Some entrepreneurs are born; they are the types that just can’t work for other people. Some entrepreneurs are made through years of working soul-sapping jobs, and finally one day they know they can make more money working for themselves. Some grow up in a family business and it just falls into their lap or they are strong armed into it by their parents. Others are forced into business ownership after months of frustration looking for a job after getting laid off. Regardless of how you make your decision to join the ranks of the self-employed the next question is – what business should you start?
There are many paths, but it really boils down to four options:
a) Start a business organically from scratch
b) Buy an existing business
c) Buy a franchise
d) Create an internet business
If you want to start a business organically, you will need to develop your business idea and be clear that you have viable market. In other words, you need to be clear about who is buying and why, to see if you can identify the right business for you.
5 ways to find a business idea
What are 5 things you are passionate about?
- What is item you feel strongest about?
- Can you develop 10 ways to produce, promote and sell this as a business? (If you are selling a retail product or a manufacturing business concept select your top product from the list)
- Make a list of 10 action steps to move forward with developing your product.
- If you are selling professional services or an online business, make a list of 10 action steps you can take to move forward with your business.
This basic system will help you get clear about whether an interest or hobby can be turned into a business. Let’s break down the steps using my coaching business as an example. This is a professional service business.
Step 1. Five Passions
- love nurturing others in business
- products for toddler children
- power networking
Step 2. Select the #1 Passion
Love nurturing others in business = small business coach
Step 3. Develop 10 products and or promotional ideas for your business concept
10 products and or promotional ideas for start-ups and people transitioning from corporate to business ownership
- Develop one-on-one/group coaching packages
- Be Your Own Boss Book & Self-Study Workbook
- 10 Things You Must Never Forget in Business Audio CD
- Life Planning Journal
- Host @Smallbizchat weekly on Twitter
- Develop workshop series
- How to Transition from Corporate to Business Ownership,
- How to Recession Proof Your Business,
- What is Your 30 Second Commerical?
- Mompreneurs: Managing it all without the guilt.
Step 4. Develop 10 action steps to pursue this business
Hire a coach to work with me so I can understand what it is like to be coached.
- Read any books and take any courses that can increase my expertise
- Hire a graphic designer thru e-lance.com to develop my logo, website and online brand
- Join groups on Linkedin and Facebook that target small businesses
- Join Twitter and develop a signature brand on twitter
- Develop an outline for my book and start working on sample chapters
- Purchase books that explain how to get a non-fiction book deal
- Investigate courses at CoachU and other business certification organizations
- Gain membership to the National Speakers Association
- Develop a special report “44 Things to Do Before Going Into Business” as a free giveaway/download to start building my list online.
Once you have your action steps, try to take a step every day or at least one a week. If you start right away, you’ll be more likely to follow through with your business plans. Keep in mind that some of your steps will take a little time to execute if done well. The internet is a great resource for research. If you do something every day to start your business, you will be that much closer to making it your full-time job.
Repeat this system as many times as you need to find a business that is the right business for you. You can also drill down from 10 action items to 20 or 30 if you really have a well-thought out idea. The key to any business is understanding who’s buying and why they are buying from you. Once you’ve chosen your focus area make a list of 10 niche areas that you can specialize in with your service or product. The 5 ways to find a business idea is a great way to start thinking about how your idea can become a successful business.
If this system helps you, please let me know with a comment below.