How businesses get started.

Getting your ideas out.

Aspiring entrepreneurs ask themselves a number of questions when brainstorming business ideas.

• What problem am I solving?

• Is there a market for my product or service?

• Who are my competitors, and how can I differentiate myself from them

  Additionally, potential entrepreneurs must consider their own strengths and passions:

• What skills do I possess that can be leveraged?

• Am I ready to commit the time and resources required to turn an idea into a viable business?

  These fundamental questions are essential in shaping a vision that is not only innovative but also sustainable in the competitive landscape of entrepreneurship. By carefully addressing these inquiries, aspiring business owners can lay a solid foundation for their future endeavors.

What problem am I solving?

Often times, the problem to be solved is one you may face in your daily life. The first step to solve the problem is taking the initiative.

You could be a mother unhappy with the lack of options in her local grocery store and looking for healthy easy to grab snacks for her toddlers to aid their development. You research ingredients and create a tasty power bar designed for brain and bone development.

You could want to host a podcast about the impact of current events on society. You find your equipment, find a topic you’re passionate about, and find an engaging SME to interview and start attracting interested listeners.

You could be a nail technician who sees the need for in-home services for clients who are too busy to make it to the nail salon. You make yourself a business card and call your existing clients offering to take home calls.

All it takes is time, dedication, and investment. All of the big companies started out as a problem someone wanted to fix.

Is there a market for my product or service?

You have a market, you just need to find them and speak to them. My grandfather for 5 hours every Sunday, drives to the flea market and sells hats at a wholesale price. How did he find out that store owners go to flea markets to buy products in bulk? Well, he did this through observation and research.

The best way to find out about your potential market, it by conducting a thorough market research. It may sound intimidating, but there are a few useful and free tools you can use to determine how saturated or un-saturated the industry you want to go in is. This will help you determine how much competition you can expect or how much of a need there is for your product or services.

The Census Business Builder is a useful tool that provides you with demographic and economic data from the Census Bureau and the design is surprisingly intuitive to use. Simply find your industry code through the NAICS and plug it into the Census Business Builder to gain valuable industry insight.

While tools are useful for understanding crucial data using real world observation is useful when dealing with local markets. You can harvest your own data by conducting your own research.

Qualitative Research is a method of gathering and analyzing data that reflects people’s beliefs, attitudes, and motivations. This will help you understand how to communicate with your target market and what are the ethical considerations that should be made for that market.

Remember, you’re conducting this research to create a product or service that meets your customer’s wants and needs. You have to communicate that value to either a busy mom, a young student, or even another business.

Who are my competitors, and how can I differentiate myself from them?

A lot of small business owners choose to ignore their competition but chances are, they are watching and mimicking what customer’s like about your brand right under your nose.

Customers choose small businesses for a variety of reasons, one of which is customers prefer to buy a story and then the product. Tap into what makes you unique and the possibilities are endless.

You may feel intimidated against companies that have teams dedicated to marketing but as a small business owner you have the advantage of creating a more personable brand experience. This will attract the best customers to you who believe in your brand as much as you do.

What skills do I possess that can be leveraged?

You have skills that others don’t have and others have skills you may not have. A business does not have to be a one person show. You, the owner can still have full control over the development of your business by hiring the right people to take care of the components of your business you may not be familiar with.

Each talent you possess — whether it's in design, marketing, or management — contributes directly to your business's unique brand identity. By utilizing these skills you ultimately lead to a more cohesive brand.

Furthermore, cultivating your abilities allows you to adapt to market changes more readily, ensuring your business remains competitive and relevant in an ever-evolving landscape.

Am I ready to commit the time and resources required to turn an idea into a viable business?

Small business owners must recognize the importance of dedicating both time and resources to transform their ideas into viable businesses. This commitment not only fosters innovation but also lays a solid foundation for growth within their industry.

By investing in research, development, and strategic planning, entrepreneurs can validate their concepts, understand their target markets, and refine their offerings. Harnessing support from mentors, industry connections, and professional services can further enhance this journey, ultimately increasing the chances of success and survival in a competitive landscape.

By prioritizing these efforts, small business owners position themselves to not only launch their ventures but also to thrive in the long run.

Getting Started.

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