How To Decide What Your Business Should Be About
You want to quit that 9 to 5 and start your own business. You want to stop spending so much time commuting, and honestly ditch the headache of having a boss always hovering around you. You are ready to be your own boss. Only, you do not know what your business should really be about. There are plenty of ideas you are excited about, but unsure of which one to pick. Or even, how to decide which one to pick. I have put together a list to help you with exactly that.
Do a brain dump
Make a list of all the things you are interested in, all the things you are good, things people come to you for advice on, products you think would be amazing if they existed, services you wish existed or were available to you. Think about the kind of products and services that already exist, but they seem to be lacking a little something. Perhaps your locality has mouthwatering bakeries, but it does not have one with a lot of vegan-friendly options. Do not discriminate at this point. Put down any and all ideas that come to you on paper. They do not have to be practical or realistic yet. The idea is to get all your ideas in one place. We can narrow down from there.
Decide what your ideal working day looks like
Your business will depend on this. If you do not wish to work early mornings, and you want to be location independent, maybe opening up a brick and mortar store selling your line of handcrafted skincare products is not the best idea. Be very realistic about what you want your day to look like. Take your nature and quirks into account. If you are not a morning person now, do not tell yourself you will be one 5 years from now and start a business that requires that of you. Chances are it is only wishful thinking and your business will suffer because of it. Decide whether you want to work four hours a week like Tim Ferris, or eight hours a day like nine to fivers. Do you prefer to go solo, or would you rather have a team helping you? Design a business that will allow you to have a workday like that.
Do an honest review of your strengths
Look, passions are great. And if you want your business to be based on your passions, that is amazing. But a lot us are what Marie Forleo calls “multi-passionate”. That means you are passionate about not one, but several or many things. In that case, sit yourself down and do an honest review of your strengths around your passions. For example, I love music! I always have music on when I am cleaning around the house. But does that mean I could start a music production business? No! I have zero strength in that area. Think about where you have already done some work, and what you know about enough to start a business. For me, that was virtual assistance. Decide what it is for you. Do a SWOT analysis if necessary.
Stop waiting for your idea to be perfect or original
Your business does not have to be original to be successful. “But Hannah, what if there are already three other vegan bakeries in my area? Why will people come to my bakery?” I am glad you asked. This is where your business strategy, your business values, and your unique personality will come in. I hope to write a full-fledged blog post soon on marketing your business when there is plenty of competition. But for now, bear with me. What you need to focus on is aligning your strengths with the needs of your clients. Very few ideas are original or perfect. So do not let that discourage you.
Now that you have your ideas shortlisted, focus on which ones can you actually afford to start. Even if you do not have the startup capital with you already, there are entrepreneurial grants and loans available. Get ready to put together a killer business plan and pitch it to the sharks!
Now go and start the business of your dreams! Let me know in the comments if you have any tips and tricks that I missed out. Also, let me know if any of these help you out.