Your friends and family love your product, and you are ready to bring your products to more people. It's time to turn that hobby into a business, but where do you start? There is so much advice out there; what do you do first?
The best piece of advice I can give you is DON'T DO ANYTHING. Sit with this idea for a while and ask yourself a few questions. The time you spend answering these questions for yourself will save you hours of wasted time in the future.
The questions I propose below are questions only about YOU. They are not about others or how your amazing business will add value to them. These questions are about how your business will add value to you and your life. The answers to these questions will also help you determine what steps to take next and keep you focused on getting your business off the ground. So get a journal and something to write with.
Remember, you don't need to ask others what they think; you have the answers already inside. So, spend some time exploring them!
Dream It -Think BIG PICTURE-Where do you envision your life to be in the five years? Not your business, you. For example, have you gone full time to part-time to be with your family? Are you working for yourself? Are you traveling? Where do you live? Are you buying a house? Are you transitioning? What do YOU want for yourself? Write it down. Here is mine from a couple of years back.
I have gone down to part-time at my 9-5. I make my own hours to have the flexibility to put my family first. I also have a passive income. On the weekends I'm traveling in my camper with my family.
Now think about your business. How do you envision this business helping you get there? - Will it help you leave your job? Is this a second source of income?
This business will help me attain my dream by creating a second line of income to travel. It will also let me leave my full-time job as a ________ as I can go down to 50%. Eventually, I will leave my current job to work on my business full time. I want this business to add to my life, not take time away from my family to do it.
If you are up for it, get into the nitty-gritty of all of these big questions. How much money do I want to bring in? How much product is that? How will I get it into the hands of people?
I want to bring in _________ amount of $. That’s about _________ amount of product. I will get it into the hands of people through ______________ (in person shows, online, in local stores.) Because I want to spend time doing__________ I am willing to do ________________, but I am not willing to _____________________.
Keep asking yourself these questions and write down answers that come to you over a few days. Some of these questions may lead to other questions that you should take the time to answer. After some time, reflect on these answers. What patterns have arisen? What are you willing to do? What are you not?
I ask you to ponder these questions before you jump into your business because these answers become your why. Your why is your purpose to why you started a business in the first place. Your why will keep you going when you want to quit when times get tough. It will also help you say yes to opportunities and establish boundaries around your no's.
I hope you find this exercise helpful as you get started creating your business. Let me know what other questions arise for you as you go through this process.
And if you want to take a deeper dive in this subject, visit my new website!