Finding The Business Venture That’s Right For You

    Nicola Reid April 21, 2022

    If you're at the brainstorming stage of a new business startup, there are a number of different directions you could go. In particular, you’ll want to evaluate your potential funding and operational structures and give careful consideration as to what you know how to do, and enjoy doing. Once you have a business strategy identified, you can start taking things off your pre-start up “to do” list. CreateWriteNow can help you use journaling as a way to explore your options and develop a winning business strategy.

    Is There An “Easy” Business Model?

    When it comes to launching a business, many aspiring entrepreneurs scan the market to identify opportunities that provide ease of access into a sometimes crowded marketplace. If you’re short on time and cash, sometimes a home-based model makes the most sense. You can operate from your home using equipment you likely already own, build your own simple website and social media presence, and work as a solopreneur. You may even be able to launch an operation without fully pulling away from your “day job.” This allows you to reduce your financial risk while building your business on your own time frame, as your schedule permits.

     

    Do What You Know

    Many people find they can take their existing professional knowledge and experience and apply it toward a business concept. For example, if you previously worked as a corporate graphic designer, you may find that you're able to launch your own graphic design company, or hire web developers and social media managers and create your own boutique marketing business. Perhaps you have experience as a chef and are interested in opening your own restaurant or catering business. Building a business from an area of knowledge and experience can help ensure you have a lot of know-how to help you get off the ground.

     

    Do What You Love

    Perhaps you have a side gig or a hobby that you've always enjoyed doing and you want to find a way to monetize it. Turning a hobby into a business is growing in popularity, primarily because it gives people an opportunity to do what they love for a living and have a healthy work-life balance. For example, maybe you've been praised for your interior decorating skills and decide to launch your own design service. Perhaps you throw fabulous parties and are interested in starting an events company. There are a lot of different ways you can take a hobby from your kitchen table into the business arena.

     

    Follow The Demand

    If you’re in business strictly for the money, you might want to explore a concept that has a lot of current market potential, such as selling an in-demand product or service, or buying into an established or hot new franchise. This approach allows you to capitalize on what people are currently buying. According to Business News Daily, consulting and tech-related startups often have high potential for income generation, but they can also carry higher risks and more strident competition. If you’re going this route, you’ll want to conduct research, do your due diligence, and make sure you have a financial business model well established.

     

    Define Business Startup Priorities

    Once you have a business idea vetted, according to Brand Watch, it's time to write a business plan and create a marketing strategy. This will prompt you to conduct market research, register your business, and secure whatever types of licenses and special use permits you may need. Your business plan will detail all of the operational functions of your business, from budgeting to hiring and the creation of sales and advertising strategies. You should also establish a business account, and if you need startup funding, consult a local small business lender. You’ll need to have your business plan developed before you can apply for loans, so make that a top priority.

     

    Identify Operational Business Elements

    When it comes to getting your business established, you may need a storefront or office location, or you might be able to operate as a home-based business, or even find maker space that's appropriate for your particular type of business. Consider some of the different types of equipment you'll need, and explore various software programs that could be beneficial. For example, having an accounting software program in place can be useful for tracking accounts payable and receivable, whereas a project management program can help ensure you're keeping all of your clients straight. It can also serve as a collaboration tool if you hire staff members or freelancers.

     

    Develop Management Strategies

    The way you manage your business will play a significant role in how successful the operation is, particularly during the early days. You can sharpen your business skills by going back to school and enrolling in an MBA program. This type of coursework will help you learn new best practices in the business world, help you develop strategies, and learn about things like leadership, self-awareness, and the ability to internally assess your progress. Online degree programs, in particular, make it easy to study on your own timetable, which allows you plenty of time to devote to your startup.

    Launching a business requires a significant commitment of time and energy, but it can also bring great rewards, not only financially, but also in terms of creating a good work-life balance. Hire freelancers and independent contractors as necessary and hire out for other services that will allow you to maximize your time. For example, getting your groceries delivered and your dry cleaning picked up while having someone walk your dog in the evenings are ways you can set aside extra time not only for business building but for family and personal relaxation.

    Journaling can be a healthy and freeing way to explore your ideas, your business concepts, and your personal journey. CreateWriteNow can show you creative ways to harness the power of journaling for your personal and professional benefit. Get inspired today by visiting the site and learning more.

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    Author bio:  Nicola Reid is an entrepreneur and small business owner. She created Business4Today to provide access to the resources members of marginalized groups need to turn their entrepreneurial dreams into reality. Through her site, she hopes to support the growing number of people of color, women, and members of the LGBTQ+ community who are taking the leap into small business ownership.

     

     

     

     

     

     

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