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How did you decide on your business?

Discussion in 'Planning Your Business' started by Nancy, Mar 9, 2016.

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  1. Nancy

    Nancy Member

    I am looking to start another business. I have had a successful business before, so I have the business/marketing/etc basics down. How did you decide to do what you are doing? By accident? Something you love? ?? I am at the brainstorming stage and have lots of ideas, but do not want to leave anything out. Please share how you made a final decision on what to do.

    Right now I am jotting down ideas on a master brainstorming list. I am not totally excited about any of the ideas yet. Are there any good websites with ideas or ways to find ideas? I am kind of at a standstill right now and need an inspirational nudge!
    bhu likes this.
  2. jona

    jona Member

    Do you have contacts on a particular industry? maybe you worked in publishing or something like that and turns out you have many contacts there, so maybe you could focus your business ideas towards niches where you already have some form of network for promoting or even selling your product.

    Stepping out of your comfort zone is also advisable, but entering an industry where you already know the right people to call is easier.
  3. William Clements

    William Clements Moderator Member

    You need to think about what thinks you like an are passionate about and then think of an business that you could share that same love and passion with. You need to love your business and be happy and then work on building it and making money. Making the money will come with building your business successfully but without thinking of the money.

    People who start an business with only the money they can make in mind usually fail.

    After you jot down all this, you can look at realistically what you can and cannot afford to get started with and then it is time to make resolutions/goals and start making your business plan.
    bhu likes this.
  4. Nancy

    Nancy Member

    Thanks @William Clements ! Since I have little money, I am somewhat limited in what I can do. I was able to start with nothing before and become successful. It just takes a little bit longer to get there ;)

    Good reminder about doing something you love. Very important, as I am sure you know, as you will spend a good part of your waking hours doing it! And enthusiasm is contagious!! I love helping people and seeing them happy due to what I have done for them. That is up there with making money in terms of importance to me.

    How did you decide on your business?
  5. The business idea came naturally to me. I had been writing on and affiliate marketing on various sites for many years.Then one day I decided to launch my own website where I could make money from advertising and affiliate marketing. Now I have three websites.
    Nancy and bhu like this.
  6. William Clements

    William Clements Moderator Member

    Having little to know money will be a VERY big hurdle. Anyways, my store is long but let me try to make it short. So, when I was 9 years old, I thought about starting my own lawn mowing business to make and save up money. I talked to my parents and they agreed and buying and replacing the lawn mower when needed and they would be the gas for it. However, I will be the one to maintain it and while mowing other neighbors lawns, mow my parents for free to work for the small capital I would need, if that makes since. I think went out door to door to ask all my neighbors is they would pay me to mow their lawn and let them negotiate the pay. I refused one neighbor as the min I was willing to do was $10 per cut. I did accepts $7.50 from my next store neighbor. Other than that, all were $10 or more. Anyways, I got a good amount of clients and was bringing in $44.00 per week. I could not handle it all on my own so I hired my step-brother to help me and paid him half of the earners which is $22.00 per week or per cut (which ever you want to call it). After doing that, I explored the Multi-Level Marketing (MLM) industry and got scammed and failed a bunch of times.

    I then found out about an candle business where I can earn money by building my downline and/or by selling the candles for a profit. I had to pay an auto-ship fee and cost of the website for people to buy from there and corporate would ship candles from that point. I sold candles in person, via mail and a few online. My best time of the year was close to Christmas until the job market crashed in 2007 (I think it was). I bought $3K in candles and sold ZERO. Anyways, I ended that but on the search for something else.

    For here I discovered the Get Paid to (GPT)/Paid To Click (PTC) industry. Although, my PTC site did not last, I eventually started my own GPT Site that is still around today. I started it on 1/1/2012 (4 years now) and it is still up. I had worked on GPT Sites doing offers to earn a few thousand bucks to put into my GPT site called Peoples GPT and that is how that part came about which you can check out by Clicking Here.

    Then, I started in the Affiliate Network industry after adding incent offers to my incentive site above. I eventually opened up my own network and that is where I am today with Affiliates Media.
    Nancy likes this.
  7. Corazon

    Corazon Member

    I had 2 businesses before. The first one was a boutique. It started from my interest in selling clothing items (on a consignment basis) and I thought it would make me rich. The second business is computer supplies retail and it stemmed from my husband's job as an IT person. Besides, his best friend in high school is in that industry so he got help.

    In thinking of a business, I would suggest that you tap the industry that is nearest your heart or maybe an industry where a family or close friend is in. It's too difficult to be a trailblazer, better to have some support from the people around you.
    bhu likes this.
  8. remnant

    remnant Member

    You are lucky to have a catalogue of business ideas to choose from. The best place to start is to do a SWOT analysis. Then look at your skills, competencies and skills. Know your personality type, what you like. Once you are through with this, you will be close to your ideal business after eliminating others through this process. A cardinal rule is to start a business only if the product or service will satisfy a market need.
    Nancy and bhu like this.
  9. Jack Benoit

    Jack Benoit Member

    Whеn реорlе wеrе аskеd whаt thе mаin issuеs nеw stаrt-uрs аrе likеly tо fасе оvеr thе соming mоnths, thе survеy раrtiсiраnts sаid:

    Рrоmоtiоn – hоw tо еnsurе yоur businеss idеа stаnds оut in thе mаrkеt (38.8%)

    Funding – sесuring initiаl finаnсе fоr thе nеw idеа (30.1%)

    Finаnсе Рrосеssеs – suссеssfully mаnаging issuеs suсh аs саshflоw mаnаgеmеnt / dеаling with VАT, еtс. (15.6%)

    Соmреtitоrs – lеаrning hоw tо dеаl (аnd tаkе оn) thе соmреtitiоn (7.7%)

