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How To Start a Business When You Have No Idea Where or How to Begin

4
Aug

Read time: About 2 minutes!

Sometimes you find yourself in a situation when your regular job doesn’t bring in enough income due to an unexpected turn of events or maybe you want to save for a big purchase or even a vacation.

Sometimes, it’s just that like me, you have always known that the corporate 9-5 world is just not for you and you are ready to take the plunge and start your own business.

Check out my story of how I quit a $50k+ job and started my business back in 2011 (best decision ever!).

Only one tiny problem: you have no clue where or how to begin.

Honestly, there are tons of businesses you can start, I think that’s the easy part.

In my humble opinion, what you should come first is a self analysis (which seems that you have already started with identifying your skill set)- but this is only one facet. Go further and figure out;

  1. SWOT Analysis. Do you know what your strengths and weaknesses are? This will determine what type of industry might be the best for you to go into. During this first analysis, you most likely won’t know all of them but start somewhere, a year down the road you can revisit and adjust as needed.
  2. Know your “SHIT”. Acronym for (Skills, Hobbies, Interest & Talents), if you can clearly distinguish each of these four categories, you will be at very good starting point. Generally, going into business in a field you’re talented in will generally be easier because it will come easy for you- just some fine tuning needed.
  3. Be self aware and keep an idea notebook carry it everywhere (or you can use Google Keep) on your phone. Note any problems you experience in your day to day life that no one else is offering a solution for. As other suggested, this could be at your current job. You are looking for unfilled need. Because without a actual (or perceived) need in the marketplace, your business won’t thrive as much.
  4. Learn as much as you can before you start. However, don’t get stuck in the “learning loop.” Some people spend too much time researching and learning, while this might good at first, you end up not taking any action. The key is to remember that you will never know everything so the best move is to take the plunge and learn as you go- that’s how I do it.

After this stage, you’ll have a ton of ideas, you can then take these and start shortlisting them and start doing some market research to figure out if you have a viable business or not based on competition, market conditions, your capital etc.

I’d be happy to bounce some ideas with you. To get you started, check out this list of 80+ Side Hustle Business Ideas You Can Start Today.

I hope this helped a bit.

Photo credit: pxleyes.com

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