Disclaimer: In Real Life is a platform for everyday people to share their experiences and voices. All articles are personal stories and do not necessarily echo In Real Life’s sentiments.
In 2021, when the pandemic blew up so did online businesses. Those who caught on to the trend managed to reap a lot of benefits from it. But, how often do they really share their difficulties? How often do you hear about them after the peak of their success?
The hashtags #girlboss and #businessowner empower small businesses but over time I also learned that it’s pretty unrealistic. I was also very hyped and wanted to make it BIG at the tender age of 19 years old.
Did I make it? Not yet. Despite how I feel that the trend is a little ambitious, I am also grateful for it as it gave me the courage to start my own business gift box, @mailingwithlove, and also to try new things that I am afraid of such as opening my own foodie Instagram account, @littlemoon.noms.
If you really want to open your own business, go GURL! But first, here is the reality check of the #girlboss #businessowner trend (this is based on what an amateur like me has learned so far):
1. You must be ready to lose all the money you’ve invested
Before I started my business, I had a good 4 to 6 months of thinking and rationalizing my decisions. I consulted my father and my sisters for their opinions and perspectives. The majority disagreed with me starting a business as they felt it will not be successful and a waste of money. But I had an itch to scratch, I have always dreamed of having my own business whether it is in 5 or 10 years’ time. I wanted to do something that I am passionate about.
So, I went ahead with my plan, but I could only do so because I had no financial commitments. I started the business to gain experience and in hopes of “making it”.
I started my business with RM2,000 while ensuring to have a little bit extra of emergency funds for personal usage. The funds you put in, you must be ready to lose it all because a lot of issues happen and they cost kaching kaching. Before you know it, you lost RM200 because you made the wrong decision.
For example, I always had an issue finding a reliable and trustworthy supplier, I had to try a few different ones before I decided on what was best for my products. Sometimes the product has only a 6 months shelf lifespan, and as a small business, it’s not easy to clear the stocks fast enough. I had to give it out to people for free. I lost RM300 on the chocolates because I bought them in bulk. Other than that, the chocolate could also have totally melted, or have holes and deformed.
I have a principle of only selling quality products, therefore I refused to sell anything less than ‘acceptable’. If I’m lucky, I get a refund on the chocolates, and when I don’t, it takes a hit on the costs as well.
2. Always have a backup plan
Like my father said “Out of 100 businesses only 10 of them actually make it.” which is true. To be successful in a saturated technological world, you need to stand out from your competitors. If you have a lot of cash, you will have more options but if you don’t, you have to do what you can.
Always have something that can keep you afloat to survive if your business fails. My degree is my backup plan. Even if my business fails, I could still support myself and find a job to pay my bills and 3 meals.
This doesn’t mean to stop chasing your dreams, you still can chase after your dreams but in a way that you will still be fed and sleep under a roof. Oftentimes, you will hear inspirational stories of people quitting their jobs and focusing on their business. They made it big and they are doing so well. But, what if they don’t? Will they be able to survive? Would they have food? A house? A chance to restart a new business?
3. Trial & Error is the best
I planned my business for 6 months. I did intense research, I studied marketing, cost, profit, giftbox competitors and etc. Yet I still made a lot of mistakes because you won’t fully understand everything until you execute and fail. Only then, you can improve.
Yes, it is scary. I had limited funds to play with, limited resources and limited time as I am still a full-time student. The rule I stick to is to do the best I can to maximise my time, resources and funds. For instance, the RM 300 chocolate that I had to give for free, I used for marketing. I printed my label on it and gave it out to students. This way, I lose money but I gain a little bit of brand awareness.
The pictures above are the RM300 chocolate that I had to give away for free.
You can sit in 1000 seminars on how to be an entrepreneur or how to run a business but you truly start to learn when you start your trial and error. That doesn’t mean you shouldn’t do your research. You should still do your research therefore you have a foundation so that when you encounter problems, you know where to go for manual and how to start countering your problems.
4. Remember your priorities
Don’t neglect your work or studies as they are important too. Your physical and mental health is important as well. I took a 3 months break as I had to focus on my studies and had a lot of personal issues that I had to take care of.
5. Lastly, listen to everyone’s opinions and take the ones you only need.
It is important to be able to take criticism and other people’s opinions. Sometimes it helps you to solve issues and sometimes it brings you down, but you must always rationalize their opinions. If it isn’t applicable or useful then discard it.
In addition, before you start a business, ask yourself; Why do you want to start the business? For fame, for pride, to fit in the trends, to be rich or is it because you truly are passionate about the business?
For more stories like this, read: How This Pilot, Fashion Designer, And Engineer Started An Online Business and Why Two Students Quit Uni to Start A Business for Secondhand Clothes
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