Step 1: Conceptualise Your Business Idea
Identify Your Niche
Start by considering what you’re good at and what you have experience in. You don’t need to be an expert from the beginning; you can learn and grow as your business develops. Begin with something manageable and scalable.
Step 1: Conceptualise Your Business Idea
Here are a few ideas to get you thinking:
- Cleaning Services: Residential cleaning, Airbnb turnovers, window cleaning, mobile car wash.
- Yard Work: Gardening, lawn mowing, creating food or flower gardens.
- Personal Services: Hairdressing, nails, makeup, massage.
- Trade Services: Electrician, plumber, cabinet maker, painter etc.
Identify Your Niche
These examples often involve mobile services, where you go directly to the customer. This can reduce overhead costs and increase flexibility. You can often hire equipment for the first few services.
Consider this example: You can mow lawns….but don’t have enough upcoming jobs customers to spend $1000 plus on a quality lawn mower. So for the first few customers you hire a different lawn mower for each job. When you have several jobs lined up in a month, and you know you’ll be able to pay off the credit card purchased lawn mower within a month or 2, then you buy the right lawn mower that’s perfect for your service, storage, transport etc. This is called bootstrapping.
Determine What Sets You Apart
Next, identify what makes your business unique. What can you offer that your competitors can’t? Define your target audience and understand their needs. Conduct market research to assess demand, identify your competition, and anticipate potential challenges. There’s always plenty to learn from others.
Personality Plus!
Often, the thing that will get you customers is your personality. Practice being super nice. Always be timely with communication and on time with service.
Determine What Sets You Apart
Refine Your Idea
After gathering your research, fine-tune your business concept. Adjust it to better align with market opportunities and customer needs. This step is crucial in ensuring your business idea is viable and has the potential for success.
Consider, think, ponder… Taking time to think it all through will provide you with deep valuable insights and ideas that you can action over time. Long walks with no distractions, driving with no music, sitting still with your eyes closed performing a form of meditation called deep cognitive thinking…all these things will help you deeply consider the next steps and actions you can take in the future! Once you’ve pondered, write down your ideas!
If you’d like a few tips and tricks, or even some formal training, on how to approach this step and these methods please do reach out.
Congratulations on getting this far. You have taken the first steps….
