Where do you start?
The key concept in business preparation is the practical steps to research, plan, prepare, start and grow your business. Trustworthy research discovered that every prospective business owner has mainly two questions:
They want to know how to start business from scratch.
They want to know what or which business to start.
If you are working alone and still investigating and researching possible business ideas and opportunities to starting a business, this is the most difficult period for you. It is difficult because you have no creative team you can depend on to brainstorm and to come up with various ideas for the product or business you would like to start. It is also the most difficult period because you do not have the luxury of a planning team you can rely on to produce a brilliant business plan. Here’s what you can do to get you started; identify a problem, challenge, desire or demand in your community. When you watch TV, listening to the Radio or reading newspapers what are people complaining about? What are they not satisfied about? What do they want? Are they concerned mostly about crime and safety? You may think that crime is the domain of the government and police, but you have to think broadly. What if you create a security alarm device? Will this not solve these peoples’ problem? You may think that is beyond you, since you have no technical skills to manufacture such devices. But what about starting your own neibourhood security firm? Will that not solve their problem? I am giving you these examples to spark off your mind and to show you how you can identify ideas and opportunities that could assist you in starting your own small business. Start by writing down all possible problems in your community on paper. Second, conduct a SWOT analysis. Do not worry about a professional business plan template for now. Compile your own business plan based on the business ideas you have identified from your SWOT analysis. This kind of research and analysis is the step you need, to start and run a small business. You really do not need brilliant intelligence and a lot of money to start your own small business. You can become a successful entrepreneur using only your skills, natural talents, hobbies and interests that can be applied profitably in any business venture. For your plan to be successful, it is always better if you have a friend or two with whom you could bounce your ideas with.
The best time to research is long before investing any money into your business idea. Research and planning will uncover the possible pitfalls that you have to be aware of throughout your journey of entrepreneurship.
Here’s a simple process you could follow to ensure that your business idea will work in your small business. Clearly identify and define the problem or the demand in your community. This involves;
• Identifying a problem.
• Understanding the scope of the problem
• Determining what need to be done to solve the problem
• Brainstorm and take into account all the links that may be possible solution to the problem.
• Analyse the positives and negatives of the ideas to determine the strengths and weaknesses (SWOT Analysis)
• Decide and choose which ideas will work
• Combine, connect and piece together the ideas you have generated to form the structure for a possible solution to the problem
• Choose the ideas that are likely to work
• Conduct Scenario Planning – ask what if questions for each idea you have generated
• Based on the results of the above exercise, create or source a product/service which will address their problem
Using the above steps will help you to see things holistically and enable you to perceive pieces of information, ideas and links, even outside of your problem scope and how these can be put together to form the solution to the problem facing your potential niche market. In order to solve their problem or satisfy their demand you have to identify a product/service which will eliminate the problem or satisfy the demand.
Justice Mandhla is the founder of Long Life Learning Centre and author of 4 Business books including ‘Business Prep Guide.’ If you want to learn more about how to use your skills, natural talents and ideas in starting your own small business visit:
http://www.businesslearning4life.com
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