Deciding to Start a Business is Different than Deciding to Start a Successful Business

This quarantine season as we battle COVID-19 is the best time to work on the ideas we have kept pending. It has also offered the best time to think of a side hustle, which it will now be a must-have after this season.

While deciding to start a business is easy, building one is not a walk in the park. Having an idea for a business isn’t valuable; it is executing on the business plan every day. Execution is what makes the difference between similar businesses.

Conceiving a business idea and writing your plan is a cakewalk compared to what you have to endure day in and day out to make your business successful.

Besides, the planning that goes into implementing a business plan is different from one idea to the other. And your goals too.

The Day You “Open For Business” Is Where The Hard Work Starts.

The plans to open one store vs. a goal of creating a massive nationwide or regional retail chain vary significantly. I thought you should know,

However, it is hard to know what steps to take if you don’t know your end goal.

It is very important to determine early on what your goals are and how to measure your results as well as growth indicators (KPIs)

Further, to be successful in business, you have to know what pain point you are solving for your customer and how you will deliver value for them. Every business, whether goods or service-based, in every industry, must solve a compelling consumer need.

You must also define your ideal customer. If “everyone” is your customer, you are going to have a hard time reaching anyone at all, so having a focus is critical.

Make sure you evaluate and prepare for launching your business if you want to be successful with it.

As you endeavor to brainstorm what business you want to start, here’s what you can consider;

1. Are you employed? Look at the internal processes of the company you are working for (Human Resources, Finance & Accounting, Marketing, Management, Sales, etc.): What processes could be made more efficient? How could they be improved with the use of technology?
2. Analyze trends: Read, read, and read. Pick an industry and spend weeks, reading everything about it. Read, research, and meditate on that area until you get to the point where you can spot and predict upcoming trends yourself.
3. Explore your experience: Look at your past job roles and analyze what you liked/did not like about them. Think of industries and types of businesses that would allow you to do more of what you like. For example, if you loved working with people in your customer service job, why not build coaching or consulting business?
4. Build on your strengths or area of training: This is exactly how I started Inversk Magazine after my communication studies at the University of Nairobi. What skills do you have and how can you make extra income from them? For example, if you are good at writing articles in your past marketing job, you could start a business as a freelance writer.
5. What bugs you? All businesses exist to solve a customer pain point. Check out reviews of companies in a particular industry. What do people complain most about? How can you help?

These are just a few ways to get business ideas. There’s thousands of way you can generate and evaluate one. Just do your homework.

PS: Want to get smart on how to build and scale your business? #ReadInversk. Inversk Magazine shares analysis, analytics, and business building tools and advice from industry readers and experts. Start today by downloading a FREE e-copy via this link www.inversk.co.ke/magazine