Small Business Tips for Late-Stage Capitalism
Image courtesy of Unsplash
As much as I hate to admit it, we are still going to have to pay bills during the apocalypse.
I’m not a lawyer or accountant, so take everything I am saying with a grain of salt. But I have observed many small businesses, mine included, for a few years (like, at least 10) and have picked up on some things.
Here are my tips on running an internet-based small business during the end times. Some of these pertain to non-end times as well, not that it matters anymore.
Branding:
What are you going to sell? Your art? Your body? Food? Your soul? You have to have a product or service that will bring people value.
Who is your market (people with money)? Why do they want your product (who cares, just give me your money)? What makes you unique (hint- nothing, but you gotta pretend otherwise)? What is your style (IDK I’m tired)?
Branding materials: business name, business cards, professional website, consistent branding across social media channels. You don’t really need business cards, but I might be attacked by the #businessmajors if I don’t tell you to get them. They’re pretty cheap these days, so it doesn’t hurt to have some lying around, I suppose.
Collaboration/Getting your name out there:
Stalk (I mean, network with) local businesses who may want to showcase your products: boutique stores, hair salons, cafes, tattoo shops, independent artists, art galleries, pet stores, massage salons, restaurants, etc.
Reach out via email, social media, or phone. If you don’t hear back, go there in person. If they say “no” the first time, go back in 6 months and try again.
Craft fairs (Holiday markets are coming up soon)- this is great if your target audience is 45-year-old women and their grandmothers.
Find “influencers” who can talk about your product/service on their social media accounts. Give it to them for free, don’t be that d-bag that offers a 15% off coupon and makes them buy the thing themselves. Gross.
Ask suppliers if they would want to give/lend you some product, or purchase at a discount, in exchange for a shoutout on social media. EX: You knit hats, maybe a local yarn-maker will give you a discount in exchange for some beautiful product photography and shoutout on Instagram.
The legal stuff:
Each state has its own rules, but after you start making a certain amount of money, you need to start reporting it for tax purposes. In some states, it’s like $400. Please consult an accountant in your state for the specifics.
Sole Proprietorship: You report your earnings on your taxes same as if you had a regular job (W9). Taxes are taken out after the fact, which means you will have to pay in at the end of the year instead of getting a refund.
LLC: Limited Liability Company. This separates your business assets from your personal assets. You get a separate bank account for the business. If someone sues your business, your personal assets (house/car/personal $) are not on the line. If your business goes bankrupt, your personal assets aren’t liable. This is what most small businesses are. As for you getting a paycheck, you give yourself payouts every so often if the business is profitable. You report that amount on your personal tax return, the same as if you work for an employer. The business itself still has to file taxes and pay quarterly tax payments.
There are multiple other ways to form your business, but the above are the most common for one-person businesses. Talk to your accountant and/or lawyer for more information.
(I have nothing snarky to say about taxes. Taxes are boring but they have to be done.)
Product Photography:
Good quality photography is key. Make sure you have good lighting! This doesn’t mean you need a super expensive camera. Smartphones these days can work fine if you know what you’re doing. No one can tell what type of camera you used if you’re just posting on social media.
Wearables: Photograph them alone and on a person. People want to see what the item looks like on a person, and this also helps with size. Don’t be that dude who hangs a wrinkly shirt on a broken metal hanger and expects to sell the thing.
Food: Make it look yummy! Show it in an appealing environment.
Marketing/social media:
Instagram: As of 2023, Reels are where it’s at. Work on your video skills
TikTok: Self-explanatory, unless you live under a rock. The algorithm is precise, secretive, and problematic. No one understands it but everyone wants to. It helps to be a conventionally attractive person, no matter your niche.
Twitter: This is the most casual platform, in my opinion. Say whatever you want, post pictures of your work, post videos of your in-process projects, retweet jokes, start a coup, etc.
Facebook: Facebook is where your business goes to die, unless your business is geared towards 45-year-old mothers and boomers, or you’ve been using the platform since the beginning. I recently saw a meme that said “logging onto Facebook is like going back to your hometown’s Wal-Mart”. I couldn’t have said it better myself.
Email list: This is extremely important! Get those email addresses. Social media apps are finicky, the algorithm keeps changing, and there is too much competition. There are many different services for running an email campaign. Your website service provider might even have something. Try out Mailchimp, ConstantContact, Drip, or even Medium let’s you collect subscribers who like your writing.
Referrals: Shamelessly self-promote. You know your mom would love to tell all of her friends about your new “internet thing”. Post on LinkedIn to get all your annoying ex-coworkers to buy from you. Use your personal FB page for something useful for once. Tell your neighbors, tell your dentist, I don’t care.
As I said above, I am not a lawyer, accountant, or business expert of any kind. I have just paid attention to the lives and businesses of others over the past 10+ years.
Leave a comment with your business (or favorite business that you’d like to share!) and let’s get the ball rolling. The world is on fire — but I do still appreciate a nice goat’s milk soap and a Keto cupcake once in a while.
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