I know it makes me sound like a debbie downer, but I promise you’re about to get a business check up with this post! As I build up my second business, and work with other business owners in their starting phases, I’ve gained a lot of insight on who is ready to start their business, and who isn’t. So, to make things a little easier on you, I’ve made a short list of reasons why you aren’t ready to start your business just yet. For those of you that are like me, and truthfully just skim through articles, I’ll be making it easy with bolded words. Don’t worry, I gotchu! 😉
Without further ado, here are the 5 reasons:
1. You have no idea who your targeted market is.
Do you have an idea of who you’re planning to sell your product or services to? Have you narrowed down some form of demographics? This could be income, gender, interests, you name it. Who are you going to be serving to? Where are they going to be when it comes to your marketing? What events would you likely find them at? All of these questions will come in handy as you prepare for networking and marketing, as well as opening up shop if you’re a brick and mortar.
2. You don’t know what problem you’re trying to solve.
The purpose of a business is to fill some sort of need for your consumers. This can be something as simple as, “people need coffee, I’m giving them coffee”. What are you trying to solve for your potential clients? What are they needing that isn’t quite being fulfilled?
3. You don’t know whether or not your targeted market actually wants this.
You could have a brilliant idea, and think it’ll be the bee’s knees, but if your targeted market doesn’t actually have a need for it, you don’t want to waste your hard earned cash or valuable time trying to perfect this idea. Take some time to set up a poll if you’re already reaching out to your ideal market. See if what you’re baking is what they’re wanting cooked.
4. You don’t have your “why” for starting.
Your why is going to be crucial for the longevity of your business. It’s going to be the thing that carries you through the nitty gritty parts of business, and pushes you through every hard step you’re faced with. While your “why” can be for the money, try to dig a little deeper than that. Why do you want the money? What problem is the money going to solve for you? What is motivating you while you’re trying to earn money?
5. You haven’t created a business plan.
Basically everything I’ve just shared can be tied into a business plan. If you haven’t created a business plan yet, then you really should. Anyone that is looking to start something up that’s going to be more than just a hobby needs to have a business plan in place. This is essentially the outline of your entire process.
As you’re working on your answers to the business plan, try your best to not overthink things. Don’t feel like you need some crazy in depth answer for each section, just do your best to be as descriptive as possible. You’ll be able to build up these answers, and revise them, as your business matures through the years.
I’ll be sharing a pdf guide for creating a business plan that will be accessible in my freebies section, so be on the lookout for it! You can also subscribe to my mailing listing and I’ll let you know as soon as my freebie page launches.