Ever had an idea for a business? I’ve had several throughout the years. A few I’ve seen come to fruition, though I only found out when I saw them advertised on TV commercials. I recently had an idea for a service…since I’m on the Entrepreneurial path at the career transition agency, I met with my coach and tossed the idea around with her. She mentioned that a good business needs to satisfy a pain, or generate pleasure, enough for which people would give up their hard earned dollars. Pain used here isn’t literal – it’s an analogy that stems from a critical need which is not being met.
She thought my idea was good, and actually started spoking (is that a word? I’m making a verb off spoke) off ideas which could become an extended service from my initial idea. Through classes taken at the agency, and at Dpt of Labor, I generated a business plan. But before doing that I took a class which presented a list of questions to determine if you have the right frame of mind to start a business. Ideas are one thing, but actually getting the idea off the ground is another.
The four basic types of businesses: Start up a business Buy an existing business Buy a franchise Become a consultant
Here are some great questions to ask before you initiate any of your energies:
1. Why do I want to start my own business? What are my motives? 2. Do I have all the skills needed to run a business? Accountant, Legal, Secretarial, Customer Service, Sales, Operations, Purchasing, General Management, etc. 3. Am I in love with the idea? Do I have a passion for it? Am I prepared to sacrifice my personal life and activities to devote time to the business? 4. Will there be an impact to my family, negative or positive? 5. Is this the right time – financially, emotionally, physically?
After the in-depth evaluation of self, if you still want to move forward, then you need to clarify your idea…I’m talking like I’m an expert right, but it makes sense yes?
What and who is the market? What pain are you solving? What pleasure are you pushing? What value are you offering? Is it unique? Research your competition, what percent of the market would you like to capture? How will the product or service be marketed? How will the company be structured? Non-profit, incorporated, LLC, sole-proprietorship, etc? Also important – location, location, location.
Next it’s time for the business plan. It will further focus and develop your ideas, build an idea of what the company will look like as far as marketing, finances, organization, and operations of the company. Check out www.sba.gov ; they offer great planning resources for starting and developing a business, including on-line classes, and business plan templates. Also check out SCORE http://www.score.org/index.html – it’s a resource of retired executives who offer their advice and counsel for free. They are available to meet face to face, or via email questions. I’ve done all the above, and have finished my business plan. I’ve requested a 2nd meeting with a SCORE counselor to review my business plan, and discuss next steps. Will keep you posted!0 Be the 1st to recommend