It might seem obvious, but you really do need a workable business idea to make your enterprise a success! When you’re first starting out in your business, you need to know what you want to do and why you want to do it. The idea you have will usually stem from a personal passion.
Some people start a business because they just want to make money, and that’s fine. However, I strongly believe that passion should be the main priority, followed by money. That’s because you can make money through a number of different channels and you don’t necessarily have to run a business to make money.
Read about high-profile entrepreneurs – such as Peter Jones or Deborah Meaden from TV’s Dragons’ Den – and you’ll see that they all started with an idea that they were passionate about. Peter Jones’s first love was tennis – and his first business venture was a tennis academy, when he was just 16.
You might still be working for someone else when you have your business idea. That’s fine. Start putting all your plans and ideas together. Consider the type of customers or clients you’re looking for. One mistake I made was to try and focus on one particular target audience. It took me about three years to realise that I needed to look in to new markets and diversify.
This factor – researching new marets and looking at new target audiences – has really helped my business to grow today. To survive a recession, you must diversify – before, during and after. The other vital factor when starting or expanding your business is research – lots of it. Just writing a business plan won’t sustain you for the long-haul without facts or intelligence.
Always make your ideas and plans BHAG (Big Hairy Audacious Goals). Imagine an idea that is beyond your skills, knowledge and capability. Your BHAG idea and plan should be out of this world. Don’t be afraid to think BIG, as anything is possible. Remember, if you shoot for the stars, you might at least hit the moon.
But please make sure your business idea is viable and feasible ensuring you write up your strategy and ideas into a business plan. Speak to somebody, a professional who’s been in business for a long time. Tell them your idea or what you are thinking of inventing, creating or developing, and then look at people
who are offering similar products and services. Look at what they’re already doing and pick it up or learn new techniques.
Consider their business’s experiences and structures. Find out everything you can about what they did or are doing to make their business prosper.
For me, I realised there was a niche in the market where I could get mainstream organisations to look at tapping into diverse audiences. Today, my company, Rich Visions, has grown from a one-woman band to an award-winning enterprise.
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Author: Mavis Amankwah CEO, Ambassador, Entrepreneur, Author, Motivational Speaker, PR Guru, Advisor, Coach