So you’ve decided that you can take the risk, make the investment, handle the sacrifice and (gulp) start your own business. Now you’re ready for step two in our series of articles here on The Robby Group blog that will walk you through 5 critical steps you need to address as you get your small business off the ground.
In step two you’ll evaluate your business idea and be sure that you have viable idea that you can actually live with AND make a living with.
As with step one, step two involves asking yourself a few questions that will bring you closer to your entrepreneurial dream and analyzing your ideas to be sure that you have really thought it through.
1. What do you love to do and what are you good at?
This is the most important question. For some of us, it’s easy. For example, I’m an accountant and I really love my job. I get to use my skillset to help small business owners (like me), non-profits and individuals achieve their goals. When you start your business, have you considered what activities you will be doing day in and day out? Remember, there will be easy days and tough days. Have you visualized yourself running your business? Do you actually love what you will be doing or are you just in love with the idea of owning a business? It is important to think about the longevity of your business as well. Do you love your business idea enough to do it for a long period of time? How about forever?
2. Have you focused your passion? Can you make money with what you’re passionate about?
Again, I find that the most satisfied business-owners are those that do what they love most (see #1). Does your business idea stem from something you are passionate about? If you haven’t narrowed your passion down to a singular business idea you can start by making a list of all of your favorite things. It’s okay if this list includes recreational activities (mine includes fishing – see my logo). It could also include charities or organizations you’re passionate about. What is on your list? Playing a sport, making pottery, designing wedding gowns or making a solid cup of coffee? Domestic hunger, foster kids or homelessness? You can absolutely create a viable business around all of these passions, the goal is to fill a void or find a niche in the marketplace that you can solve with your skill set and passion. You can also find a way to tie your passion into your profits by designating an organization to give back to. Think TOMS shoes or Warby Parker. Remember, the more your business reflects YOU the more you will love it. Make your list and be sure that your passion and your business are aligned.
3. Evaluate your biz idea.
Take a look at your list. Can you make money with any the things you’ve identified? Do you already have a business idea that can be tweaked to incorporate more of what interests you? Now comes the fun part, when you get down to your big idea. Write out a short statement that describes your business idea. Then you can begin to dig into the logistics and details to see if your business can become a reality. Feel free to give the Robby Group a call and we’ll chat over an initial consultation at no cost! REALLY.
Owning your own business is a huge undertaking and if you’re not fully invested – financially and emotionally – it can burn you out in a hurry. Ensuring that you LOVE what you’ll be doing and are passionate about your idea will fuel your fire for years to come. Be sure to check back for step 3 in the Start Up Guide series next week.