You want to launch your own business. Trouble is, you’re not sure what business to launch. Blackpool Unlimited’s Kriss Wilson has 5 quick questions to help put you in the right track. Get a pen and paper at the ready, and answer the following:
1. What have you done before?
Sticking to what you know can be a big advantage in business. Suppose you want to open a restaurant. If you’ve already worked in the trade you’ll know about buying stock, prep times, staffing, food hygiene rules etc. This sort of knowledge – the sort you absorb without even realising it – can give you a head start that others wouldn’t have. It’s a great starting point for working out what your business could be.
So, what’s your experience, and what sort of business does it steer you towards?
2. What skills have you got?
We’re not just talking formal qualifications here – although they can be massively important. We’re also talking about the sort of skills they don’t give you certificates for. Are you amazing with people? Are you a brilliant problem solver? Are you a great manager or a clever innovator? They’re all skills that can help make your business a success.
Then there are the qualifications to consider. What have you got? What do you need? Whether you want to build a business in beauty, building or bookkeeping, you’ll need the qualifications to show you can do the job.
Jot down your skills now. Also make a note of any training or development you think you need.
3. What do you enjoy?
Running your own business is hard. It takes commitment and energy. The chances are you’ll be putting in a lot of hours (especially while your business finds its feet) and you may have to wait a while before you start to enjoy the profits.
All of that is a lot easier when you love what you do. So what do you enjoy doing – and what could you happily do every day for the next few years? 4. What’s got legs?
Hopefully the notes you’ve made are steering you towards a possible business idea or two. Next, you need to make sure that those ideas stack up. Is this a business that will make money (because that’s the whole point of starting a business)? Is it something that so many other people are already doing that you’ll be crowded out by the competition? Can you start your business without investment, or are you going to need financial backing?
To dig deeper into your idea to explore whether it’s got real potential, take a look at this post abut COBRA, the Complete Business Reference Advisor.
5. What excites you?
Are the ideas creating a buzz? Are the possibilities flowing? Excellent. Now’s the time to do… nothing.
Step away from your business planning, just for a day or two. Give your thoughts time to settle. Is there one idea that you can’t stop thinking about? Itching to get started? That might just be your next business.
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