07 Apr Are you marrying the right business?
Creating a new business can be overwhelming, so, just imagine being married to it! Being married to a business that you simply don’t really like that much is really hard work.
There are many difficult decisions to be made in the process of business creation but, the most important and challenging is,
“What business should I start?” or “What path should I take?”
Asking yourself a few questions prior to deciding can assist you to create the most stable and sustainable platform possible, to enhance your chances for success.
The first question to ask yourself is “Why exactly am I planning to start this business”? This may seem obvious, however my experience is that the majority of people who start businesses are unaware of their real reasons for doing so.
Second, ask yourself what does success look like for you in life and business, because business is a long journey and you’ll be married to it for a long time.
I recommend starting with a list of priorities or objectives for the business, and being really honest with yourself as to what priority is most important, second most important, third most important etc.
For example, do want to be in business for money (such as financial freedom or an additional income), a learning experience, the chance to express a service or product that you love, for a chance to meet like-minded people etc.
If the priorities you list seem a world away from what you are doing now, you are most likely not on the right track.
If you really love it, you are probably already doing it in some form (in other words if the primary objective is to learn, you are probably dedicated to this type of learning already or if it is for financial freedom, you probably have been focused on this pursuit for some time).
So, the key here is honesty.
Could you honestly be in love every day with your business, even on the days you just want to get a divorce and head to the Bahamas?
If you answer maybe, or lean towards a no, then your business marriage isn’t aligned with your true priorities in life and this can lead to disappointment and uninspired action, both of which don’t make for a good startup or date night!
On the flip side, if you are clear on what you want to achieve, you will have loads of inspiration, as well as realistic expectations on how the business will progress.
Another factor in creating a successful startup and business is doing something you love.
Many businesses are created because of their founder’s love in creating or sharing the product/service the company provides so, falling in love with yourself first will set you up well and steer you towards what you feel naturally inclined to do.
“what do you do every chance you get, and feel inspired when you are doing it”
Before I became a coach/consultant, I would find myself constantly steering social conversations toward purpose, achieving, fulfilling potential etc.
I would also gravitate to this in every career I had (even when the job didn’t necessarily call for it!). And in my time away from work I dedicated a lot of time to researching and learning with regards to success, transformation and fulfilling potential.
When I really looked, It wasn’t difficult to see what I was naturally dedicated to, and this is why I chose to start a consulting business. What you love may be a hobby, it may be a particular aspect within the careers you have had that you gravitate to (such as in my example), it may be a skill you love such as creating or designing, or it may a concept or idea that you constantly think about. If you don’t judge it as right or wrong, it is usually pretty easy to see what you love to do.
Sometimes, it is business itself that we love (I am thinking of Richard Branson as an example).
If we love business itself, then this will take the role of primary objective, and what your company does will be less important than creating the business itself.
It can still help to base the business on a product, service or idea you love, however this may not be as strong a factor as simply creating a business.
A final yet very important consideration is to find out whether or not there is a market for what you are wanting to provide, or if you can shape what you do towards a market.
There is no business without a market, so finding the balance between something you love to do, and a product or service that people will buy is key to a happy ever after business marriage.