You’re filled with passion, adrenalin, excitement and ideas. This is it. You’ve come up with your “big business idea” and you’re ready to rock on this whole entrepreneur thing.
So let me just ask you one question: How do you know if your business idea is right for you?
I’m all for starting your own business; but you have to make sure the business you start is the right business for you.
Ask yourself these questions before you go any further:
What burning problem are you solving?
Every business solves a problem. It’s essential to understand what problem you’re solving with your business and to make sure that the problem you start out to solve is a really burning, painful problem.
Because people are more likely to pay to solve a problem than prevent one. Discover your burning problem and marketing your solution will be much easier.
Are you passionate about this problem?
Starting a business is a lot of hard work, especially in the first couple of years, so if you’re doing something you’re not passionate about, there’s a very good likelihood that you will either burn out or end up feeling as bored and disheartened as you did at any job.
Passion is what will sustain you through the rough patches as an entrepreneur.
Do you have the skills to solve this problem? (Or are you willing to learn?)
One thing I think is often overlooked is that the most successful entrepreneurs are the ones who are the best at what they do. As long as you’re willing and able to learn, grow, and improve until you are the best that’s fine – but be sure to take into account the time and money it will require to get there.
Are your potential clients willing and able to pay for your product or services?
To have a business you must have people pay you to solve a problem. If – for whatever reason – the ideal customer for your business isn’t willing or able to pay for your product, you’re not going to get very far.
How will you reach your ideal clients?
You know who your client is, what their burning problem is, and you’ve determined that they can pay for your product or service. Now ask yourself, how will you reach them? If you can’t name several ways to get in front of large groups of your ideal audience, that’s a red flag.
Do you have the time and funds to start a business?
It’s important to be realistic about the amount of time and funds you have available. As I always tell my clients, nothing comes from nothing. You will have to invest (time and money) in creating something.
What is your ultimate goal?
Start with the end in mind. If your ultimate goal is to be location independent, you need to choose a business idea that will support that. If you want to bring home a certain amount of money, spend more time with your family, open a physical shop — all of these goals will require a different sort of business to get you there.
These questions will put you on the right path, but perhaps the best bit of advice I can give is to start with a PLAN. Don’t go at it haphazardly and just knock up a website. You don’t necessarily need a formal, old-school business plan, but you do need a plan for your business. I happen to specialize in helping entrepreneurs create that sort of plan, so feel free to book in for a free strategy session if you want to talk to me about making a plan for you.
You can create a new era of happiness, freedom, and earning potential for yourself by starting your own business. And you can save yourself a ton of trial and error, heartache and misery if you start with the business that’s right for you and only you.
About the Author
CAT LEBLANC is a Business Strategist & Venture Catalyst. Which means she has an uncanny talent for turning your brilliance into a profitable (& liberating) business.
When Cat’s not guiding go-getters to set their business up the right way from the start, she’s in the spa with her partner, sipping cider, surrounded by ferns, soaking in the sweet freedom she’s created for herself (and wants for you).
Find out more at catleblanc.com and get your FREE Business Idea Starter Kit.
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