You know you want to start your own business and be your own boss – great news. However, you don’t yet have the perfect business idea – panic not. Here is a method that I use with a variety of clients that helps them create a number of basic business ideas that can be polished and worked into a fantastic business proposition that is their very own.
The method has three basic steps:
1. Idea Generation
2. Confirm & Learn
3. Start Small, Grow Fast
Step 1: Idea Generation – This is about coming up with lots of ideas, writing them down and finding a common thread around which you can start to build an idea. Just remember your business idea doesn’t need to be unique, only the way you deliver it.
I’m a big believer is doing things you enjoy – that way you will put in the long hours and effort required to build your dream business and minimise the agony. Starting your own business really gives you the opportunity to do something you are passionate about.
So here some questions to ask yourself and scribble the answers down:
· What are you good at?
· What do you enjoy doing?
· What are you experienced at?
· What’s your passion in life?
· What have you always wanted to do?
· What are you hopeless at / really dislike doing?
Once you’ve done that you need to start looking for common threads and how existing skills and knowledge can compliment your potential business.
You may find that you are good at organising, love travel and are passionate about wine. Maybe in the back of your mind you’ve always wanted to be a travel agent. Your job so far has been in administration, but your really hate numbers and finance. So looking at this list a possible business idea might be around organising wine tasting tours for high-net-worth individuals. To address the issue with numbers and finance you might have to think about getting someone else involved either as a business partner or advisor.
Step 2: Confirm & Learn – Here we take the raw business idea and start to research its potential. As you start to learn more about the market of the business idea you can start to shape and develop the idea further as well as confirming if it is something that will appeal to you as a long term business.
Look to see if there is a good market for this type of business – Google Trends and Google Traffic Estimator are excellent free tools for this research.
Examine the competition and see how you could be better, different or cheaper. Also look to see how they differentiate themselves.
Do some training or maybe get a basic qualification. This will expose you to the environment of the new market and you can quickly see if you enjoy it before investing further.
Talk the idea over with some people you trust. However, you must bear in mind that, certainly in my experience, most people will be negative about taking the ‘risk’ of working for yourself.
Get some experience doing some part-time or volunteer work in that sector
Go on a highly informative and fun seminar / workshop to kick the idea around!
Step 3: Start Small, Grow Fast – This is about not being bankrupt within a year! You have found an appealing and desirable business idea. You now understand the market better and have gained knowledge and possibly some experience. So how do you put that into action?
I firmly believe you need to test the market for real in a small and part-time way. If this proves successful you can start to build the business and invest more time, effort and money as the business progresses. If your first attempt is not as successful as you wished a) you have learnt some useful lessons, b) adjust the formula and try again.
I would also suggest putting together a very brief ‘twitter’ business plan that lets you shape you business further. This consists of 6 simple headings – each no more than 140 words:
1. Describe your business
2. Describe the market potential and competitive landscape
3. Describe your ideal customer and why they would buy from you
4. Describe how you are going to market and attract your ideal customer
5. Projected earnings and costs for the next 12, 24 & 36 months
6. Goals for the next 12 months with associated actions
If you can sit down and write the above plan in an hour or so, you probably have a fairly well thought out business idea. If you struggle to do this I would suggest you need more time researching and shaping the idea.
Developing a business idea that is suited to you could be the best investment of time you will ever make. It is unlikely that your original idea will be the one that you are operating in two or three years time, but the original idea that gets you started will be worth more than your weight in gold.
Great little organizations are started by terrific modest business enterprise concepts. Research any company any where and also you will find someplace while in the progression there was an approach by anyone, who did one thing about this, started a company, created the business enterprise, and benefitted other individuals by it.
I am an “idea” guy. Why? Mainly because ideas will be the genesis of all points, and absolutely all facts pertaining to small business. Should the thought is sweet adequate, and the individual performing relating to the idea is good good enough, the combination of plan and motion will shake the whole world.
Possibly an individual from the most gratifying points for me to perform should be to learn tales about customers who achieved enterprise achievement. Every single flourishing internet business came from a human being, man or female, with an plan which they would expand right into a idea, and that principle was made into a products or services, and that products or assistance produced a business.
There are actually countless inspiring stories of how organisations were started off and introduced. A lot of them are intriguing reads given that they help to nurture in my thoughts the facility of smallish internet business creative ideas, and how these tips can impact the whole world.
Just one of my favorites may be the story of Madam C J Walker. She was born in 1867 within the deep South, a time and spot of utmost discrimination and disadvantage for African Americans and girls. Equally her parents or guardians have been slaves, and of her 5 siblings, she was the main born free of cost.
But her challenges in life didn’t close there. Both of those of her fathers and mothers died, and when she was only 20 several years of age her husband also died, leaving her having a two calendar year previous daughter. She moved to another state for being together with her brothers, and there started to build up an notion that were spawned in her decades prior to…
Madam C J Walker experienced married all over again, this time perfectly into her thirties, when she commenced experimenting along with a products to deal with hair thinning and scalp situations general to most women of the time. In the end, fueled by her have passion and ideas, she produced various materials of her have design and started travelling together with her spouse to promote them all over the us. In just just a few yrs she had crafted a college to coach hair culturists and in many cases her own manufacturing facility to provide her programs.
Madam C J Walker turned the initial self built lady millionaire, which with a number of and substantial down sides. Her tale is actually a testament not simply to overcoming super odds to achievement, but the electric power of an thought. Her compact firm strategies, bolstered by her personal unique strength and ingenuity, blossomed right into a massive profit for countless most women of her time and past.
Many people have very good thoughts. Maybe there’s next to nothing extra popular than fantastic tips. The trouble is simply not deficiency of thoughts; it’s excuses folks have never to act on them.
All the soft consume empire arrived from the one thought, formed right into a recipe, and scratched onto a piece of paper and tucked away in someone’s pocket. And that concept would’ve remained a mere “idea” for good, experienced not an individual took the possibility and acted on it to look at what would come to pass. They did, as well as world differs for it.
To create a profitable home business, there will have to be an plan, but not just any understanding. It’s to become a unique, hardly ever thought-of or acted-on approach, a person that fills a need or perhaps a need of numerous customers, and will be created and created and bought.
So how you can method very small online business thoughts to carry them to fruition? Below are few questions that should be considered:
one. Certainly is the plan new? If it currently may be achieved, or is commonly identified, it more than likely is just not a novel understanding truly worth pursuing, except the concept may be a absolutely new twist on an present a particular, that would considerably greatly improve it.
two. Could be the idea acceptable? In this article goes the sensible customary: an plan is barely as good as it is affordable or likely. Yes, it could be amazing to have a item that, say, makes the entrance garden under no circumstances mature greater compared to desired size, even when remaining green and healthy and balanced. But is this possible, or simply sensible? There is zillions of tips to choose from and lots of them get engineered to a degree but hardly ever begin to see the light of working day merely because they aren’t reasonable: the price or hassle to make them is way larger when compared to the profit.
3. Would be the notion in my industry of interest or education? The majority of people are wonderful at anything and have a specific community of desire. To establish small business enterprise tips properly it stands to rationale the developer should comprehend the service or at the very least have severe interest in it. A small business stemming from a person’s enthusiasm may be the fastest and surest strategy to success.
To create the organization or home business or group that should modification the whole world normally begins with the idea. Then recommendations are included to thoughts with passion and dedication and intelligence. And what end results is usually lifestyle changing, don’t just with the entrepreneur, but for men and women everywhere.