I’m SICK of the 9-5 and want to start a business but don’t know what I’d do for a business.

[mkher]

Some friends have bought pre-existing businesses and seem to be doing well. I want to start a business but just have no clue what I would do.. any ideas or tips on what I can do or what is in high demand?

 

[613jono]

@mkher Starting a business is a 24/7 job, especially in the first 2 or 3 years.

 

[lennyb]

@613jono Most people don’t realize you won’t make money.

Need to have cash reserves and with inflation even harder.

Just because you have a business model doesn’t mean it will be successful. Business is a lot of chance and luck.

 

[bethany311]

@lennyb You can mitigate a ton of that risk though. There will always be some level of inherent risk, but most people are not optimizing their businesses to flesh out risk like they should be.

 

[mkher]

@613jono Yes, I’d love to do that instead of a job that I dgaf about…

 

[613jono]

@mkher The quickest and easiest way is to start something based on what you're currently doing. If you're a plumber, go on your own and start your business. If you're a marketer, start your agency. If your an accountant, start your own accounting firm, etc.

That's the easiest and best way. It's also the less risky way, since you know the clients, the rates, the requirements, and the ins and outs of the job itself.

 

[mkher]

@613jono So what, start my own IT company? But what in IT exactly..

 

[613jono]

@mkher IT is a big thing. What are you doing exactly? Help desk support? Network security? Web development? Programming?

What is it you feel comfortable doing? You have to be confident approaching potential clients and offering your services to them. You don't want to sit with the client and his team just for them to see that you're not what you claim to be.

Take note of the things you can offer. Do a Google Search to see what others are offering. May be also look for a partner to start with so that you help each other. There is a lot to do when you want to start a business, but if you're good at what you're doing, you can quickly overcome any challenges and land clients quickly.

 

[mkher]

@613jono Would it be better to develop a product first and then clients? Maybe some type of app? I work in the property industry there are some things I’ve noticed where systems in a building don’t quite integrate with each other. I don’t know if it would be easy to get a bunch of different devices from a bunch of vendors to talk to one system though..

 

[fola]

@mkher Perfect. You've just identified a problem. That's the core of running any business.

The next step is to define the problem further.

Who has this problem? How many people have this problem?

Is there a solution currently on the market? If so how effective is it at solving the problem? Can it be done better/faster/more efficiently/cheaper?

Will the market pay for a solution to this problem?

What other problems can you solve in this realm?

Once you've fleshed out all that, you can then start to determine if there is a viable business opportunity there. If so, start brainstorming how you could develop a framework for the solution.

Once you've developed the framework of what your product looks like, you then figure out what is required to develop a prototype. What do you need? Can you do it yourself in your free time? Would you need additional help? Will it cost money to develop?

After you've figured out all these things, you can then create a business plan.