Every heard of one? No, I’m not just making stuff up as I go along.
A Wantrepreneur by definition can be either of the below people:
1: Someone who has this burning desire to start a business but just doesn’t have a clue as to what it’s going to be, or
2: Someone who’s struck gold with a winning idea that’s going to print them money, but they haven’t crossed that threshold to make it happen as yet.
Today we’re going to be helping Wantrepreneur #1 brainstorm a really epic business idea. After that we’ll work on developing it into something that they can actually monetize.
As for Wantrepreneur #2 – we’ll get get to them another day.
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 and you’re all over the place, this blog post is going to help you generate an epic idea that’s the perfect fit for your authentic self. 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 absolutely 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, I totally get it! Just keep your goals in focus so that you are motivated enough to stay on target.
Tips To Brainstorm Some Killer Business Ideas.
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 jot down everything that comes to mind in your workbook (find a link to it a bit further down in the post), even if it seems absolutely insignificant. Your winning 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 whole “artisan” movement is extremely trendy right now so doing something homemade and authentic 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 epic brainstorming tips to ensure this session is productive, head on over to our blog post How To Brainstorm Like a Real Boss to grab some awesome tried + trusted brainstorming tips to help you get the most out of your session.
Who on earth are you?
Now in order for you to really figure out what it is that you 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 sweat the finer details as this is just the brainstorming phase. There are no right or wrong answers, only dead honest ones.
A few important things to consider while you’re trying to figure it all out:
1. Your Skills:
What skills do you possess that you could absolutely knock everyone else out of the ball park with? Maybe you’re super handy at numbers or are a grammar whizz who can edit articles with your eyes closed?
2. Your Qualifications:
What have you studied that could potentially be translated into a business opportunity?
3. Your Talents:
What talents do you possess that could be monetized? Are you a talented artist with an insane 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.
Grab your free copy of the workbook here >>
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 hone in to the one that really pops and will be best suited to you, your ideals and your talents. Let’s go over a few key points to give you awesome clarity to really develop your idea into something that will make you shout, “By Joe! I think I’ve got it!”.
Developing your brainstormed points into a business idea.
1. Think about why you want to start a business:
I mean really, why? 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 take 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:
Pretty self-explanatory. I’m quoting from a kids movie now (I’m a mum okay!), but in the 2005 movie Robots, Bigweld the robot entrepreneur wisely said, “See a need, fill a need”. Going over the brainstorming business ideas section in your workbook, what need is there that you could potentially fill?
5. What 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.
Don’t forget to grab a free copy of the workbook here >>
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 Registered Accountant. As you can guess, my industry is ridiculously flooded. I had to take a moment to sit down and evaluate my situation. I can fight for a small piece of a big pie or I can share a different 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 that will equip them with the necessary tools to complete certain tasks themselves.
And that’s it! I hope this really helps you to pinpoint which of your strengths can be translated into a business to start monetizing.
Don’t forget to download the free workbook here to help you started on generating that winning business idea!
Before you head off.
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 below to find out how I can assist you become the Director of your very own company.
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Ciao for now,