How to Start Your Own Business – Deciding Exactly What You Want to Do

If you’ve been following my earlier postings, by now you’ve decided that you are mentally and physically ready to take on the challenge of your own business. You’ve worked on your credit and you’ve assembled a team of professionals. The next step sounds simple: You must decide exactly what you want to do. Ideally you want to be earning a living at something you enjoy at which you are good.

Instructions

Difficulty: Easy

1. List your skill set.
   At this point don’t censor. Just start to list them, for example facile writer, retentive legal memory, resonant speaking voice, superbly organized etc.
2. Order them from strongest to weakest.
   For example, if you could sell wide screen televisions to live aboard sailboat skippers, sales would be on top. If your facility with graphic design is limited to scrawling stick figures, it would take up the rear. This assessment will help you determine where you should focus your energies and where you’ll need help.
3. Determine if there is a market for your skills.
   This is a critical step. A headshot photographer won’t have as receptive a market in Des Moines as Hollywood. You might have to retool yourself as a graduation photographer. If you’re an excellent cook and have considered beginning a catering business ask friends if they’d let you handle their events and parties. Make sure people want the services you’re offering.
4. Decide what makes your business unique.
   This step will require some thought, but it will ultimate shape how you brand your business. Why should a customer choose you? What makes you better than the competition? Maybe in addition to being a first rate chef, you’re a trained dietician, or your passion is fitness. Consider this as the core of your identity. “We make healthy food tasty.” You don’t need elegance as this point, just a clear sense as to what you do. A few years ago I was involved in the branding of a large used video equipment dealer. We went down the list of what the place offered. Was made us unique was our in house service department and warranty. We summarized what we offered in a simple phrase – "stuff that works."