So you want to start a small business? But not sure what business to start? Or on the hand you have too many ideas and sort of consider yourself as a multi passionate entrepreneur! Obviously you don’t want to put all your time and energy into a business that might not be right for you in the long run. In today’s episode I want to take you through these following steps to make sure your starting the right kind of small business for you. Leave with the tools knowing exactly what business will fulfil your wants and needs as well as providing you with a healthy work and home life balance. Welcome to the BrandMade show notes. If you’re a little busy right now you can just listen to – episode 005 on >>Apple Podcast<< or >>Spotify<<
What Did You Want To Be When You Grow up?
Time: 00:43
I want you to start off by thinking about when you were a lot younger and reality or practicality hadn’t set in. So around the age of 8 when someone asked you what do you want to be when you grow up? Personal for me I never said start my own business, I think my two options were ballet dancer or hairdresser. But usually the older we get the more unrealistic some of our dream where. However, today with the connection we can now make online the tools, and software available to us are incredible. And really it’s never been more possible to start your own business. However many years ago to create your website you have to learn coding and actually probably hire a professional to build it for you if you actually wanted it secure and in a functioning order. But nowadays you can just sign up to WordPress, Square Space or Wix and get creating yourself. We are living in a time where you can pretty much learn anything online and that shouldn’t overwhelm, but empower you to start what it is that you want to do.
What Do You Love To Do?- Helping you find the right business for you
Time: 01:49
So I’d like you to do just an exercise and grab a pen and paper. And now think about when you were younger. What is it that you used to enjoy? What did you love to do? Maybe it was cooking, maybe it was a certain hobby you did after school time reconnect, reconnect and rekindle what it was that you enjoyed. And then think about. Also what you enjoy now as maybe a 20 year old. So think about that, too. Don’t think if it’s going to make you money yet, because we’re not at that stage, we just want to figure out what is it that we love to do. So you should have to list both of them with about five to 10 things, but one of them with what you use to love to do when you were younger, and then one probably more recent things you love to do.
Getting Familiar With Your Strengths And Weaknesses – The Ones You’re Aware Of And The Ones Your Not.
Time: 02:49
Now maybe it’s time getting a little bit more realistic. What are you good at? What are your strengths, and maybe think about what are your weaknesses, some of you may be very self aware about your own strengths and weaknesses. It’s no secret that I am dyslexic. So hence, I picked a podcasting platform and transcribe my episodes, it’s definitely better to get a clear idea on what you’re good at now, then rather picking something and finding it really tricky. So if you’re finding it tricky to come up with, obviously a list of your own strengths and weaknesses, you can take a personality test that can help you and give you some guidance to some of your strengths and weaknesses. I don’t think you should take a online personality test too seriously, and pigeonhole yourself into a warm personality. Because really, I think we have different life experiences that obviously come to account. And I think we should look at probably personality as more of a spectrum rather than we’re just one type. But to give yourself some background and guidance within your strengths and weaknesses, then definitely do it.
How the 16 Personalities Test Could Help You
I did the 16 personality test. I came out as a INFJ – T, which I think is pretty accurate. But I wouldn’t be surprised if I did the test again and came out slightly different. But what my results told me was I’m passionate rarely settle for good enough. I’m creative and enjoy finding perfection solutions for people that I care about. We genuinely use our strengths for the greater good.
Compatible careers based on your personality type
But my weaknesses are highly sensitive to criticism, and I can definitely agree to that. Therefore we can come off very defensive and have I definitely known this for a while. I’m also well aware of my perfectionist ways. Apparently we are always fixated from perfecting rather than appreciating what we have. And all this I do really relate to but I have read through some of the other personalities. I do think I have some traits from other ones. So it’s a good idea to do it to get an idea, but maybe read some of the other ones too. So if you have time right now, I would suggest going onto the 16 personality website to do the test. They also have a section suggesting compatible career options for your personality type, which could also help you mine I think came out as counsellors. I called ledges teacher and social worker or yoga instructor as my first and foremost appropriate careers. But then they also have suggested probably the arts, I think it was like drawings and career and writing, music and photography, design and art. So don’t be unsettled. If what you want to do isn’t written down within your results, doesn’t mean you won’t be good at it.
How to Turn Your Hobby Into a Profitable Business
Time: 05:51
So now it gets a bit harder, what do you like, and that you are good at plus, can you actually get paid for it? Because let’s face it, if you’re starting a business, you need to make money. I don’t think it should be your first and foremost motivated to start. But I think the angle is to obviously make doing what you love your full time career. Therefore you need to be making obviously a decent income to live off. So without thinking about how much money you want to make, maybe start thinking about what the right business you can start that you would enjoy and would be good at, for example you might have on your list. You love baking and your strengths are teaching. But you don’t have the money to start a bakery shop and you’re not a massive fan of working to deadlines. So instead maybe you start a blog for baking and come up with your own recipes, a YouTube channel dedicated to teaching others how to bake online. later down the line, you could start a VIP live stream baking episode where a small group can talk to you and interact with you whilst you’re teaching them. And this kind of spirals, the different income streams you can create from it, you can start affiliate links to all the tools and equipments you use and gain commission. From that, you could also start selling your own branded much like a prints, wooden spoons and drop-ship these if you wanted to as well, your business doesn’t have to just be one income stream, you can do multiple that’s the best part starting a business.
