How to start business when you don’t know what to do?
If you are thinking of starting a business but you are not sure what you should do… take a moment and have a read.
How to start business when you have no idea what would you like to do, or what can you do. I am assuming here that you are right at the beginning, in the exploration phase. If you already have an idea what is it that you would like to do, then (great!) you are a few steps ahead. Still I would advise you to have a read as you may find some information here under useful.
How to figure out what business should you start?
The fastest way to come up with a business idea is to identify what you are passionate or knowledgeable about.
(And have potentially previously already been paid for doing it – for example while being in a job or working on some project).
Once you know what your zone of genius is, all you have to do is to identify a problem which you can solve and to identify what would the solution or benefit for the customers or clients be.
When starting, the majority of us do this mistake and we want to do it all at once and for everyone.
Maybe because we can. Or because we want to.
We want to have an option to capture a wider market. Maybe have larger portfolio to sell more.
There will always be time to do all of that and more. I would suggest you to write down all the ideas you may have, all those the possible expansion plans, upgrades and additions and identify that one thing you will start with. Perfect one thing first.
So, start small – it has many benefits.
If you are planning for example to launch a product-based business, you CAN start by offering one product.
One of my clients has started her own cosmetic line with ONE product. This approach allows you to start faster, target one type of customers, it enables you to have a focused and specific marketing messages and leads to less inventory. In her case, customers themselves started giving her feedback on what type of products they would like her to produce and she gradually started adding new products, based on known preferences and needs from her existing customers. She not only tailored her product line to market needs but also empowered her consumers.
If you are starting a service-based business, you can launch your business by solving one type of a problem and offering one type of a solution.
It’s great to have many abilities and wide knowledge and when being very knowledgeable in one specific field, you may find it difficult to really narrow down to that one thing. Simply as you know that you CAN do everything and for everyone. But the chances are, that you will spread yourself thin and won’t manage to notice signals from within or from the market.
Instead, start with one problem, one solution, for one type of personas. And then gradually add based on the needs.
If you start by offering one type of services, you will manage to nail that one thing and at the same time, you can use your existing database of clients or users to identify what else would they really want or need.
When starting small, it gives you an opportunity to offer an amazing customer service, while at the same time you can leverage the power of their feedback to upgrade your business gradually.
In short, here are some of the possible benefits which niching down gives you.
- it enables you to start your business with low entry costs,
- it gives you time to find your zone of genius,
- time to study your market in real life and
- option to adjust the direction based on needs and actual requirement.
Especially for product-based businesses, starting in a really niche way can be very crucial, and sometimes even the only viable option.
So, do not be harsh on yourself and push over all the limits when starting.
Instead, start small and strong.
So now that you found your zone of interest, based on your passion and experience, and found your niche, it is time to package your product or service.
At this point, you will start looking at your competition or what is already available on the market. This can end up consuming too much of your precious time and sometimes, you may even lose your true self.
Allow yourself to be unique.
Start building your brand or your offer from within.
How to stop being distracted by what everyone else is doing?
First of all, competition is, as you already know, GREAT to have. This means there is a market for that product or service. And someone has prior you already created the need or created a habit, so consumers are used to searching for this, regularly buy it, understand its benefits and how to use it etc.
And even though you may end up placing on the market the exact same solution or product as your competitors have, there will be something unique and different about you. You are unique and hence your business will be unique in some way. And you will attract your own unique buyers based on the energy you have created around your product or service.
So, forget a little bit about what your competition is doing and listen to your inner voice.
Okay, to summarize:
- write down what interests you and what you are knowledgeable about and
- niche down to one thing.
- Take a glance at the competition, but don’t get overwhelmed and don’t lose your own voice.
You may be thinking “well, I wish it was that simple…”.
Business is simple. We make it complicated.
Sometimes all we have to do is to follow our guts.
And don’t question yourself too much, start with small steps.
What are the challenges you are facing right now?
Please check your Spam and Promotions folder in case my email doesn’t reach your inbox and white-list me.
By entering your information, you agree to receive emails from me. You can unsubscribe at any time.