Got Your Own Business Ideas? How I Implement My Own Biz Ideas
Do you have your own business idea that seems to follow you where ever you go? I’ve got my own business ideas too and they used to pester the hell out of me. In this (rather lengthy) article I’ll share how I evaluate my own business ideas and decide which ones to move to the planning stage. I think the main take away in this article is the resolutions I’ve come to about what types of businesses I will and won’t get involved with and I even share why. I’ll try to make this information applicable to folks who are just starting out in entrepreneurship and to small business owners that might be looking at different business models that deliver results, which is what brought be to the Internet several years ago.
Making Money With You Own Business Idea
The best place to start is what I’ve come to learn as the most important thing to know about any business idea, whether it’s your own or someone else’s:
Business ideas, even your own business idea, won’t make you one red cent, penny, $.01, no money. Great ideas are a dime a dozen and at some point I had to get over my love of coming up with great ideas and start taking action. Taking action is the key to everything and an ounce of action is worth more than a ton of thought thought or talk when it comes to determining whether you’ve got a keeper or not. Here is what I mean; Most successful business ideas started out much different than they are when they are successful and the “thing” that makes the idea evolve, change, or innovate into a great and profitable business idea is action. Action creates results and those can be analyzed and the used to tweak you business idea, you business model, your cash flow model, your marketing message, should I keep going? You see what I mean, huh?
No one, not even the big dogs come up with the perfect idea, the business world in this millennium just does not operate that way. Every idea, every innovation, every new product or service you develop is really a spring board for the next and if you can get your mind around that AND apply it to you own business idea, you’ll have success.
So How Does One Make Their Business Ideas Successful?
Here is what I think. If you got your mind around what we just looked at and had little moment of clarity, the next logical question is, “OK, How Do I Do That?” The approach that has worked for me is to just do something (action); Evaluate the results; then implement and take action on what you find and repeat the process. I know it sound corny, but the “how’s” show up when you really, really want to do or achieve something. It just works that way doesn’t it. So if you feel at all stuck in making your own business ideas successful I’d figure out what you really, really want and emotionally attach your business success to getting it. I used to tell my employees, “Working hard takes care of a lot of problems in life”, people can say what they want about money and happiness and work life balance, but here is what has come to work well for me in this regard:
- Work from purpose so I enjoy what I’m doing.
- Keep my goals and what I really want in focus so I don’t become my work.
- Always work and build the business in a way that allows me to walk away if I need to.
- Don’t manipulate myself to achieve something and not follow through with the “reward”.
That last one was a big problem for me. I remember I had a goal to have a five person company that did 500k a year in total revenue. I knew this would offer about 45k dollar income and I thought if I could create a business system that didn’t require all my time and paid me 45k it would put me in a position to really do well. I was about 22 years old at the time and, looking back, I’d say it was a great goal. The problem was I didn’t even take a breath to realize I achieved it only two years later and I just kept going and ended up with what I considered a “successful mess”. Thirty five employees later, crazy overhead, and $2.7 million dollars in revenue left me standing there bewildered wondering what the hell happened to the last 6 years of my life. You see what I really wanted ( and knew it when I started ) was some freedom and to be in a position where I could think, be creative and grow as an entrepreneur. What I ended up with was a constant feeling of steering a run away locomotive down a mountain side with my family on board, not cool!
Starting your own business for the first time is a big deal, I’ll give you that, but most people are so caught up in “Not Failing” that they lose focus of what success is to them. A few years later they resign to the idea that more is the only worthwhile goal and they are miserable a good part of the time. So yeah, starting your own business is a significant idea and it can be emotionally charging. Primarily I say this because that is the way it feels when your starting a business. I’ve started several businesses and it still feels like a big deal when I bring a business idea into physical reality. I’d also mention, if this is the first business you are starting, you will never experience the same things you are experiencing right now. Just like anything else you do for the first time, staring your own company or business will bring with it some stress, anxiety, and flat out fear. You should be proud of yourself for choosing courage over conformity, expect success and be intentional about creating with your own business idea.
The thing that makes starting your own business a big deal in my opinion, is the fact that you are confronting this fear head on and I have a deep personal respect and appreciation for that. I think living in this manner is not only noble but rare and you should be proud that your are, right now, in the process of acquiring all you need to know, do, and have in order to successfully start you own business venture.
There are many pitfalls along the way of starting a business, in my experience, most of them are cleverly disguised as well meaning resources and so called small business experts. If there is one thing I could say, one truth that encompasses what a business does, it would be: Business is about results.
You can go and do the check lists at the SBA site and consult Wikipedia on starting a business and check with the local Chamber of Commerce and do everything right and still fail miserably, most do according to these same resources I’ve just mentioned. So what do I have to say that they don’t?
Starting Your Own Business is Not an Event.
Starting your own successful business is a process and is too often confused with an event. Getting a job is an event. You go and apply, hand out your resume, interview and then you get a phone call or letter stating you’ve gotten the job. You have effectively won, in a sense. Starting a business is a bit different and constantly seeking out the “event” or the big moment will leave you feeling frustrated and incompetent at best.
Starting your own successful business is just the first step to actually achieving business success, in my experience realizing that your business is a success is a quiet occurrence that almost sneaks up on you along the way. It has never been a loud noise or a big event for me, rather, it is more like realizing that the business idea and goal you originally started with has long been met and in the process you’ve become a successful entrepreneur.
