The first step in starting your business is simply describing what you will do in your business to make money. There's no need to get fancy-a simple legal pad will most likely do the trick. Just know that as soon as that first word is written, you have begun the steps to making your dream a reality.
For me, that first step was my biggest hurdle, because it meant that I was truly serious about starting my next business. For my own sake, I named my business Misner Media--and that name stuck through the next series of steps. What is Misner Media and what will Misner Media do to make money. For me, my background and experience laid the ground works because I had already created a media (video business) back in 1993. And back then, there was no social media, the internet was barely a thing and my market was very narrow. Now, in 2022, I had about 25 years of video experience, so my next steps were pretty obvious. For some of you, you might not even know what the heck you want to do. So I will give you the exercise I used to go into my first video business. You will need a sheet of paper and a pen. Make a list of the 5 things you are good at: example; you are technical, you communicate well, you are out-going, you can take apart electronics and put them back together. Next, make a list of 5 things you are not successful at-example; you do not pay attention to detail, you are terrible with money, you spend way more than you should. Third, make a list of 5 things you like to do and 4th, make a list of 5 things you hate doing. What you should find in those lists are some things that might make a good business. For me, and maybe for many of you, money may not be what you have right now--so think of things you can do that are service based such as fixing computers, doing social media, teaching a course. The idea is to not have to invest a ton of money to get going in your idea. One example I can share is that I was working with a student who loved to doodle. She made doodles into flowers and then colored the flowers with markers. I got her looking into creating stickers and vinyl creations through a company called Red Bubble--and within a few days, her ideas turned into a marketable product. The key thing to remember is that any (almost) any idea can be turned into a business.
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Author: Tracy MisnerTracy Misner has had several successful start-ups over his 40 year business career. His insightful, thoughtful and experienced tips will help most entrepreneurs succeed. ArchivesCategories |