subject: Start A Business, Some First Thoughts [print this page] Start a business? In a recession! Youve got to be joking! is the most popular reaction when people are confronted by a counter intuitive claim such as, This recession is absolutely the best time to start a business, ever.
Why? Because any business that survives this recession will be better placed to expand and grow when the economy recovers. That is, unless you start a business that is virtually immune from the fluctuations and oscillations of the economy or you start a business that requires the social conditions that occur during periods of market adjustment.
Most business start up advice is about getting the money side of things right and doing the market research that justifies the launch of your product or service. They are important, of course they are; however, before you ever start thinking about the numbers and products and such stuff you have to think about some more fundamental questions that relate to who you are.
Only by understanding your own needs, wants, desires and values will you be well placed to choose a business that you can really grow to love. Ask yourself,
What do I want my business to do for me?
Make money or something more?
How should it meet my values, attitudes and purpose?
Whats important about working for myself?
What type of business best suits me, product based or service based?
What am I willing to do?
What am I unwilling to do?
Once you have a good idea of the role your business will play in your life, then it is time to research a business that meets those needs. Too many people do it the wrong way around and find a business and then make their lives fit around it, which is a recipe for problems.
When youre ready, ask,
What wants or needs or desires do other people have that they will pay money to have met?
How can I satisfy those wants, needs and desires and meet my owner requirements and commitments?
What products and services in those areas are doing well now?
Which of them best meets with my understanding of who I am and who I want to be?
Can I improve upon whats already there by adding value, or doing it differently or better?
Are there any wants needs and desires that people have that are not being met at all or hardly at all?
What can I do right now to meet those unmet wants and needs?
What skills do I have, and which do I need to acquire, to make my chosen business a reality?
You can uncover the needs, wants and desires of people by keeping your eyes and ears open. Talk to people, check out the High Street and industrial areas, search for launch ads in local publications. Notice which businesses are doing brisk trade and which arent, ask,
What products do they sell?
What do they do wrong?
What do they do right?
Or what about a trip to the newsagents or bookshop to inspect the shelves,
What are the popular titles?
Listen to the more serious TV and radio stations,
What are they covering in their magazine type programmes?
On the High Street growth industries are gambling dens such as bookmakers, debt management companies, pawn brokers and other business that can provide fast cash.
Recession proof companies fulfil the needs of the ultra rich with high end indulgences such as power boats, helicopters, luxury cars and uniquely priced designer goods. And indulgence is growing at the lower end of the market as nail bars expand rapidly; many women are having their nails done as a way to experience pleasure.
Once you have a business idea that meets your lifestyle needs, do an online search at Google. Using the keyword tool and doing an ordinary search will reveal a) the frequency with which people search for your type of product or service and b) the level of competition.
Go to Google and type in, diet and weight loss youll find 126million results and lots of ads. This is a brilliant example of a massive customer base from which you can win business. Its exactly what youre looking for when it comes to your own idea.
So, if you have a business idea that will fulfil your lifestyle requirements and meet the needs wants and desires of others, there has never been a better time to start a business!