Who do you want to help and support ?
But really it’s up to you where you want to take it and the direction and who you want to help serve. Because actually, you might not want to help home bakers, you just want to help brides to be who have smaller budgets and you want to give them all the support and tools to DIY their own wedding cake. So they don’t have to spend out more money for a professional, but still have a beautiful cake on the day. So that means you sort of niching down there. But that’s if that’s who you want to help because maybe the right business for you to start is due to something you’ve experienced first hand, like the costs of weddings and you’ve realised you want to find or create some other options for people, then that’s really that’s really great. And that’s where your passion lies. So definitely sit down and think about what it is that you like and try and make a list of all the income streams that could go underneath this. It doesn’t have to obviously be a YouTube channel. That’s not for everyone. Or it could be a podcast or blog. And it doesn’t have to just be informational pieces, you can definitely set up your own services. If that’s what you’d like to do, and you want to work with one to one on people instead of selling online.
Being Mindful Of The Bigger Impact Of Your Small Business
Time: 08:38
Think about what does the world need more or less of start to look at the bigger contacts your business fits into, we should all be starting the right business for you as well as it doing more good. It doesn’t need to obviously fix global warming and poverty or all the other problems in the world. But it should be created for good and not causing more negative lasting effects or impact on the world. Therefore you could do every sale you make a percentage could go to charity, every delivery you send could be carbon neutral, and packaging in recycled materials. Every t shirt you sell on your site could be made from recycled t shirts or like some cosmetic brands they have the option you can recycle the packaging by giving it pack. You could do this with T shirts that people purchase from you if you they don’t like or don’t want it anymore, and that they can return them back to you. And then you can either take them to a clothing bank or have pre loved to section on your website at a cheaper rate. This shows that you’re trying to do what you love, but also be ethically minded about it and not contribute towards a waste. Or the intention with your business doesn’t have to be so obvious. But it does need to start with good intentions. Whether you want to teach, entertain, inspire, help or even motivate motivate other people through your business. Make sure you’re also being mindful and ethical about the impact you’re making too because future generations definitely will thank you.
What Does Your Ideal Workday Look Like?
Time: 10:14
The next point is critical step. What does your ideal workday look like? What time do you want to wake up in the morning? When and where do you want to work? The right business for you might allow to travel, you’re probably going to fit into laptop lifestyle, running your business from the comfort of your laptop. Therefore, running an Etsy shop online might be tricky to travel with all the materials, packaging and inventory, unless you’re drop shipping items are creating digital products. So bear that in mind, when you’re thinking about certain businesses to start. You might also have a family to support and look after. So there might be certain hours that you can only dedicate towards your business. So think about that, too, and where you are in your sort of life. And if you’re thinking about starting a family or already pregnant, and you want to start working from home, travel might not be within your plans at that stage. So definitely think about the future as well when you’re thinking about your perfect workday, and what will be the most sustainable option and fulfilling for you.
Envision Your Ideal Workday
So this exercise is about just gaining a clear idea on what you want your perfect workday to sort of look like take a moment now to close your eyes and just think about different scenarios of different businesses in your head. And what that looks like. Do you get up really early and get it all done before 12 o’clock? Or are you more relaxed in the morning and just have a few attorney client meetings throughout the day. So just sort of like play your ideal day through your head. So you might realise that actually, you’re more comfortable to be grounded and the right business for you includes a comfortable home office or sort of London studio setup for your little business. And just trying to imagine what is included? Do you have a table for you to make and take pictures of your handmade products or are you ready to sit at your desk and so check your schedule for your client call meetings over zoom. After this exercise, you should have a better understanding on how you want your work day to look like and feel, you may come to the end of this exercise that you want to have more freedom in your day, and be able to take extra long lunches, jump on a plane at a moment’s notice. And you don’t want to have restrictions like client calls, etc. Make sure you are picking the right type of business to start for your wants needs. There’s no right or wrong here.
The Closing Statement – Making sure you pick the right business for you.
Time: 12:59
I’ve given you a lot of food for thought. Now it’s time to use all the questions and methods within this episode. To find your ideal small business there are always going to be if you explain us factors such as how much money you have to invest from the start will also affect the type of business you can actually start. Usually service based businesses are on one of the cheaper options because you don’t need money for materials or inventory. Make sure you think about what the future model of because the right business for you, could maybe include outsourcing and what areas you want to be in charge of. By now you should have two lists of hobbies and activities that you loved when you were younger and another with more recent ones. An understanding of your strengths and weaknesses an idea of your suggested career paths as a result of your personality test, what kind of impact you want to make on the world and what good you want it to achieve. Plus clarity on how you see your ideal business work day and how you want it to feel what it would look like for you. Obviously setting up and running a business might not look like the day you envisioned have. But that’s the end goal. With these six exercises, you can walk away with a better understanding knowing what type of business would fulfil your needs, wants out of life. So do take the time to think about what it is that you want to do every day there are always going to be some elements that you’re not a massive fan of, and some stressful elements too. But essentially you should be doing something he loved that outweighs stressful times.