Do you often long to create a business you’re madly in-love with,
but you just don’t know what is right for you, or where to even start? Read this blog post and you may just get the direction you need.
Why choose the entrepreneurial path?
According to career change statistics, the average person will make approximately 5 – 7 career changes during their working life. Don’t feel bad if you’re not madly passionate about your career and want to trade stilettos for a whisk because you’re definitely not alone. If you’re not certain as to which direction to take in business, this blog post will help you create a business idea that you’ll be madly in-love with. We’re here to pursue our passions, not money.
Money will follow if you love what you do, and you do it well.
Being in a career, or owning a business that you either hate or feel obligated to, can quite literally be soul-draining. Trust me, I’ve been there. A day at the office can leave you feeling tense and permanently miserable. Guess who you unintentionally project all that negativity on to? Your loved ones. It can literally become the death of even the strongest relationships, so if you can pursue your passion then I absolutely recommend it. If you need to transition into entrepreneurship by making your business a side hustle until it’s able to pay the bills, that’s perfectly fine too. Just keep your goals in focus so that you are motivated enough to stay on target.
Start with brainstorming your Big Business Idea.
First up, let’s gain some clarity as to who you are as a person. We’re going to explore your skills, passions, hobbies etc. Don’t be shy to write down everything that comes to mind in your workbook, even if it seems insignificant. Your big business idea may very well be hiding in something that you’ve dismissed as being unimportant. Once you’ve jotted down everything, think of a product/ service that could be leveraged in that area. If you’re an avid baker, why not open up a bakery or create your own bakery cookbook filled with tried and trusted recipes? The “artisan” movement is trending right now creating homemade goods could be extremely profitable. Don’t worry about going into too much detail here as it’s only the brainstorming side of it. If you need some insider tips to boost your productivity during this session, this blog post will help you.
Who are You?
Now in order for you to really figure out what it is that you may want to do, you have to not only figure out what you’re actually good at, but what you enjoy doing as well. This can be accomplished by mapping out everything that is truly authentic to you. As I said, don’t worry about the finer details as this is just the brainstorming phase. There are no right or wrong answers, only honest ones.
Some key areas to consider:
1. Your Skills:
What skills do you possess that you feel will give you an unfair advantage? Maybe you’re a number whizz, or are an amazing copywriter?
2. Your Qualifications:
What have you studied that could potentially be translated into a business opportunity?
3. Your Talents:
What talents do you have that could be monetized? Are you a talented artist with a unique signature style?
4. Your Passions:
Perhaps you’re super passionate about sports and could open up a sports shop, or could offer private coaching should you be a sports professional?
5. Websites that you visit regularly:
Keep track of the websites that you visit regularly as this is amazing insight as to who you are as a person and what interests you (Facebook does it, why not you!). Starting a blog that you could monetize, or even an online shop that’s in line with the websites that captivate your interest so much, could be an avenue worth exploring.
A word of advice from me on Entrepreneurship:
There’s so much more to starting a business than just determination and capital. It’s vital that you start something that you’re not only absolutely passionate about, but that’s a true reflection of who you are as a person too. You are your brand as a small business. Pretending to be something that aren’t just to attract customers/ clients will confuse them should they see you in an environment outside of office hours. What you should be aiming for is brand loyalty and consistency. This is easily achieved if you have a brand that is truly authentic.
Once you have jotted down everything that you feel you could leverage, it’s time to decide on one that will be best suited to you, your ideals and your talents. Let’s go over a few key points to give you some clarity to really develop your idea into something that will make you shout, “Eureka!”.
Developing your brainstormed points into a business idea.
1. Think about why you want to start a business:
Remember, you’re not talking to an investor or another third-party here, this is a get-real moment with you. Make a list (in your workbook) of everything that’s propelling you to make such a big leap.
2. What are your business objectives:
Do you want to introduce something brand new to the market, or do you plan on expanding/ improving upon something that is already existing?
3. What goals do you have for your business:
Where do you see your business in 2, 3 or even 5 years? Include some realistic short-term and long-term goals and again – be honest with yourself!
4. What problems could you potentially solve with your product/ service:
Going over the brainstorming business ideas section in your workbook, what need is there that you could potentially fill?
5. Who is your customer market:
Identify the sector that you want to do business in. Is it Business, Government, International or the Consumer Market?
6. Who are your ideal customers:
Who will you be targeting for sales? In your workbook, list their age bracket, gender and income.
7. Now think about how you could help them with your product/ service:
How will your product/ service add value to the lives of your customers?
8. Identify your main industry leaders:
Who are the leaders in the industry that you’re hoping for a slice of? What do they charge and what is their unique selling point? Identify the top 5 people who you really admire in the industry. Would you be able to connect with them, and are they potential mentors? Everyone needs a little bit of guidance initially so reaching out to them could really be the launchpad that you need in your business.
9. What makes YOU uniquely qualified to run this business:
Take a good, long, hard look at your talents, skills and qualifications. Are you skilled/ qualified enough to be able to either fill the industry, or consumer, needs that you identified in points 5 and 6? Do you have the necessary skill set, passion and are qualified enough to make this business a success? I would also strongly recommend that should your industry have a controlling body, you consider applying for membership. This really adds value and credibility to you as a business as it shows your potential customers/ clients that you not only take your business seriously, but that you follow strict codes of conduct and answer to this controlling body should you fail to honour them.
10. Could you dig deeper in your industry and find your very own niche:
Most markets are dominated by a swarm of people offering what you can, sometimes even better or cheaper. Can you identify a niche in your industry that your competition may not be focusing on? For example, I am a Certified Accountant. As you may know, my industry is very flooded. I had to take a moment to sit down and evaluate my situation: I can compete with many other service providers for a small piece of the market pie, or share a different market pie with only a few. I now focus on not only providing quality, value-packed services, but I blog, sell world-class business software and I create educational materials + resources for small businesses on a tight budget.
When you’ve developed that awesome idea and are ready to get going, why not register a company? I’m an Approved Third-Party Service Provider with the Companies and Intellectual Properties Commission (CIPC) in South Africa and can definitely assist you register a company and become compliant! Click here to find out how I can assist you become the Director of your very own company.
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