So you're ready to take your soap and skincare business to the next level in the UK? Fantastic! But there are a few key questions you need to ask yourself first. In this blog post, I will cover 5 key considerations that will get you thinking outside of the box.
Prefer to watch than read? You can find my YouTube video on this topic here.
1. Where Do You Want to Be in Five Years?
Let's start with the big picture. Close your eyes and imagine where you want your business to be five years from now. Do you envision yourself giving up the day job to focus solely on your business? Are you dreaming of seeing your products stocked in shops all across the country? Or perhaps you're more interested in dominating the online marketplace?
Answering this question is really important because it will dictate every step you take along the way.
2. Is Your Five-Year Goal Achievable?
Now that you've set your sights on the future, it's time to get realistic. Take a moment to assess whether your five-year goal is actually attainable. Sure, you might dream of raking in £100,000 in annual revenue, but how feasible is that given your current circumstances?
Consider factors like the number of hours you can dedicate to your business, your willingness to hire staff, and your production capacity. If your goal requires substantial growth, ask yourself if you have the resources and infrastructure in place to support it.
3. What Steps Do You Need to Take to Get There?
Success doesn't happen by accident. Once you've established your long-term goal, you need to break it down into actionable steps. Think about the specific actions you need to take to reach your desired destination.
To put that in perspective, if your goal is to sell predominantly online, you'll need a good ecommerce website, great images, and effective branding. Similarly, if you aim to expand into retail stores, you'll need to make connections with suitable matches for your niche and be able to expand production. What social media platforms would serve you best? Do you need help with tech?
4. What Isn't Serving You in Your Plan?
Now it's time for some tough love. Take a hard look at your current business practices and identify anything that isn't moving you closer to your five-year goal. Are you spending too much time on activities that are not moving you in the right direction? Are you neglecting crucial tasks in favour of easier ones? Are you spending an hour creating a reel that gets minimal views? Would that time be better spent making a list of potential stockists to contact?
Make a list of anything that isn't serving your long-term vision and consider how you can reallocate your time and resources more effectively.
5. What Can You Do Today to Move Forward?
Finally, let's talk about action. What small steps can you take right now to propel yourself toward your five-year goal? Even if you're starting from scratch or facing significant obstacles, there's always something you can do to move the needle forward.
For instance, if you're currently focused on event-based sales but aspire to sell more online, start by collecting email addresses from your event customers. This simple step lays the foundation for future online marketing efforts and keeps you connected to potential customers.
In summary, you need a strategy and you need to take actions that move you in the right direction.
Need help with this - check out my online membership the Soap Suite where I help UK Soap and Skincare Business owners with all this and more.
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