The summer holidays are officially winding down for us here in Hong Kong. Jack started his 2nd year of kindergarten this week (eek!) and we’ve been getting back to our usual routine.
Part of the joys of running my own business is that I get to define my own schedule and be with my family for important milestones….like the first day of school.
I clearly remember my life when I was working in corporate.
When I had to get “approval” to go on holiday or take an afternoon off to do anything personal.
If you’re contemplating starting a business and escaping the corporate grind then this week’s article is for you.
Last week I shared with you the first 3 steps to staring business the right way.
In this week’s article I share with you the next 3 steps to start testing out your idea and figuring out if it’s work pursuing.
Let’s get to it!
Step 1: Get clear on your business blueprint
Think about all of your skills and experience and brainstorm the ways that you can provide a service (or product) that helps others.
Perhaps you’re great at excel, or awesome at arts and crafts or know how to sell without being sleezy.
Think about how you could potentially make money from your business idea. Are you selling a service? Creating a product? A subscription? Acting as a middle (wo)man.
Get clear on where the money will come in. After all, you are starting a profitable business and not a hobby.
Action Step: Brainstorm your different ideas no matter how silly they may seem and get clear on how you will make money from each of your different ideas.
Step 2: Test It Out and Refine As You Go
Once you’ve brainstormed all of your different ideas, have fun with picking the one that you feel is right for you.
Think about your desired lifestyle, the people you want to help and your existing skill set, which one feels like the best match?
Action Step: Pick an idea to follow through with.
Step 3: Research
A lot of people put together a business plan based on hypothetical projections and assumptions. Not you. You’re smarter than that.
Before you do all of that work, you’re going to go out there and research your idea.
Action Step: Research people or companies who have already successfully done what you are looking to achieve. If someone else can do it, so can you. Ask yourself it what they’ve built is what you want and if it’s going to be the right answer for your next career move.
By following this process you’ll have reverse engineered a profitable business idea that works for you.
With this in place you can then see if your target audience really wants what you have to offer. But more on that next week.
Leave a comment and let me know: What business idea are you excited about pursuing?