    Rесruitmеnt – finding thе right реорlе, аnd suссеssfully hiring thеm tо wоrk fоr yоur businеss (3.1%).
    Nancy and bhu like this.
  10. bhu

    bhu Member

    I've always been a writer. I love my freedom, so I don't have employees to supervise. It's just me. I like to remain in control of my intellectual properties, so I am strictly an indie publisher. No contracts locking up my properties with traditional publishers for years at a time, during which I can't edit my books and issue new editions if a reviewer complains about something I could otherwise fix. I prefer ebooks, so I can be responsive to the market and publish more quickly. Amazon takes care of VAT for me, although I have to post my author profile on all the international pages for each book. And I've only recently discovered they do not automatically translate, so I've been discussing this with my friends and colleagues, looking for trustworthy, reliable translators. When I begin touring in support of my projects, I might contract with a friend who runs an online author services company for local assistants to help me with appearances. Keep It Simple is my favorite slogan.
    Nancy likes this.
  11. Nancy

    Nancy Member

    Thank you, everyone, for sharing your stories and ideas! I love learning how you made it to where you are now. I'm typing on my phone now, but will tell the story of my business success next time I am on my computer. Keep the stories coming, please. You are giving me ideas and inspiration!
  12. Lazy Hermit

    Lazy Hermit Member

    The first thing I did was list down a few business ideas that I'm interested in pursuing. Then I listed down the skills needed for each business and on whether or not I have the skills necessary. After that, I observed the community, and took note of the business that may be viable based on my observations.

    I'm still at the third part.
  13. djentre

    djentre Member

    Well, I would recommend penning down what your strengths are and what has worked for you in the past. I think this is the first and most important thing. For example, if you tried selling stuff on the street, then you tried selling stuff online using some independent store thing, and then you tried things like Amazon fba or something - and what really worked for you is the independent store, I would go with that.

    Then think about the kind of people you want and the kind of team that you will build up. Finally, think about what you'd like to do because if you have the execution down, the team and the product will fit right into your framework.
  14. CoolSpot

    CoolSpot Member

    I have a tendency to over think things if I am left looking at them for too long. So now I run the numbers, if the numbers seem good, then I push forward into testing the idea, when testing I start building processes, making notes of what is going to be needed in order to expand, what can be automated and where improvements to the running can be made. and begin working on this.

    I started my business life while I was in school, selling dvd's and software to students and teachers, doing laptop/computer and games console repairs as well as modding games consoles to play back up games that I would also sell, I won a few entrepreneurship awards while I was in school for various mock businesses.
    When I finished school it was onto the daily grind of telesales and then customer service (you really cant beat getting paid to learn the vital parts of business that you need to know in order to make yours a success). From there I attempted a few e-commerce sites, got scammed a few times with "supplier lists" where after paying for them you find that 95% of the supplier have been out of business for at least 3 years.

    From there I set up a computer and general electronics repair business, that did quite well ( going to peoples homes and doing repairs on site where possible) however with no transport and very poor transport links in the area, I quickly found that the only work I had left was buying broken games consoles, fixing them and then selling them to the guys on the army base.

    I finaly found various sources for suppliers (for free, IMO dont pay for supplier lists as they just are not worth the money), I decided to set up shop on ebay as to avoid the headache of having to learn marketing, traffic and analytics while developing the systems needed to keep the business running smoothly. (I seem to have the opposite issue to most, I dont have a feeling that im going to fail, but more that things are going to go far better than planned and that I will be unable to keep up with what is needed to be done, so braking things into small steps, and making sure that I have developed back end systems to support it seems to combat this.)

    On ebay I sold consumer electronics this lasted for around 9 months until paypal banned the account, the reason for which is still unknown as every time I had asked about it I was told a different reason.

    After ebay came web/graphic design, mainly doing work on request and not really seeking out clients unless I my forcast looked to be short

    From there I went into affiliate marketing, made some small profits, learnt how to use ad networks and tracking, how to do split testing, and essentially used affiliate marketing as a way to learn how to market my own sites in the future.

    Skip forward to today, I now I currently do web design/graphic design, still do a little marketing, dabble in making games and apps, have 1 ecommerce site currently running, 1 ebay store to go with it, and stores lined up to launch as soon as the back end systems from the first one have been confirmed as needing no more improvement. I also have a second ebay store in the works for selling ready to go (just need to do your own marketing, sites come with a full product catalog) e-commerce drop shipping sites just need to check through ebay's fine print to ensure that there is going to be no unforeseen issues poping up.
  15. Nancy

    Nancy Member

    I love all your stories and ideas! I would love to hear more!!

    My story is a little weird. I grew up in a home that encouraged entrepreneurship. I dropped out of college because I could see that it was all geared toward working for a corporation or someone else and I wasn't sure I wanted to do that.

    I get married and have a baby. It turns out my husband doesn't like to work. He quits job after job. The last one when I was due to have baby #2 any day. I decide I will help him start a business. He likes to sew and has enjoyed working for embroidery companies. We take our meager savings and buy a commercial sewing machine and rent a small storefront. We send out a letter to screen printers and embroiderers offering to sew athletic lettering for them.

    We started getting jobs right off. But husband still didn't like to work and couldn't handle the business/customer end of things so the kids and I packed up and came to work with him every day. Business continues to grow. We save up and buy our first little embroidery machine so we can do most of our work in-house. More babies are born. More machines purchased. We move to the country so we have space for the children and can work at home. Hire our first employees. Business continues to grow. Husband works less and less so I learn to do the sewing. Eventually I am running the whole business by myself with the help of the children and a couple of employees.

    We finally divorce and the children and I continue to run the business until I remarry and he lets me be a stay at home mom.

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