While you may not have to have all the answers before you go into business for yourself, there are some things you might want to know.
A lot of people who are unsure whether being self-employed is right for them and operate a business "on the side" until it's big enough to sustain itself. But you may decide one day to take the leap and go all-in, and here are some questions to help you make that decision.
1. What problem am I solving?
If you can’t answer that, stop there and re-think your concept. It’s important that your product solve a clearly defined, or addresses a pain point, need because that’s what determines the value. When you think of solving a problem, you can either think in terms of functionality or something less obvious that still has value. For example: To get people "offline" and outside the app Offline Media tells you what’s going on in your city, if you live in North Carolina.
2. What funds do I absolutely need to start?
Maybe your dream is to open up a store to sell your handmade furniture. However, that’s a lot of money you'll need up-front to open a store, especially if you haven’t tested the concept. Instead, do whatever you can do in the beginning to grow organically.
Sell your furniture at flea markets, or online if you can. Think about what you absolutely need to buy in order to start, not what you’d ideally like to have in the bank. You might need less money than you think if you budget carefully.
3. Who is my competition?
Know who else is doing the same thing you are planning to do. Do a simple Google search to see who else is out there doing what you're doing. Not only will it tell you who your competition is, you might learn what helps them succeed at it.
4. What’s my unique value proposition?
The key to separating yourself from the competition determining what you’re unique value is. You need to know what quality about your company that stands out from the rest. Do you have knowledge or experience that others in your business don’t?
If you are offering a product it might be where it’s made, the unique quality of the product, how it’s made. Products and services might stand out due to competitive pricing, charitable giving, or excellent customer service. Ask yourself, "What is going to make someone purchase my product or service over my competitors'?" The answer to that question is your unique value and should be the focus of your marketing.
5. What resources do I currently have to get started?
If you were lost in the woods, you would stop and take inventory of what you have on hand to help you survive. That’s exactly the mentality you need to have when you’re an entrepreneur. Don’t focus on what you don’t have. Pay attention to what you do have access to and how you plan to use it. Make a list of everything you have that can help you: connections, finances, skills, and anything else. You’ll be surprised how many resources you have, even when you feel limited.
When you want something badly enough, you make time for it. Starting a business isn’t about the stars aligning and feeling 100 percent confident. Starting a business is about your passion and excitement outweighing your fears and doubts.
These questions might not give you all the answers you need, but when you catch yourself constantly going back to the same idea in your daydreams, you know it’s something you're passionate about. That is the only answer you truly need.
If the business idea you are asking these questions about is a Senior Home Care Franchise, we can help you answer them. Call us today at 844-358-4311, or visit our franchise contact page.