4Sight Coach » Do NOT Start a Business Before You Read This!!!

As a business coach. I help businesses at various stages. Some want help getting their business ready to sell. Some have been open for a short time and they need help growing. And...everything in between. I've noticed something over the years.

When business owners struggle, especially in the 0-5 year time frame. They have usually skipped a very important part of planning. Think of it like a test. If you can't pass it, you shouldn't start a business.

Why do you want to start a business?

There are a handful of reasons why someone starts a business. It's important to think about these before you do anything. I want you to be connected to this reason throughout your planning phase. Into running your business. This WHY is going to get you through to success. If you are unclear, or if you are just picking something, it will come back to bite you.

As you know, I believe we start businesses because we want control. Control over our time and our income. You may think about it as wanting your freedom. Wanting to be your own boss. You want to use the skills you have the way you want to use them. Ultimately though, it's about control.

What should my business do?

You want to be your own boss. Cool. Doing what? If what you do is not aligned with your why, it will break down later. So think about these:

- what do you like to do (are you creative. can you fix things. do you like research)

- in what way do others think you are talented?

- do you have hobbies that you can turn into money?

Need or want?

Think a little deeper. Will people buy from you because you are selling something they need or something they want? I'd argue that businesses that solve a need versus a want are different. This starts to get you thinking about your market. Niche. Who ultimately you will be serving with your product or service.

Now you can move into a pre-business plan checklist. Ask yourself these:

who might I be completing against
what would my advantage be
how can I create demand
should I purchase an existing business
is there a franchise with a proven model I can buy

Once you've gotten through these, and you still feel good about moving forward,l it's time to go into more detail and outline your business plan.

Here's a link to a video walk-through I did on business plans.