Written by: Samantha Touchais, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
So you want to launch your own business but don’t know where to start? You want to create a business that will give you time and money freedom but you need the right business idea to do so? Then please read on.
The world has been turned upside lately and with this change has come an increase in people looking at better ways to spend their time and to pay their bills. Since 2019 there has been a surge of new businesses being born, with some countries such as the United States registering a growth in business start ups by up to 24%. [1]
Many of these businesses have popped up overnight without the right thought and insight that will make them a lasting success. Businesses appear to be closing just as quickly as they are opening. So how do you avoid being just another statistic and actually create a business that will not only be a financial success, allowing you to step wholly into being your own boss, but that will bring meaning, purpose and most of all joy to your life?
While there are many ways to create a business, there are certain steps that need to be taken to ensure you are on the right path that will take you to your goal. Here are the steps that my 22 years as a corporate marketing expert, and my 6 years as a successful entrepreneur, have taught me:
Step 1 – Know your why
The first step is to get really clear on why you want to start your own business in the first place. I am a business coach and I find that most of my clients have multiple reasons for wanting to start their own business and while money is one of them, things like freedom to choose how to spend their time, the freedom to be their own boss and flexibility of location are what drive them into the world of entrepreneurship.
Knowing why you want to run your own business is what will pull you through the tough times and will guide you when you feel lost.
Step 2 – Discover your passions
If money were no object, what is the one thing you would love to spend most of your time doing (apart from sleeping!)? Is there a cause that you are really passionate about? Is there a difference you would like to make in the world? Is there a subject you could spend all day talking about?
At this stage, don’t worry about what will actually bring you money, just focus on what lights you up and what will get you jumping out of bed on a Monday morning happy to start the week.
Step 3 – What skills and experience do you have?
It is not always necessary to get additional qualifications when you want to start your own business. Reviewing your previous experience, including time at home looking after the children, managing a local sports team or volunteering at a dog shelter for example, as well as time spent in previous jobs, will give you a good idea of the broad range of skills you have probably picked up by now.
Make a list of everything you have to offer, and if you run out of ideas, or find this task difficult, ask friends and family members about your skills and strengths, as well as past and present colleagues. List absolutely everything without editing or filtering!
Step 4 – See what kind of business appeals to you
Spend time checking out other people’s businesses, particularly via social media, and see what kind of business appeals to you. Is it more of a service-based business that you would like to start, or a product-based one? Do you want to build a personal brand and deal directly with your client or customer or do you want to be more behind the scenes? Do you want to provide products or services in an area that will help people with their health and wellbeing or do you prefer to work in a fast-moving consumer goods type of industry?
Really spend time seeing what options are available to you – online, offline, coaching, mentoring, product sales, teaching via online courses, creative freelancing, the list goes on. Listen to your body and see how you feel when you explore each idea. If anything feels heavy or unexciting, it is probably not for you.
Step 5 – Who do you want to work with?
Some people love children and could spend all day with them. Other people would love to work with those transitioning from one stage of life to another. Perhaps you are an introvert and want to help others like you, or perhaps you feel really passionate about financial education and feel that parents and teachers would be the best people to have as clients. Do you like being around go-getters and action-takers or do you prefer to help people who are feeling stuck and unmotivated to move forward with their lives?
Remember that you will soon be spending a lot of time in this business you are building so you may as well work with people who you enjoy spending time with and helping.
Creating a profile of your ideal client is a crucial step to complete before going live with your business idea. Yet many people skip this step as it can feel overwhelming and difficult to do. I have created a free guide to help you clearly and accurately define your ideal client, quickly and easily. No overwhelm allowed! You can grab your copy here: https://www.samanthatouchais.com/defining-your-ideal-client
Step 6 – It’s time for research
You should now be starting to feel that you are getting closer to a business idea, but don’t worry if you are not quite there yet. This is no easy task so be kind to yourself and know that you will eventually gain clarity on what it is you want to do. You may just need to sit with it for a bit longer.
Once you do have a better idea it is time to start researching what exists, what ideas seem to have gained traction online and what types of businesses are actually making money! Once you know the kind of person you want to work with and how you want to help them (in other words, what products or services you want to sell) then you can join Facebook groups where these people hang out and listen to their online conversations. What questions are they asking in the groups? What struggles do they seem to be facing? What solutions are people offering? Get clear on what it is they need and the gaps they feel they have, as there is no point trying to solve a problem for them that actually doesn’t exist.
Step 7 – Map out ideas and get testing!
The beauty of the internet and today’s technology is that in many cases we can easily create and test out an idea without spending too much money upfront. You don’t need a highly professional and fancy website straight off the bat, and in fact, keeping things simple at the beginning will limit the overwhelm and will give you a better read on the market and how well your initial product or service ideas are being received.
Nothing is set in stone and many business owners have started out with one idea and then quickly changed when they realised that the market wanted something different. While consistency is key to building a viable business, flexibility is also a strength of businesses that have stood the test of time. It is all about balance.
I would not recommend investing in short-term fad business ideas as the market will have moved on before you have managed to establish yourself (drop shipping is possibly the only exception to this), but understanding what people really need in their lives, and that they will continue to need in some form or other is the best basis for a long-term business. There always need to be new buyers to tap into or current clients or customers to maintain.
And remember, even if your idea already exists, you are unique and by leveraging your personal brand along with your products or services you will be able to stand out from the competition.
Final word
Creating a business from scratch is no easy feat. Trust me, I have done it four times! Never feel you have to go it alone and please don’t feel that you have to have all the answers. Even the most successful entrepreneurs in the world have asked for help at some time and many have had (and still have) coaches and mentors guiding them and supporting them.
There is no shame in trying and failing. There is no shame in asking for help. There is no shame in starting something and realizing it was not for you after all. Pivot or move away from it completely.
One of the best things I have loved about having my own businesses is that I get to see ideas brought to life in a way that changes my clients’ lives for the better. It is such a privilege, and I can’t wait for you to experience the same!
If you would like my help creating your online (or offline) business, then there are several ways I can help. Let’s start by jumping on a free 30-minute strategy call to get to know each other and to allow me to show you how I can help and the benefits you will receive. Just follow this link to book the call.
You can find Samantha on her website, wellbeingseries, and LinkedIn!
Samantha Touchais, Executive Contributor Brainz Magazine
Samantha Touchais is a Business and Mindset Coach helping women create a safe and secure path to launching their dream business by providing them with the support and tools to make it a success. She has over 20 years of marketing and strategy experience working for large international companies worldwide, and it was her love of how the mind works and how to create the right mindset for success that led her into coaching. She lives and breathes marketing and mindset and loves sharing her learnings with others. Author of four books and the creator of the Well Being Series (a collection of apps and books that provide meditations and affirmations for well-being based on the latest neuro-science), she loves exploring Europe, where she has been for the last 14 years but misses the beaches of her native Australia.
