Updated: 6 days ago
_Business. First of all, why am I spelling it with an underscore? We'll get to that soon, but first, let's talk about the craft of _business. Running a _business is not for the faint of heart. A successful _business requires capital, a well-formed _business plan, and proper management.
If you're thinking about starting your own _business, keep reading!
In this article, we're going to discuss:
How to start a _business
How to write a _business plan
Where to find the money for your new _business
Where to buy insurance for your new _business
How to manage a _business
Why in the world am I spelling the word "business" like "_business" (Hint: it has to do with something called Blue Ocean Strategy)
Table of Contents
What is the Best _Business to Start?
Deciding what _business to start isn't as simple as it might seem. Sure, you might have an idea for something you want to do, but the real question is: "What do people want to buy?"
According to my favorite book about _business - The E Myth: Why Most Small Businesses Fail and What To Do About It; by Michael Gerber - most entrepreneurs go into _business due to something called an "entrepreneurial fissure."
It typically goes like this...
You had a job; you were probably pretty good at your job. Maybe the best in the entire office, or shop, or whatever...
Every day you came to work and outperformed every last one of your colleagues. You showed up on time, worked hard, received praise and gratitude for your work (or maybe not), and you knew everything there was to know about how to do your job.
Then one day, you said to yourself: "I'm the one doing all the work around here while the boss just sits back and collects all the money! I should go into business for myself so that I can sit back and make my own money!"
So, you said goodbye to your job and set out to make your own fortune by going into _business for yourself.
You probably went out and bought all the latest and greatest equipment, hired a few of your close friends, and got right to work.
Things were probably going pretty well for a while too.
But little by little, things probably started to become slightly chaotic.
Maybe client appointments weren't organized as well as they could have been, or maybe the level of cleanliness in the workspace started to deteriorate slowly.
Perhaps you started to realize that the friends you hired to be your employees aren't taking the job as seriously as you believe they should, or perhaps they're not performing at the level you expected from them.
Maybe those relationships even began to show signs of stress as time passed.
After a while, you probably came to the conclusion that what you really need is someone who "knows what they're doing" to run the _business for you, and you probably found someone who was more than happy to do that for you.
But after letting someone else take the reigns for a while, things only seem to get worse!
No matter what you do, no one seems to be able to get the job done as well as you can!
You probably eventually came to the conclusion that you either need to close the doors for good or go back to doing everything yourself; and if you do decide to go back to doing everything yourself, it's only a matter of time before you decide to close the doors for good anyway.
So what went wrong?
The short answer is that the entrepreneur confused the 'technical work of a _business' with knowing the '_business behind that technical work.'
For instance, if we're talking about a car repair shop, the technical work of the _business includes knowing how to change tires, change the oil, top off the fluids, etc...
Whereas the _business of that technical work includes managing cash flow, tracking inventory, human resource management, marketing, meeting OSHA safety standards, enforcing cleanliness standards, systems engineering, etc...
Notice that the two disciplines are completely different from one another.
Knowing how to fix cars, and knowing how to run a business that fixes cars, are two entirely different sets of skills. Just because you know one doesn't mean that you know the other.
Imagine sitting down at a piano without ever having had a single lesson and being asked to play Mozart?
You need to take the time to learn how to play the piano first, and there is only one correct way to play the piano.
The same is true in _business.
There's only one correct way to run a _business, and accepting that is the first step toward success.
So, before we get too hung up on what type of _business to start, first make sure that your _business meets a need and has a reliable customer base.
Ideally, the community you serve should already be thirsty for your new _business.
The best products are ones that meet a need or correct a market inefficiency.
Growing up, one of my Father's favorite Dad-isms was:
"It's better to be the guy who sells the french fries than the guy who sells the deep fryer."
There's a lot of wisdom in that one sentence.
A salesman who sells deep fryers has to find a new customer every time he wants to make a sale. Rarely, if ever, will he sell to the same person twice. However, a salesman who sells french fries has an ever-increasing consumer base who makes recurring purchases of french fries.
Of course, french fries are just a metaphor. But the same principle applies to other consumable product categories such as Bath & Body products, Health & Beauty, Nutritional Supplements, Foods, and generally any _business that follows a subscription model or provides any type of ongoing service.
These types of products will always outperform products that can only sell to a customer once.