Create A Business You’re Madly In-Love With

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!”.

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.

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.