A dream for many working mothers is leaving the 9-5 and starting a life and business they dream of to their loved ones.
One of the primary obstacles that get’s in our way of moving ahead with our dream is”I have no idea about which type of company to start.”
Our business idea can also make or break how powerful our company is and above All decide if we produce the lifestyle that we truly desire for our family
So how can you discover exactly what your brilliant business idea is? Here are 5 steps to get you started:
Clarity on Your “Why”
The brilliant business ideas are constructed in the foundation of your”why.” The profound underlying drive behind why you would like to start a business. As working mothers we have a solid”why” which is to provide financial protection to our loved ones or have more flexibility to invest the time we desire with our kids.
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Now we must go a step further and determine the legacy we want to leave from the entire world with our business. It is the”why” which makes us get of bed in the morning to do something we LOVE rather than something we feel as we”have” to do. As soon as we don’t clearly understand our”why” we then take the risk of starting a business we do not really like, but one we thought we”should” begin, or think will make us the most cash.
Before going any further ascertain what your”why” is for beginning a company, the change you want to make on earth with it, then build your business idea from that point.
Prove Your Gifts and Talents
Now you’re clear in your”why” it’s time to uncover your greatest gifts and abilities you need to supply the world. Embracing our gifts will enable us to develop a business idea we LOVE and sense absolute passion towards. It is going to also be one of the key ingredients to making our business thrive and bring in the cash.
What are you naturally good at? What do people seek you out to assist them with? Ask others what they see as your talents? Read my previous article on how best to cultivate your greatest gifts through my 5-step GIFTS procedure.
A business idea has to be in line with creating the sort of lifestyle you would like as a business proprietor. Do you want to be able to travel and get your business from anywhere on the planet. Or perhaps too much traveling is why you want to leave your job so you are searching for a business which would allow you to be at home the majority of the time. Would you love having a storefront where you get to interact and showcase your goods to your customers on a daily basis? Are you looking to make more flexibility and independence and don’t want to be held to a 9-5 schedule. What’s the lifestyle you want to make with your business? Having clarity on this from the beginning will make certain you don’t find yourself in a business a few months from now that feels like it just replaced your own job. You need to be sure you build a business that produces that lifestyle you dream of.
You understand what you are good at, you know what your profound”why” is now it’s time to put both together. Begin by brainstorming all of the business ideas you can possible think of that will showcase your biggest gifts and fulfill your why in some manner. If you want to make life easier for new moms it might be creating a brand new product you wish you had had. If you want to help people have a more stable financial future you may use your excellent accounting abilities to instruct them how to manage their cash for greatest riches.
Don’t hold back. Brainstorm every possible idea you can think of. Even if it sounds crazy initially write down it. Some of the strangest thoughts become highly successful companies.
Share Your Idea
Once you’ve brainstormed your ideas pick the top 3 which appeal to you. Then begin to examine them out. Share your idea with people. Your friends, family, acquaintances. Describe the type of person who would most likely be your customer for that particular idea and seek their view. You may see them on internet forums, or at local meet-up groups. Begin to hang out where they do and seek their opinions on your idea and whether they would use it.
This is a great place to begin to see whether it is hitting a want or need of your intended industry. Ask them what would make them use it. Any ideas they must make it more attractive or a much better match. It is possible to begin to have a feel for how your idea will be receive and ways that you can improve on it. As soon as you start to get a feel on your business idea in these simple ways then it is time to proceed to more concentrated market research and testing your thought.
Taking the opportunity to unveil a business idea which you and your target audience will LOVE, one which will allow you to share you greatest gifts and talents with the world and create the lifestyle you dream about is the cornerstone of a construction a brilliant business and life for you and your loved ones.
It is broader than just trends in business. There are societal trends and educational tendencies at play: the corporate-ladder task for life is much less of a priority. A quicker pace of change in communication and technologies makes it simpler — and in some ways harder — to operate companies. But there’s no question the small-business market now works in another way, and that I see in a higher ability to add to the economy.
Everyone can start a business today, since markets are much more accessible. Traditional corporates think in terms of geographic markets; entrepreneurs, especially in the technology area, believe in terms of country boundaries and much more in terms of one open marketplace, because that is how information flows.
That’s why, as the UK’s best bank for business, we partnered with Entrepreneurial Spark to set up the world’s largest free business accelerator for growing ventures — with the idea that they wouldn’t be completely tech-focused, because there are a whole lot of tech hubs in different areas. The mix of companies we have in our accelerators is hugely varied, from meals to lifestyle to technology. But increasingly, if you look at the majority of those businesses, they are all innovative; lots of start-ups are technology-led in terms of their supply chain or their demands.
I have been to the launching of each Entrepreneurial Spark hub, and I never fail to be amazed. A few of the ideas seem obvious, but that is the beauty of a prosperous business idea. There’s the guy who loved beer, by way of example, who went to craft breweries around the country and now has a mail-order company that brings them to folks who would not otherwise know of them. It’s not an innovative fintech thought, but it’s a smart idea for a business enterprise.
There’s the company in Milton Keynes that developed a bamboo bike frame — it’s among the strongest and lightest materials. There’s the university scientist and his wife who developed a transporting apparatus for lobsters — that could sound niche, but it provides a greater than 10 per cent efficiency saving in a market worth over #40bn.
But we should not pretend there is not a high failure rate for start-ups. The global average is that 45 percent fail within their first two years. If we are able to leverage our network and the support programme round them to ensure that more live, this means that they have more potential to be a scale-up or possibly a unicorn. More than 85 per cent of businesses that have been through Entrepreneurial Spark are still trading today. The actual danger for entrepreneurs happens when they leverage up themselves with debt early on.
The high failure rate of SMEs is mainly down to the fact that they take on a lot of debt, and they do not handle their cash flow — and then a fantastic concept, and a great company, goes bust. We consider bringing different sources of financing in.
That’s a discussionI frequently have with policymakers: there is a gap there for financing. The reason there is such a thriving entrepreneur programme in the united states is that the Americans have a great deal of different sources of financing that help early on. We don’t; the default option is to receive a bank loan or use your life savings. As a nation, we have got to find a way to bridge the financing gap in a means that’s not destructive to companies when they are within their cash-absorbent stage.