Things To Consider Before Starting A Business

Starting a business seems like a very exciting endeavor to embark upon, and for those who are already pumped up about the particular product or service they intend to offer, this kind of commitment may not seem like such an enormous one to them.

However, some caution should be exercised when starting out.

Because here's the truth... without careful thought and planning, you could build a business that really doesn't serve you. 

In this blog post, we’ll talk about the key factors you should consider before starting a business.

Things you need to consider:

1. Find A Freaking Problem People Will Pay For... A.K.A - Is There a Demand for Your Business?

Making sure there is a market for the intended business is important. Why? Because there is little point of setting up a business based on a service or product no one wants to buy.

Therefore, some time and effort should be exercised to make people want to buy what you're selling. The best way to see if there is any demand is to... GO TALK TO PEOPLE.

Go talk to a lot of people. See if they are seeing the same problems you are, and most importantly, see if they would be willing to pay to have the problem solved.

2. What Problems Or Opportunities Do You Want To Solve... A.K.A - What Interests You?

Deciding to do something that you’re good at or interested in is freaking key.

In the words of Jordan Davis, (Yes I love Country Music)

"Do what you love but call it work."

Think about it... Do you really want to do something you hate?

NO... so find something you enjoy.

Find a problem or opportunity that YOU want to solve.

Be your first client, then build a business around what you like. You'll also have the advantage of "knowing what you're talking about." You can easily and quickly establish yourself as an expert in the space.

Trust me on this one... I legit built a business, got clients, started to get my name out there all around a topic I didn't really love and work really started to be work. I built myself a job, not something I was passionate about.

I'm not telling you you have to travel to all of the world experimenting and trying new things to find your passion and once you do, you can finally turn that into a business.

Rather, what I'm telling you is don't build a business just because there's potential for money; build a business around something that you enjoy.

3. What Are You Good At... A.K.A - What Your Strengths Are

It's really important to understand what you're good at, what your strengths and weaknesses are, and to build a business around those.

I call this identifying your superpower. We all have natural gifts and challenges that we naturally try and solve. Take five minutes to really explore and write down what your super powers are.

I recently mentioned a business I built and didn't really enjoy. I'll be honest, I did it because I was good at it. In fact, I was known in the industry at the time as one of the best in the world. Or so I thought...

You see, I thought people were coming and working with me for one thing, but in actuality, what I realized after spending time really breaking it down was that people enjoyed working with me for the education, the leadership, the coaching, and accountability.

Those are my natural superpowers, and it just so happened that I was applying them in this very particular niche that I didn't really enjoy.

But I cleaned up on my superpowers. I began to explore and find the best possible route to maximizing those skills in a field in an area I actually enjoyed.

4. Start With The Family... A.K.A Decide Depending On Your Financial Needs

Let's be real for a second. People start businesses so they can have more freedom. Freedom in time, but most commonly, freedom financially. People want to make more money.

There is nothing wrong with this. Let's go make as much money as possible. But start with your family first. Get really clear on how much money you want to take home and be very clear on what you're going to do with that money.

Don't create some arbitrary dollar amount. Be intentional about every penny you bring in and how you'll invest in your family. Once you've done this, build a business that is the simplest path to cash, the simplest path to that dollar amount.

There are hundreds of different business models out there, all of which can be profitable, all of which can be successful. What I recommend, though, is choosing the simplest one for you.

Why do I bring this up? Because I talk to a lot of dads on a regular basis who want to dive into affiliate marketing or building a new brand for a service-based company with a high-dollar product or service.

All of these models are fantastic, but each of them comes with their own pros and cons.

For example, if you want to play the affiliate marketing game, recognize that the real game you're playing is volume. For every sale you make, you might turn $50-$100. How many sales do you have to make a month to create the income you truly want?

So get clear first on the number you want to bring home to your family, then build a business with the simplest path to that number.

Wrapping Up

Starting a business can seem daunting and overwhelming, but it's not as hard as you think. If you can find a problem that you enjoy solving that maximizes your strengths and people are willing to pay for it, then build the simplest path to bring in an income that will truly benefit your family.

The final thought I'll give is this: Do it. Start a business. I promise that your ability to create an impact at home will always be capped if you work for someone else. So go change your life and, most importantly, your family's life by starting your first business.

There will be ups and there will be downs, but know that The Present Entrepreneur is here for you.