So You Want Your Own Business!

Reasons

There are many reasons for wanting to start your own business, and most of us get to this point.  Which one of the following applies to you?

• Freedom from daily routine.
• Doing what I want when I want.
• Improve my living standard.
• I want creative freedom.
• I want to fully use my skills, knowledge and education.
• I have a product/idea/service that people need.
• I’ll have more time with the family.
• I won’t have a dress code.
• There are good tax breaks for business owners.
• I work best alone.
• I want to be my own boss.
• I want to make the decisions.

Phases to your own business

Every one of the above is a good reason for wanting your own business.  The problem is, that not many people think the process through – step by step.  There are 8 phases to business planning.  They are:

1. Clarifying the Business Idea/Market Research Phase
2. Feasibility/Viability Assessment phase
3. Business Planning Phase
4. Start-up/Mentoring Phase
5. Operating/Monitoring Phase
6. Sustainability Maintenance Phases
7. Renewal/Growth Phase
8. Selling, Transferring, Retirement Phase

We’ll cover these phases in later Blogs. Today let’s look at Phase One

Clarifying the Business Idea/Market Research Phase

In the Clarifying the Business Idea/Market Research Phase you take a look at yourself and also your business options.  There are careers that are suited to personality types; to who you are, so the first thing you need to attend to is “Which personality type am I; in a business sense – who am I?”

Duty Fulfillers

• This is an introverted personality who is serious, quiet, thorough, orderly, matter-of-fact, logical, realistic, and dependable.  
• They take responsibility, are well organized, know what should be accomplished and work steadily toward it disregarding distractions.  
• They are careful calculators, and 20% of this group become accountants.

The Mechanics

• These are also introverts and are cool onlookers.  
• They are quiet, reserved, observing, and analyzing life with a detached curiosity and have unexpected flashes of original humor.  
• They’re usually interested in cause and effect, how and why mechanical things work, and in organizing facts using logical principles.  
• They usually are craftsmen, mechanics, or handymen with about 10% becoming farmers.

The Doers

• These people are extraverts who are good at on-the-spot problem solving, don’t worry, enjoy whatever comes along, are adaptable, tolerant, and generally conservative in values. 
• They tend to like mechanical things and sports, and dislike long explanations. 
• They are best with “real” things that can be worked, handled, taken apart, or put together. 
• About 10% of this type go into marketing or become Impresarios.

The Executives

• These are another extrovert group and are hearty, frank, decisive, leaders in activities and usually good in anything that requires reasoning and intelligent talk, such as public speaking. 
• They’re usually well informed and enjoy adding to their fund of knowledge.  
• They may sometimes appear more positive and confident than their experience in an area warrants. 
• They’re sometimes called “judgers” and “thinkers” and 21% of this group become legal administrators.

Roles of Personality Types

To go into each personality type would be far too complicated, but to give you an idea of the roles that personality types could fall into look at the following list.  

Beside the categories we covered in depth here are some simply broken down into Introvert or Extrovert Personality.

Introverts choose careers that satisfy being:

• Nurturers
• Guardians
• Artists
• Scientists
• Protectors
• Idealists

Extraverts  are usually:

• Performers
• Visionaries
• The Inspirers
• Givers
• Caregivers

Business Options

The second part of the Investigating Phase is looking at your business options.  When choosing the business you want to start, consider the following:

• Do you like to work with your hands or brain, or both?
• Does working indoors or outdoors matter?
• Are you good at math, writing, puzzles, blueprints, installing things or fixing things?
• What interests you? What are your hobbies?
• Do you like to work alone or as part of a team?
• Do you like to plan things, or go to events?
• Do you like machines, computers?
• Do you like to drive or operate equipment?
• Do you like to travel, collect/display things, give/attend shows, or take pictures?
• Are you small, large, strong?

The Way Forward: Likes and Dislikes

• Make a list of your likes and dislikes.  
• Keep a diary of things you do that relate to business and rate each entry from 1 to 5 based on your interest.  
• Then prepare a list of your strengths, weaknesses, opportunities and concerns.  
• After doing all that, you should have a list of possible businesses that covers your interest field.  
• Then you can make a list of the “possible businesses” and rate them from 1 to 5 based on your own chosen criteria.
• Some criteria could be:

1. is it feasible,
2. low in cost to establish, 
3. meets my objectives, 
4. will make money, 
5. there is a “niche” market of existing customers, or 
6. it will produce residual income 

     to name just a few.