Are you thinking about starting a business?
As I said in my last post, starting a business is like starting an exercise program. If you’re thinking about starting a business, it’s time to exercise those brain muscles by digging deep and answering some questions.
Rather than having all those thoughts and ideas swirling around in your head let’s write them down. Your answers will help you define your dreams.
Don’t worry there are no right or wrong answers. Above all, remember your answers are not set in stone. On your business journey, expect a lot of change, but you’ve got to start somewhere!
Define Your Personal Life
First, consider your personal life. When you’re thinking about starting a business, you need to put yourself first because you’re the boss! Think about how starting and maintaining a company will affect your life. Be honest with yourself. Think present and future.
These three easy questions will prompt you to think about, who you are now, what you need now, and what you want in the future.
I have provided some examples for reference, but please use your ideas.
Presently, I am a ____________________
- Husband or Wife
- Father or Mother
- Single mom or dad
- Stay at-home mom or dad
- Single person
- Empty-nester
And I need to ____________________
- Support me or my family 100%
- Contribute to the household income
- Make more money
- Stay at home more with my family
- Do meaningful work that I love
- Take control of my life
So that in the future I can ____________________.
- Retire at 50
- Be independently wealthy
- Send my kids to a good school
- Go on more vacations
- Leave a legacy for my family
- Feel that I accomplished something great.
Write down your answers. Here’s an example, I am a wife and mother, and I need to contribute to the household income so that I can send my kids to a good school.
Fill in the blanks – I am ________________________ and I need to ________________________________ so that in the future I can ____________________________________________________.
Define your business
Now we’ll think about your business. Overall, when thinking about starting your business think of these four Ps. You must have a passion, a product, solve a problem, and a potential.
To be a business owner, you need passion to fuel your desire to do it alone. Remember you want to do this for a reason. You can work for yourself or work for someone else.
Passion – I want to be a business owner to ____________________
I have provided some examples for reference, but please use your ideas.
- Express my creativity
- Create a legacy
- Take Control of my life
- Bring my great product or idea to the public
- Use my skills as a natural-born leader or entrepreneur
- To provide a quality product with pride
Product – What product or service will you offer to who and where?
My business provides __________________
I have provided some examples for reference, but please use your ideas.
- Salon services such as cut, color, and blow-dry to women in my salon
- My artwork on Etsy
- Tax preparation services to individuals and companies only during tax season
Problem – What problem or help does your product or service solve for customers?
My business helps ____________________
I have provided some examples for reference, but please use your ideas.
- Women look great and feel beautiful
- Small businesses get noticed online
- People submit their taxes before the deadline
Potential – What potential does your business hold?
My business has the potential to ____________________
I have provided some examples for reference, but please use your ideas.
- Grow so that I can hire more stylists in my salon
- Offer my services locally and globally
- Be the #1 rated artist on Etsy
- Grow my business into franchises
- Create extra income to send my kids to college
You’ve reached the finish line of thinking about starting a business
To summarize, let’s get our personal statement from above and fill in the blanks on our business statement below.
Personal example – I am a wife and mother, and I need to contribute to the household income so that in the future I can send my kids to a good school.
Fill in the blanks – I am ________________________ and I need to ________________________________ so that in the future I can ____________________________________________________.
Business example – I want to be a business owner to express my passion for art by providing my drawings on Etsy. My drawings will give happiness to people when displayed in their homes. My business has the potential to give me extra income so that I can send my kids to college.
Fill in the blanks – I want to be a business owner ________________________ by providing ____________________________. My business helps or gives ____________________________________. My business has the potential to ____________________________________________________.
Think about your defined statement. Read it over a period of a few days.
You may enjoy reading my first post in this series on starting a business: 5 Big Things You Need Before Starting a Business