Why do you want your own business?
Beyond the expected – “to make more money, why else, silly?” I’m asking you to think about what lifestyle you want. There are plenty of ways to make money. Some take 50+ hours a week, some take 5-10 hours. Some require you to go to others homes and some allow you to work from your laptop wherever you are. To help you really think through why you are pursuing a business I offer the 5 Why Method.
The 5 Why method originated with the Toyota manufacturing company. When faced with a decision, the management was taught to ask “why” 5 times. For you it might work like this:
“Why do I want to have my own business” – to make money from home
“Why do I want to make money from home” – I hate my job and I want to be home with my kids
“Why do I hate my job” – it doesn’t pay enough, the hours are long, the boss is a @$%^, and I have to miss the kid’s soccer games.
“Why do you have to miss the games?” – because I can’t get the time off
“Why can’t you get the time off?” – I have to be in the office every hour it is open.
From this process, you could gather that while the obvious answer to “Why do I want my own business?” is: to make more money, the deeper answer is “I want the flexibility to be there for my children.”
Now we can start to narrow down the options for business choices:
*You could start a retail scrapbook store, but that really wouldn’t help the problem as brick and mortar stores take 50 to 100 hours a week to get up and running.
*If you decide to sell custom made wedding albums and get into partnership with a photographer, what if she sends you 5 orders a month during the peak wedding season, are you prepared to put in that much time for a short period? Would that time conflict with soccer season?
*You might come to realize selling custom made baby albums to retail baby stores is a good fit. This gives you more control over your time, somewhat easier marketing (one customer to supply over and over rather than getting new customers for each product,) and a little less profit.
If you are truly serious about starting and succeeding in business, you’ll want to take the time to really think through these types of questions. Having a better understanding of yourself and what your objectives are will put you well ahead of the pack. You’ve heard that 4 out of 5 businesses fail within the first 5 years. You know there are millions of abandoned blogs and web sites out there. Most of those folks had a dream to start a business but they didn’t have a realistic idea of what they could do and how much time they could put into it.
You’re going to start your business off on a much better foundation because you’re taking the time to get a good idea of what business will realistically fit your lifestyle.