Many people want or need to start their own business but typically have common concerns:
– I don’t want to start a business alone
– I don’t have any business ideas…
– Too much competition exists in the industry
These three real issues are noted by potential entrepreneurs – we examine each and suggest potential solutions.
1) You are not alone. Enlist friends, family, church and social groups, other business owners, chambers of commerce, the Small Business Administration, S.C.O.R.E (www.score.org), and professional coaches such as those at bizstarters (www.bizstarters.com). Use your personal and/or business network for ideas, clients, and assistance.
2) I need a solid business idea. Ask yourself 3 questions: 1) What do I like to do or am I good at? 2) What problem(s) exist that I can address? 3) What is the solution? Put these on paper and you have the basics of a business plan.
3) But what about the competition? Take key words from the business plan above, enter them in Google and check out the first 10 results. These will provide a view of other businesses in the industry. An example: home child care Oak Park Illinois . Browsing the first 50 listings, almost all are schools, camps or larger businesses. No home care? Instant business idea!
In the next posting, we will address cost concerns associated with starting a business and possible sources of funds.
By Dion Shaw
Dion Shaw is the founder and owner of Homepreneurs
New Day. New Opportunity. Homepreneurs