Setting Up your Own Business- Part 4

New business? What are you going to sell?

In my last blog on the subject of setting up your own business I explained that in the early stages you will need to be aware of the multitude of roles you will need to fill.. The next step are deciding on what you are going to sell and moving forward with a plan of action.

Of course you might already have decided and your next step is all about organization and moving things forward, but for those that haven’t decided let me help…

You’ve got a great idea but not the skill- Go for it!

Some authors say that they relate to the technician in themselves and felt they would rather metaphorically build things for themselves than an employer ,and that might be you. Ironically though it was after having read that observation more than once which made me think I would write these articles because for me, it was nothing of the sort! My last business was in the web design and search engine promotion arena and the one before that was in the restaurant business. No, I can’t build websites and never aspired to build them, but what came to me was the concept of a particular financial structure that I was certain would be profitable and I set about finding web developers and specialists to work with me. I use this example to demonstrate that many entrepreneurs have ideas they make work even though they might not know how to actually build what needs building or service what needs servicing.

Try and do something you love

I’m sure there are many, many business people who would agree that if you can make a business out of something you love doing, you have already gained an advantage over your competitors. Don’t kid yourself that you’re going to love running the business as much as you enjoyed the hobby, the pressures are different, but it will certainly be more fun than plodding away at something you have no interest in because you want to be self employed.

There are many businesses that spring from the roots of a hobby. For example, a dear friend of mine collected stamps for many years and now runs a successful philatelic business. Although interestingly the greatest challenge he has faced is applying the discipline of finance and business to what used to be a hobby.

So in the first instance, is there something you love to do that other people would willingly pay to have done? Gardening, ironing (yes a girlfriend of mine just loves ironing!) fixing cars, interior design?

Are there any ethical reasons?

Building on what you love doing, perhaps you have important ethical beliefs that you could embrace and thus make your new business even more fulfilling as well as  providing a USP ( Unique Selling Point) .Think Stella McCartney and vegetarian food.

Think about the skills you have and how you can attain self employment if that is your major goal

Your underlying reason for running your own business will also help. It might be for example that you don’t particularly want to earn more or have a high flying career, rather your dream is to work less so you can practice Yoga and be a more fulfilled partner at home. In fact in that case perhaps you should be setting up a Yoga studio!

In my next article we’ll look at the well known business practice of brainstorming to get all your ideas down and developing a plan of action.

 

Until next time

avatar Name: Alexandra Eager
About: Alex has worked as a Financial Controller and Finance Director for many years for a variety of companies across a range of industries but more recently she has moved away from accounting working for an internet marketing agency as Finance and Operations director, primarily overseeing the finance functions and search engine optimisation (SEO) for clients. Follow Alex on G+ and on Twitter @Alex_BusDirUK
Alex runs her own company with two fellow owners developing a suite of e-commerce web sites and promoting them directly. “I found that SEO and finance were quite compatible both needing an eye for detail, research and analysis as well keeping up with new developments and changes.”

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Posts by Alexandra Eager (113)

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