3 Things You Should Consider When Starting a Business

3 Things You Should Consider When Starting a Business

When I left my job and started this business, my business coach asked me three questions.

They were questions that I really had never given much thought to.

But when I had no choice but to think about them I realized how important this was going to be in figuring out what I wanted to do.

What’s interesting about these questions is that the answer is never final.

A business is a very different thing to a hobby.

You may like to do something but if there’s no market for it, you will either have to create the market or leave that idea alone.

Now for the more adventurous of us out there – creating a market for a business is a challenge they are up for.

But for the person who just left their job of over 25 years is probably NOT looking to start that kind of business.

Now the challenge with anyone leaving a job after 25 years is that they are still in the job mentality.

So as a coach you will have to start where they are at.

They are in a place where they know their skills.

So that leads me to the first question you should ask yourself when starting a business.

1. What are your skills?

What are you good at?

What do you find natural to do?

I had many answers to this question.

Writing was one answer.

Then there was analysis.

Then there was problem solving; when led to process improvement…….

So you’re getting the picture that we’re not looking for just one answer.

We’re looking for your TRUE skill set.

Not the crap you put on your resume or job application.

We’re talking REAL skills.

The second question was even more challenging than the first

2. What Are You Passionate About?

He had my brain spinning.

What I am passionate about?

What does that mean anyway?

Well as the diagram above shows it’s really what you like to do. What you get pleasure out of doing.

Again here my coach really wanted me to dig deep and think about what I LIKE to do, not what I’m good at.

When you’re a in a job mindset sometimes you can mix the two up.

I like to write but I am good at it?

And then that opens door for the next questions

3. What Does the Market Want? Or What Can Make Money?

This is the value part.

You will notice on the Venn Diagram that there are places where you will see that you’re either wishing a dream

or you just have a hobby.

When you add the market value to your skills and your passion you have what is called

The Winning Business Formula!

You’ve hit the jack pot when you can answer these questions with clarity.

Now you’re not going to have the answers today, or tomorrow, or even next week!

But the more you think about the answers to these questions to closer you will come to having the answer to the main question

What should I go into business to do?

Did you go through a similar process when starting your business? I’d love to hear your experience.