Others may try and convince you that you are a success from time to time, trust me they will, but true business success in your own venture only happens when you have reached your very own unique objectives for that business. Most people start their business with an idea of what success is only to find a completely different success that is much more genuine and real. I know this has always been the case for me.
How Do You Start Your Own Business?
This is my take on what actually happens in a business start up. When I evaluate business ideas, businesses I might want to buy, or online businesses I’m interested in launching I use the method because it works.
In Order for a Business to Work it Must…
- Provide a relevant product or service.
- People must pay for the product or service.
- The money people pay you must exceed expenses.
These three ideas are present in all successful for profit businesses. Some planning is necessary in most any successful business, but most are WAY over planned. I say if you’re a planner, a person who gets ready to get ready, then chill out and look at the whole thing like a walk in the woods, an adventure. Instead of looking at it as a journey you need to plan and pack for try thinking of it as an adventure where everything you will need will be provided along the way, do you see the difference? The bottom line is that there is one and the market will help you with that. Your better off to just do anything just get started and let the market and your results steer you business. I’ve found this is what happens anyway so I just roll with it. It’s OK to do something that creates a result, try and be OK with not controlling every little thing along the way and you will see opportunities for success that you otherwise would have been completely blind to.
Listen, if good information was the building block of starting your own successful business we would all be entrepreneurs and wealthy ones at that.
Some Things Can Wait.
Choosing an entity is not crucial at the outset of most businesses especially if a large amount of start up capital is not required. Choosing the best location is not always the best thing to be worried about when starting a business, in fact if I have to be in a certain geographical location in order to be successful and that location requires a capital commitment, I probably wouldn’t touch the business. That is not to say that the business isn’t good, I just know that wouldn’t be for me. Franchises are an exception to this rule. In fact you can’t even buy into most successful franchise business ideas unless your location meets their requirements. I’d ask myself if I want to spend my money and time building someone else’s brand and distributing their products/supplies in the first place, but maybe starting a franchise is the right fit for you.
Many things can wait until you have established the credibility of the business. Will it actually work? Having some experiential proof that your business is a keeper will make all the important decisions a whole lot easier and if you need capital, an investor might actually listen to you. The world is full of people with bright ideas, but what maters in business is results, remember? Go to an investor and show them what you’ve done instead of telling them what your going to do, you’ll be surprised by the difference in reception.
Branding is another hang up in my estimation, not because branding isn’t important but because the market should determine your brand too. You don’t have a brand until you have a market and you don’t have a market until you do something and get some real results. Assumptions, regardless of their intelligence, insightfulness, or certainty are still ignorance at best when it comes to starting your own business. So don’t make assumptions, they are arrogant, let the market reveal your brand and your path of natural business growth.
Some Things Need to Be Done First.
So what do you really need to do before you start your own successful business? I’d say the number one thing for you to do as an entrepreneur starting your own business is to define success as best you can from where you stand. Like I’ve already said this will change over time, but starting with a clear idea of what success means to you will play the most important role of actually achieving success. When I say define success I don’t mean gross sales or yearly profit margin. Forget the numbers, hell, forget the business. What would success do in your life? What would change? How would you feel when you have achieved success?
Success is different for everyone. Figure out what success is to you before you start your own business, this one idea is HUGE.
Knowing what you intend to create will influence every decision you will make in your new business and what you intend to create is your success. Most people seem to falsely assume success is the same as more. More is not a goal, it’s not success and will leave you high and dry at some point. If you allow more to be your goal time will become a liability and it will only be a matter of time before you wind up in utter failure and brokenness. Trust me on that one.
You want to turn time into an asset and you do this by making success inevitable. How do you do that? You know what success looks like, be crystal clear on it. Again, being clear on what success is to you will give you the power and insight to make every decision in your business that will actually create the reality you have deemed to be success. This is the foundational idea of Create Liberty Enterprises which was, in the beginning, just a theory and has proven itself in dollars, time freedom, and tremendous fulfillment.
Is one Business Better to start than the other?
If you are starting your own business for the first time one business is better than another to start. So what is the best business to start for beginner? This is more about the downside than the upside. If you’re a new entrepreneur and have an opportunity to make a modest or even small amount with a business venture that has no downside or very little risk, it is a better business than one with a ton of upside or profit potential that involves a lot of risk. You might try creating a few different revenue streams or at least a solid income before you go risking it all on a “once in a lifetime opportunity“.
Funding to Start Your Own Business Idea
Take it or leave it, natural seeding and natural growth businesses are just better for the person starting their own business idea. Trust is a difficult commodity in business relationship world and starting out in debt, with the need to prove yourself is not smart. Instead of borrowing a bunch of cash to start your own business consider options to start it without funding. Most people borrow money to avoid the slower start up and initial growth. Slow growth in your business in the beginning could well turn out to be the educational experience you need to make it a successful venture. Allow yourself a year or so to get initial cash flow moving then establish your profit margin and figure out the best place to invest cash to grow faster. Most people don’t have a clue about what to actually spend money on. You will waste money on marketing, services you don’t need, and customers you can’t afford to serve. Learn from the market and use this knowledge to make better decisions in your business. Start with a bunch of cash and you’ll likely be amazed how fast it disappears.
I intend to add more to this page as it is a very incomplete article when it comes to the ideas I’ve struggled with with regards to deciding to start my own businesses.
Any feedback you would care to offer is much appreciated!