices
• Formatting of all digital and paper content

For example, if you have decided to sell a nighttime lotion in blue cosmo round bottles instead of black boston round bottles, alert your customers about this change ahead of time and advertise how it will make their experience better. This open communication keeps your customers informed so they know what to expect, promoting loyalty and overall satisfaction.

Before and after launching your business, find ways to gather unbiased feedback. Take constructive criticism seriously, and use customer insight to help improve your business and promote growth.

Understanding the customers you are targeting is essential. Take time to research the features customers look for (assisting in building the best product), how often they seem to use similar products (what size container options should be offered), and what marketing channels they seem to favor (the best ways to reach your target customers).

Starting a business is exciting, but should not be rushed. Take the time to understand the business you are striving to build and know your customers. Fully and consistently completing each step will help you to better reach your end goals and create a successful business.