First, let us congratulate you for thinking about how you can create an opportunity to build a business from home. There are many parts and pieces to starting a business, whether online or brick and mortar. Before you go 100% into starting your online business, you need to get a clear picture of the type of business you want to have.
To help you get a clearer picture of the type of business you want to build, here are some steps to take:
- Make a list of all of your business ideas.
- Label them from the most passionate to the least passionate.
- #1 is the business idea that lights you up the most.
- Working with your #1 business idea, let’s break it down.
- Describe your business or business idea.
- What are you confused with when it comes to your business or about starting a business?
- What does your current business structure look like?
Break down the idea and answer these questions…..
- What problem do you want to solve?
- Who do you want to work with?
- How do you want to help them?
- Why do you want to help them?
- Where do you want to help them?
RESEARCH, RESEARCH, RESEARCH!!!!
Research is often overlooked and very important. It answers so many questions for you and helps you develop your idea.
- Confirm if your business idea is viable:
- Are people currently paying for a product or service you would offer?
- What are people looking for that is missing within your business idea?
A piece of advice that we often share is making sure to create the type of business you love. It should be a business you are passionate about and lights you up when you think and talk about it.
Don’t build a business idea around something you know you can do just because you may be good at it and think it will bring you some fast cash.
Of course, with the available technology, you could open a “business” tomorrow; however, we do not recommend this. You would miss the opportunity to build a sustainable business with a solid foundation with growth potential.
Once you have a clear idea of your business idea, it’s time to learn how to build a solid foundation for your business; business names, trademarks, policies and contracts, etc.
Please do not start with logos, brand colors, and building a website (this is phase 2 or 3).
Starting a business is exciting, scary, and fun all at the same time. We at Sheranwala often refer to building a business is like building a house. If you don’t have a solid foundation and structure, your house won’t stand. The same goes for your business.
Best of luck with starting a business. Wishing you much success!
We would love to know what business you decide to start. Make sure you share that when you’re ready.