Tuesday, June 18, 2013

Your Business Concept

If you were going on vacation, before you pulled out of the driveway or boarded a plane, you would know where you were going.  You would know if you were going to stay in this country or travel abroad.  You would know if you were visiting a city or getting back to nature at the beach or in the mountains.  You may leave a few details open to be decided on the spur of the moment, but you would have a basic idea of what your vacation was going to be.

The same is true when starting a business.  Before you do anything else, you need a basic idea of what your business is going to be.  Why do you want your own business?  To have more money?  More time?  More flexibility?  How much money do you want to make?  Enough to retire from your current job?  Enough to have a financial cushion?  Are you unemployed and looking for a way to make a living?  Do you want to work from home or do you hope to have an office or shop one day?  Do you want to work alone or do you want partners or employees?  Is your business going to be strictly online? 

Before you start your business it's critical that you have a clear concept of your business.  This will help you as you write your business and marketing plans. 

If you follow my step-by-step guide to starting your business, then you will answer these questions as part of the process.  The first step is to examine your goals, your values, your strengths and weaknesses, your passions and interests and put these together to help you determine your business concept. 

You wouldn't get on a plane to go on vacation without knowing where the final destination was, would you?  Neither should you start out on a business venture without a clear idea of where you are heading.  Having a clear concept of your business will get you started in the right direction as you start building your business.  Use our guide to help you find yours.  


Ray Colon said...

This spring, I spent three weeks writing my business plan. It was a rigorous exercise that caused me to consider the short and long-term outlooks of the company. But we know that, "The best laid schemes of mice and men often go awry". All of the planing becomes moot if you can't raise the needed capital.

I'm glad that I went through the process, even though I've had to delay my plans while I try to earn the start-up cash myself. The planning process can either strengthen your opinion of the viability of an idea, or cause you to reconsider and expend your energies elsewhere.

Melodieann Whiteley said...

Your are so right! If only more would-be entrepreneurs would start with a business plan, there might not be such a high failure rate for start-ups.