Last time we talked about coming up with as many ideas as you can for your business. I asked you not to dismiss any idea that came to mind. I asked you to write them all down for a reason. It’s time to take a look at those ideas, refine them and decide on your business.
There are a couple ways to really decide on a business idea. First, go through your list of passions, hobbies, talents and community needs you created in the first blog post, and find out which of these would make a viable business. To figure out which ideas are viable, ask yourself these three questions about each idea:
- Will people buy this product/service? If your passion is piano playing, can you play piano as a business? It’s possible, but a better choice might be to teach piano to younger kids.
- Do I have the passion to make this a successful business? You will be working on your business every day. You don’t want to lose interest in your hobby that you enjoy by turning it into a business.
- Is there a market pain you can solve with an idea from your list? Market pain is a problem that a large group of people struggle with. An example of this might be elderly people that can’t mow their own lawns because of health issues. You are young and healthy and can solve that problem by offering lawn mowing services. Another thing to consider is if your audience would pay to relieve that pain. Of your community needs list, is there a problem on there that you can provide a solution to with your talent, hobbies or passions?
Let’s talk a little bit about business models. A business model is a particular way you serve your customers. There are 4 basic ways you can serve people. Service based business, knowledge based business, coaching business, and product based business. You will generally choose one business model to start your business.
A product based business, obviously, is when you sell a product. For instance, when you make and sell custom headbands. A service based business would be something like babysitting or dog walking for your customers. Knowledge based businesses, or information marketing, is when you speak in public on a topic you are an expert in or write an ebook (which you would then sell as a product based business). Finally, there is a coaching type of business. Most teens don’t have the expertise just yet for this, but don’t rule it out. Coaching would come into play if you have maybe played soccer since you were 5 and can coach younger kids. So it is a possibility.
So, by now you should have a pretty good idea of what type of business you want to start and what business model you can employ in your business. In the Learn to Launch curriculum we are developing, we go deeper into refining your business idea using Google, researching your competitors and testing your market. Just subscribe to our blog to get details of the curriculum when it launches.
In the next post, we’ll be discussing a few key things you need to get a great start on your business success.
I’d love to hear what you have decided on for your business in the comment. If you are struggling to come up with an idea to go with, I also offer free email consulting. Just send an email to me at email@example.com with your brainstorming list and I will get back to you within 48 hours.