5 Tips for Small Businesses
Running a small business is always an adventure with challenges around every corner. Advice can make all the difference, so here are a few tips from two local small business owners.
Who: Krystell Theisen Escobar is the founder and owner of the clothing resale shops Eco Chico for kids and Soul aWear for adults. Sue Doyscher launched Poppy & Wonderments, an art gift store that also hosts art classes.
What: West St. Paul Reader hosted a forum on small business and shared insights online from Theisen Escobar and Doyscher.
Where: Both are located in West St. Paul.
Local Business Owners Share 5 Tips:
1. Find Your One Thing: “What’s the most potent activity to actually bring in cash flow?” asks Theisen Escobar. Her sales history with Proctor and Gamble taught her the value of data and maximizing income. It’s easy for a small business to spin their wheels with all the things they can be doing, but it’s vital to focus on what actually drives revenue.
2. Get Help: It’s impossible to foresee everything, but you don’t have to know it all yourself. “Having a mentor would have been fabulous because then you can ask, ‘Wait, I have to pay sales tax quarterly?’” said Doyscher. “And that wouldn’t surprise you. And to know that it’s going to come again in three more months.” Find a mentor. Connect with fellow business owners (this is where working at Evolve can be a big advantage). Get the help you need and don’t just go it alone.
3. Have Confidence: “I think for me, a big lesson is that I’ve spent too much money outsourcing several things that I could have done myself, but I think I didn’t believe I could do it myself,” said Theisen Escobar. Never underestimate the power of DIY. Sometimes it’s smarter to call in the pros, but there are definitely things you can tackle yourself as a small business owner. You just need the confidence to know you can do it well.
4. Prepare for the Unexpected: Running a small business is an exercise in overcoming the unexpected. For Doyscher, that came just six days after Poppy & Wonderments opened. “My partner came in and said she can’t do it,” Doyscher said. “So all of a sudden, my whole business plan that her and I were working on for a long time kind of flew away.” Whether it’s a major curveball like that or the run-of-the-mill expenses you didn’t plan on (which can still be huge), entrepreneurs need to be ready to pivot. For Doyscher, that meant repurposing space and getting more help.
5. Just Ask: Which is a good final reminder—it’s OK to ask for help. “Don’t be afraid to ask,” said Theisen Escobar. “Never be afraid to ask for what you need, because you’re always gonna need something.” For Theisen Escobar that came earlier this year when business was way down due to increased immigration enforcement at the same time as $600 in city business licenses came due. She lobbied the city to lower their fees and they did! “I’ve learned, you know what, you gotta just knock on doors, ask, and just go for it,” said Theisen Escobar.
Launching Businesses to Success
Here at Evolve Workplace, we love to see small businesses succeed. If your business needs space to grow, come take a tour of Evolve and see if this can be your next step.