In this video, I'll show you how to go about starting a business from scratch in 2017.
You can't just pick something that makes money and go for it. There's a strategy you need to follow to pick a business and plan it properly to make it actually succeed.
Enjoy the video and let me know what you think in the comments below!
Here's the step-by-step process for coming up with a business idea to pursue:
1. What is your personality, natural skill set?
Don't just follow your passions only when starting a business because they will change over time.
- Personality test
- How to find what you're meant to do
- Stop searching for your purpose
- To find work you love, don't follow your passion
2. Where is there a need?
You have to make sure what you're providing either entertains, educates, or fills a need for people. Why would they want it?
3. How much money and time do you have to work with?
Everyone has a different budget and amount of time to spend working. That plays a big part in what you're able to do.
4. What is the market for it?
How many people would be interested in your business?
5. How will you be paid?
You can't do everything for free. How will you monetize this business?
6. What is the risk/liability?
You might want to avoid a business where you could get hit with a lawsuit or are going to be dealing with things like customer support, shipping, etc.
7. How can you track results accurately?
There needs to be some way for you to track numbers like traffic, sales, leads, repeat customers, etc.
8. What is the long-term industry outlook?
Is there a chance your niche or industry will be obsolete in the next 5 or 10 years? If so, you might cross that business idea off the list.
9. How strong is your competition?
Don't offer something that someone else is already offering. You have to be different. Find out what your competition is doing, how good they are, and how you will be different.
10. Are you helping people?
“The amount of money you make is a direct correlation to how much value you’re adding to people’s lives.” I wish I could remember who said this, but it's a quote to always remember.