You have a sensation in your bones that’s not letting go. It’s the feeling of starting a business that will launch your idea and bring your dreams to reality. For most entrepreneurs dreaming of starting a business has been on their minds for a long time. And for a few, entrepreneurship was the very first thing they got into as soon as they were able to start working in society. Entrepreneurs are the cornerstone of global innovation. Based on their importance, vocational schools and universities are constructing learning curriculums to teach students how to start and grow a business.

Although, educational outlets have advanced in understanding the importance of entrepreneurship, having a degree is not a prerequisite to launching a business. If you have a product or idea you can start your business within a matter of weeks. However, I suggest answering these five questions before starting your new business.

1) Why do you want to go into business?

Define your why? Defining your why will provide the steam needed to push through adversity. Your why should also inform others about the core component behind your business purpose, vision, and mission? Defining your why is your elevator pitch to others. Finally, you're why fortifies your decision to become an entrepreneur. For example, When I opened my Business consulting firm 19 years ago, my why was crystal clear. As a single parent, I wanted to work from home to provide a flexible & independent lifestyle to raise my son.

My why assisted me when times got tough during the 2008 crash, nine years after I started my business. My son was just entering college. Although I was fortunate that he received a full scholarship, I still was expenses that needed to be paid to ensure that he would finish his academic commitment. Most of my clients at the time wherein the real estate industry and my services were downsized. I managed to stay afloat with a handful of clients. Although my why had shifted from having a flexible schedule to having extra income to pay for college, I was able to stick to the purpose of me becoming an entrepreneur. I needed still needed financial independence & flexibility to re-invent myself.

2) Are you passionate about this product or idea?

You will eat sleep and drink your new business for 5, 10, 15, 20 years. It must be a product or service that you enjoy spending time doing. You must think of your new business like it’s a newborn baby. You will have to nourish & nurture this business until it can sustain you and several dozens of employees. Therefore, you must be passionate about the product or service. “Passion compels you to take risks and push yourself past your current limits.” Explained Sumi Jones. When all else fails, you will find yourself working with your passion. Whether it’s writing, knitting, painting, or charity work, your passion will always be the wind beneath your wings.

Understanding passion as it relates to a sound business model is the key to starting and building a successful enterprise. Passion will provide you with the power to move forward, but a sound business plan will help you merge your passion with a business vision & mission strategy. A business vision & mission strategy will help define your business purpose. Understanding your business purpose will provide clarity during the business development phase. This systematic approach empowers new business owners with a structured outlook on what most will view as a risky professional endeavor.

3) Is there are a market for your product or service?

Do some homework to understand your market. The first step is to construct a social media survey with a simple yes or no answer. Or sit down with a few friends and family members and ask them if they would buy your product or service? You ask this question on your social media feed on both Instagram and Facebook platforms.

The next step is starting research on the internet of product or service. If you're selling a product, you may ask Google to list similar best-selling items on Amazon. Type the question in the google or amazon search bar. The results will help you understand if your product or service is sellable. If you want to evaluate a service business, use the same instructions as stated above with a slight change, use the google search bar and include your location (City & State). You will see a listing of service providers in your area. Review their website and search for reviews.

After implementing this research tip, you will be able to analyze how many organizations are selling your product or service and who are their customers. An analysis of a few websites will help you determine your product or service distinction. You should develop a statement about the market, and a brief description of your client.

Finally, you should define how your product or service will stand-out from the group. This research activity will help you in the short and long term. In the short term, you will help you identify if you should pursue your business endeavor. For example, if you can’t define how you’re going to stand-out amongst the crowd, you may want to take a little more time to evaluate things that you can do to make this distinction. Or you may want to consider buying a franchise. A franchise is a business with a well-known name and clientele. In other words, the business structure & market is defined at time of purchase. See the following link to get an in-depth understanding of franchises: https://www.franchise.org/what-is-a-franchise.

In the long-term, this exercise will help you design your business plan in that market. Research is a crucial component to the success of your business. The market will change, based on these activities you will be able to apply the same method using the research techniques above to re-invent your product or idea.

4) Who is your competition?

When you researched your market, you found businesses that have similar products or services. Make a list of the things you liked about their business and the things you think you can add. Analyze the business reviews. What did their customers love about the product or service? What are some of the reported client issues? Did the organization respond to the feedback? If you want to understand the challenges you will have in business, the best resource at your fingertips is the internet. Feedback and referral online communities such as Yelp and Amazon will provide a plethora of information about your competition and the challenges of selling your product or service.

Research will also help identify if there’s special guidelines to selling your makers as well as licenses needed in your state or county. Your competition will also help you streamline your business while providing clarity on your business mission. Understanding your competition is also a key component in your business plan. By defining your competition your recognizing that these entities have solidified a position in the market as well as helped build a realistic overview of your endeavor. Based on this overview you will be able to plan a strategy to navigate internal & external changes.

5) How much money will you need to start this venture?

After completing your market research, you will have identified what you will be selling and a customer description. You will have determined if you need certifications and licenses to sell your product or service in your local state or county. The next step will be to decide what type of business entity you want to set-up. There are several business types (sole proprietor, partnership, Limited Liability organization or a corporation, etc.). An article on entrepreneur.com identifies the differences between these business structures (https://www.entrepreneur.com/article/38822). Seeking counsel from a business attorney would assist you in understanding the best structure to protect you & your clients. The business cost to set-up depends on the structure you select. It could range from $35 to $5,000. This amount is just to start up your organization. You will need to estimate the costs of products, human resources, marketing, rent, etc.

You can analyze each category on your own. But like most entrepreneurs, you may prefer to concentrate on making the product or developing the service. Contracting a business consultant/coach will help you manage your research and costs. Business consultants range from $80 to $200 per hour depending on the tasks. I would hire a consultant to help build a business strategy. You can also contact the Small Business Development Center in your area (https://americassbdc.org/about-us/). The SBDC has partnered with the Small Business Administration to help entrepreneurs start, grow and thrive. Their services are free of charge and can provide owners with information on building a business plan, gaining capital, and acquiring business certifications.

Starting a business is a big step and for some a risk. However, if you do your research, develop a plan, and seek advisement from business experts you will be able to start and grow your business.

If you need assistance with setting goals for your start-up business please purchase "The Goal Crusher Workbook".

If you have questions about this topic, please click contact on the above menu and send me an email at:info@tywanawilliams.com