This post may contain affiliate links for more information please our disclaimer page.Every business has to start somewhere and that’s what this post is about. Everyone has an idea what we call a “start up idea”. Everyone might think it’s crazy but at some time in your life you get this idea and you say to yourself “wow this is a great idea I could get rich”. The problem is you tell someone, they say that’s crazy, you disagree but ultimately it moves to the back of your mind and you end up forgetting all about until two years later when you see it on the shelf at the store or on amazon. Have you ever watched shark tank and seen someone’s product and thought ” who would buy that it’s stupid”. See it happens all the time, even you do it, and sometimes you’re right and sometimes you’re absolutely wrong, but the thing is you will never know until you actually take that next step and start the business.
Now I say start the business and you go “yeah right easier said then done”. Well that’s where I come in. The first step once you have those star up ideas is to WRITE THEM DOWN. It’s a lot harder to forget something once you write it down. Also it helps you wrap your head completely around it and how you might to be able to make money with it. After it’s written down it’s time for some research, 80% of your job as an entrepreneur is self education and it’s starts the minute you decide to go for it. You need to scour amazon, do your local research, heck, check the local library and see if your product or idea is already out there. If it is, that’s fine, it doesn’t mean your done, I started a successful service business and it is almost impossible to be the first person in one of those. The point is there’s a lot of different business’s out there and most fail or succeed based on how hard you are willing to work. So write the idea down and then start to think about how it will work before you start writing a plan. You need to think about how your going to make money. If this is a product you are trying to sell, is there anything similar and how does it do and what does it sell for. If it’s home made how much does it cost to make and is it worth the time it takes you to make it or will you spend three days to make $30 bucks. If you can’t make then life gets more complicated. Do you have someone who can make it for you or do you know how you are going to order large quantities. If it’s a service based business how much will you charge? Who will you market to and how will you get the name out there. Can you do it yourself or do you need a team. The list goes on and on and I’m not telling you that it all has to be nailed down right away but these are good points to be thinking about before we get to the next step which is make a plan. I am not talking about a 50 page business plan I am just talking about a list of what needs done to start making money. Most of the time it’s a lot less then people think. In the next post I want to talk about your plan but also how to start executing it with little to no money. I’m also working on a for that lists all the things you need to do to start a business in your state. If you need some help with that plan check out next weeks post. Scale down to start up.
Finally I want to start ending blog posts with an experience from my own business ventures. When I started my first company I was all over the place. I had a basic idea, the ability to sell anything and a want to be independent. At first I sold any product I could and any service I could figure out. I would call everyone and go after everything. The problem with trying to be all things to all people is you literally master none. That saying is true in business as well. I started to miss the business that I made the most money on, over just getting more work. I was working harder for less profit and it was burning me out. Finally I decided that I had to drop all the stuff I didn’t know that much about and just focus on the stuff I did. I dropped the busy work, “niched down” and started to focus on just the one line of products that I knew the most about and made me the most money. The business started exploding, even though I dropped business and told customers that I only did one thing and nothing else they just assumed that I was a master of that one thing. After the change I didn’t have to compete with better pricing, or relationships, I didn’t have to compete at all because I was the guy that only worked on one thing 24/7. It also gave me one thing to focus my sales and education on which showed up in my bottom line. It’s important to take those start up ideas, lock them down and focus only on them.
Until Next time.
Resources to help you on your journey.
One of the resources that I have heard a lot about for the sake of education is Audible. Now I do not use it as I Love hard back books but my sales guys at work do and they rave about it. If you want to have access to learn but don’t have the money to go buying a ton of books all the time, Audible is a great place to pay a monthly fee and get access to a lot of content. If you have some time Check it out.