[shortcode-variables slug="subscribe"] Right Biz for You Series (Part 3) This series is for people who are thinking about starting their own small business but may not be sure of the type of business or, who may know the type of business, but not be sure if it’s a viable one.
Even if you already have a small business, this series may help you validate that you are doing the right thing and give you some additional ideas for making your small business even better.
Generating Small Business Ideas How to Begin In Episode 001, we explored getting to know you - doing a self-assessment of your skills/knowledge/strengths/passions /interests/curiosities. If you did not have a chance to listen to that episode, I encourage you to do so. If you don’t have time for that, take a few moments now to think about those aspects of you.
The ideal situation is to find a business that blends your passions/interests with your skills/knowledge/strengths. It often helps to jot your ideas down on paper, then begin generating ideas by combining some of your favorites.
Example provided of former college basketball coach, Ed Molitor, who transformed the skills/knowledge he gained from this and other positions into his own leadership development consulting firm where he is finding joy in living his “Why” by helping others every day.
To check out Ed Molitor’s work, please visit here. Three Key Business Styles There exist a wide variety of business models that is growing and changing with our ever-expanding technologies and economics. In this segment, we explore the following three models most typical for a small business:
Instruction-based: You teach your client a skill Service-based: You provide a service for your client Product-based: You sell a tangible product to your client Instruction-based
Have you or a member of your family ever been taught to play an instrument? Has a company you’ve worked for ever brought in a consultant to work with the sales staff to teach them effective selling techniques? Have you ever hired someone to come to your home to organize your office or garage then taught you how to maintain it so you are never mired in mess again? All of these individuals own or work for an instruction-based business.
The following are examples of instruction-based roles: Youth athletic skills coach Camp coordination advisor Human resource consultant Personal stylist Piano instructor Sailing instructor Sales or leadership consultant Social media marketing consultant Software consultant Weight-loss coach Weight training instructor College selection advisor This type of work may take a variety of forms. It may involve working with a person or company, in-person, at your location or at theirs. Communications may also be handled electronically: via phone, email, or Skype. For some businesses, group classes – either in-person or virtual - may be the ideal format in which to provide instruction.
With a service-based business, you perform a task or complete a project for your client. They likely also will learn in the process, but do not have a desire to know the entire process, so leave that up to you.
Examples of service-based roles: Financial Advisor (client) Website designer Tour Guide Computer maintenance technician Entertainer Lawn care Landscape designer Auto repair Insurance Broker (client) Camp coordinator Pet groomer, walker, or sitter (or all three) Photographer Property Manager Virtual assistant Tax Preparer Product-based
With a product-based business, you sell something tangible to your customers. It may be something of your own creation: • Online courses or books • Artwork • Leather crafted jewelry • Blended essential oils • Sports-inspired home goods • Food You may also enjoy selling something that someone else has created and that has a strong business foundation already established be