Ebony Swank is the founder of the online store Swank A Posh. What once started out as a Detroit store has generated a $40 million business. Now, she’s offering what it takes to become a successful fashion brand. Here are some of her key tips for aspiring entrepreneurs.
Find What Motivates You
Remember that it’s not always about the money. Remember why you started this business. What sets successful entrepreneurs apart from others is that they have drive. It gives you the momentum you need to get through difficult times.
Swank found purpose through her work. She loves knowing that she reaches thousands of people. She wanted to create a business that allows her to give back in some way.
Create a Customer Persona
First, you need to get to know your customers. Sketch an idea of your ideal customer and why they want to buy from you. The key to a successful business is not to cater to just anyone. It’s to understand your target market and their pain points.
Explore With Your Inner Child
Now, it’s time to have some fun with your business. Find creative new ways to introduce your products or services. You should also think outside of the box when it comes to digital marketing. For example, you may consider collaborating with influencers. Playing with your inner child means embracing creativity, which leads to sustainable income.
Don’t Rule Out Math
Cash management is imperative for your business to thrive. All entrepreneurs must have an intimate relationship with their finances. You should know how much money is going into your accounts and going out of your business on a daily basis.
Also, you should set a budget to avoid financial pitfalls. Maybe you can create a game plan to help you find innovative ways to increase profits, and maintain cash flow. See your inventory as your personal bank account, which can give you ways of adding more cash.
Learn from the Past
Failures are a part of life. Instead of running from them, learn from your mistakes. Failure is part of growth and can contribute to your success if you don’t ignore them. What are your biggest weaknesses? How do you wish you would’ve done things differently? These weaknesses and mistakes can make your business stronger.
Entrepreneurship isn’t easy. If it was, everyone would be doing it. You need to know the business, customer personas, and digital marketing. As you learn as you go along, you will build a successful business that offers financial freedom. Ebony Swank shared these practical steps to show that it’s possible for anyone to make it happen.