As a small business owner, I always get asked how I got started. It was an evolution of sorts, but it also took lots of planning. Businesses aren’t started in a day or a week, but are created with time and hard work.
I am one of those people who always has ideas. There aren’t enough hours in the day or money in the bank to follow through with every idea, but they are all written down (somewhere, I think!).
I tend to believe everyone has one good, actionable idea floating around in them, or the ability to make someone else’s idea become a reality.
The first thing to think about when you want to entertain creating your own business is this:
What is the Concept?
Most businesses have a goal – generate money. Either non-profits or for-profit businesses tend to have the same goal. They raise funds, either in terms of profit for the business owners or to benefit a charity of some sort. The goal is usually the end result of the business.
But what is the concept? How are you going to make this money? If it is a new idea or product, have you conceptualized what the business will offer? If it is a non-profit, how will you benefit the charitable organization and fundraise?
No matter what you decide, it is very important to visualize, write down, organize your thoughts and figure out what your differentiating proposition is. Basically, what will be the driving force of the business.
This takes time, from deciding to open a store on Etsy, starting a service business, or creating a new product. It is important to sit down and really think how you will monetize your idea. This also helps you figure out if you really can make money off this idea.
The most important thing is to really spend the time to think through the idea. If you can’t commit to spending the time to properly plan out your business, you probably won’t make the time to actually run your business later.
Next up – Researching your business.