If you are like me, you are entrepreneurial at heart. I love to come up with ideas and see if they have what it takes to be a viable business. Some of my ideas have worked while many have failed. Even more though never even made it to reality. I realized early on that it just wouldn't work.
If you have a drive to start your own business but don't know where to start, you've come to the right place. I'll present to you the four steps I take when coming up with an idea to making it a reality.
Do Something You Love (To Do For A Living)
We've all heard this line before. If you find something you love, it won't feel like work. This is very true. But more importantly, you have to love something enough as a job. Here is an example: I love to detail my car. But there is no way I could detail cars for hours a day, every day. So, car detailing is better suited as a hobby for me.
The way I approach this quote is to write down on a piece of paper everything I love to do. Then I think about why I love to do it and whether or not I could do it for hours a day, every week. In many cases, I couldn't and that is OK. The goal here is to weed out as much as you can.
Fill an Unmet Need
Once you have the things you would love to do as your job, your next step is to determine if there is an unmet need related to it. In many cases there is. The problem is that sometimes the need isn't big enough to warrant a business. You need to find something that not only fills an unmet need, but has a large enough pool of consumers that are willing to buy the good or service you are offering.
Look For A Low Cost Niche
You may find that the market isn't big enough for your idea. No worries. You can continue to focus on the idea, you just have to tweak your approach. By looking at your market more closely, you may find a niche that you can help with your product. Of course, the niche needs to have a low entry cost so that you can afford to create the product and still earn a profit. You would be surprised at how many niches you can find in certain markets.
Prepare for Setbacks
It's a fact: most small businesses fail. If it was easy to be a success, more people would start their own businesses. But it's hard work. The odds are that you will face setbacks. You need to know this going in. I strongly suggest determining when to pull the plug before going into business as well. It's one thing to create a product, find out there isn't much interest in it and remodel it looking for better results. But once you remodel it a few times and there still is no interest, then you need to cut the cord and let the idea go. By knowing when enough is enough before going into business, it will save you time and money.
Again, this isn't saying that if you fail from the start to simply give up. I'm saying that prepare to encounter setbacks but know when enough setbacks are a sign that the idea just isn't the solution you think it is.
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