Lessons Learned in the Last 5 Years as a Small Business Owner of an Online Candle Store
As I reflect on the last five years of running my online candle store, there are so many lessons that have shaped how I approach my business today. It’s been a mix of trial and error, victories, and challenges, but each experience has led to a deeper understanding of what it really takes to succeed as a small business owner.
Here are some of the most important lessons I’ve learned on this journey:
1. The Approach to New Product Launches Matters – Be Intentional
When it comes to launching a new product, I've learned that intention is key. It’s not just about creating something new and putting it out there. A well-thought-out launch is one that connects with your customers, builds excitement, and has a clear reason behind it. Every product should feel like it has its own story to tell and a purpose that aligns with your brand’s vision. The more intentional you are about your launches, the more your customers will appreciate them—and the more likely they’ll be to engage with your new creations.
2. Social Media is a Powerful Tool, But It Takes Time (And It Needs to Feel Authentic)
Social media growth is real, and it can make a huge difference in the success of your small business. That being said, I’ve learned that it’s not just about having a presence online—it’s about cultivating a community and staying true to your brand. Social media requires a significant time investment if you want to see results. But instead of just posting for the sake of posting, it’s important to approach your content with intention, ensuring it resonates with your followers in an authentic way. When you put in the effort to connect meaningfully, your customers can tell, and they’ll be more likely to engage with your brand.
3. Navigating Taxes and Finances is Daunting – Hire a Professional
Let’s be honest—taxes and financials can be overwhelming, especially when you're trying to do everything on your own. Early on, I made the mistake of thinking I could handle it all, but the truth is, navigating taxes, bookkeeping, and finances is tricky. If I could do it over again, I would have hired a professional sooner. Having someone who understands the ins and outs of small business taxes can save you not only time but money in the long run. The peace of mind alone is worth the investment.
4. Accurately Calculating Your Cost of Goods Is Non-Negotiable
Every penny counts, and I learned this the hard way. Understanding your cost of goods (COGS) is essential for pricing your products correctly and ensuring your business stays profitable. I had to get comfortable with calculating all the costs that go into making and selling each candle, from materials to shipping to overhead. If you don’t have a clear picture of these numbers, you could easily end up underpricing your products or not accounting for expenses that are eating into your profits. Being precise with your COGS is a crucial step in running a sustainable business.
5. Worry About Yoself – Don’t Forget to Take Care of You
One of the most important lessons I’ve learned is that as a small business owner, it’s easy to get lost in the hustle and forget about your own well-being. Running a business is a lot of work, and it’s easy to pour everything you have into it—but you can’t pour from an empty cup. Taking time for self-care, setting boundaries, and giving yourself grace is vital for staying healthy and motivated. Remember, your business needs you to be at your best, so make sure you’re looking after yourself, too.
Wrapping Up
These are just a few of the lessons I’ve learned over the last five years of growing my online candle store. Every day presents new challenges, but I’m grateful for each experience because it brings me closer to creating a business I’m proud of. If you’re a small business owner or thinking of starting your own, I hope these lessons can help you navigate your journey with a little more clarity. And if you’re already well into it—just remember: You’ve got this!
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