Do you want to start your own business from home? How a First-Time Entrepreneur Earned $ 100,000 in Her First Seven Months
A Thousand Dollars, A Spoonful of Passion, and 60-Hour Weeks: Iksheeta Shah blended these ingredients together to create a home-based cocktail kit business that generated $ 100,000 in sales in the first seven months.
Launched in October 2020, Shaken and agitated filled both a void in the market and in Shah’s life after the pandemic that claimed the Toronto management consultant job a year ago.
“It was fun, I’m not going to lie,” she says, testing recipes and putting together hard-to-find ingredients so customers can make fancy drinks at home.
Shah’s investment of $ 1,000 covered company registration, ingredients for testing and initial inventory, packaging, and recipe cards. The solo operator is part of an army of entrepreneurs who are finding other ways to bring bacon home after losing a job, running out of money, or simply looking for greener pastures.
Starting a home business with minimal resources requires extra courage, but it can be done, depending on Alex tucker who wrote the blog about it, if not the book. Tucker, writer and digital marketer in Belleville, Ont., Has developed a Tutorial called “How to Start a Business in Ontario with Little or No Money” after doing it himself two years ago.
Tucker urges newbies to choose something they like: “This is a key thing – enjoy what you are doing and have a reason for doing it.”
This is how the idea of Shah was born. After COVID restrictions limited their weekend outings, she and her partner began making gourmet meals at home “but as far as cocktails go, it was really a challenge.” They couldn’t find the special bitters, syrups and dehydrated toppings they wanted or in small quantities, she recalls.
So Shah, who lost his job in May 2020, “took the courage” to start his high-end cocktail company despite a lack of know-how in bartending or in mixology. After researching online, selecting the brains of the bartenders, and designing a website with Shopify, she started selling and shipping kits for $ 35 to $ 45 each.
The now-certified mixologist advises other product-oriented startups to focus on quality, packaging and presentation. And shop on Kijiji, Etsy or social media for the “little gamers” who charge less for professional services like printing or photography, suggests Shah.
For those who prefer to test the water before diving, starting part-time or as a sideline is an option, says Tucker, adding that there is some risk taking because you will be investing time and energy. , if not money.
The list of home-based possibilities is almost endless, but they include crafts, cooking and catering, financial services, internet and digital services, sales and marketing, visual arts and graphic design, tutoring, IT and Web consulting and training. And, similar to Shah’s cocktail kits, there is the “box-it” concept of selling packages of specialty items that can be delivered in a box.
Other ideas are to be won on the Canada Startups website, Canadastartups.org, along with tips, tools, tips and resources.
But aspiring entrepreneurs should do their homework before focusing on a specific business activity. A post-mortem study by CB Insights, a technology platform and network, found that 42% of startups fail because there is no need for the market for their services or products.
Tucker saw “an endless supply of opportunity” among local businesses and online when he first thought of providing copywriting and marketing services. In his first year in business, he received a lot of help from his local small business center, a free service Resource he recommends it to other entrepreneurs.
It also advocates a good business strategy, with financial goals and objectives for what you hope to accomplish. A business plan with a clear breakdown of finances and other items is key to any business, he says. Even a dog walker, for example, has to figure out the number of dogs and hours, as well as fees and costs such as treats and poop bags.
It’s worth spending $ 60 or $ 80 to register a business name with the province, according to Tucker. But if your plan is to sell products on Facebook Marketplace or Kijiji, all you need is an email address and social media accounts.
Founders of virtual startups will find encouraging news in the recent publication of Best Accounting Software research showing that Canada is among the top 10 countries to start an online business.
The Financial Software Examiner ranked countries into 20 categories, including internet coverage and penetration, social media users, e-commerce volume, and start-up procedures.
Some of the highlights of Canada include the ease and low cost of starting a business, the high number of internet users (93% of the population), and the high number of people paying their bills and making calls. online shopping (90% of the population).
Tucker cautions newbies not to underestimate what they are doing by charging too little for their services. It also cautions against falling victim to “shiny object syndrome” in which you waste time researching online advertisements for new training, tools or ideas to improve your business.
Finally, don’t fall for the job of taking care of yourself, he advises, noting that it’s easy to spend all day working out inside and not eating properly.
“You need to stay on top of your health as much as your business.”
For Iksheeta Shah, 12-hour days “don’t feel like working”. With the early success of Shaken & Stirred, she is in business for the long haul.
“It’s energizing!” the connoisseur of sparkling cocktails.