6 Questions to Ask Yourself Before Starting a Business in Manhattan Beach, CA
More than 31 million people in the U.S. call themselves entrepreneurs. The path to entrepreneurship is filled with obstacles, road bumps, and plenty of questions. If you’re considering starting your own business, you might feel overwhelmed by just how many questions are swimming in your mind, but these thoughts are the key to identifying your direction. This is especially important if you’re trying to decide what kind of business to start.
The Manhattan Beach Chamber of Commerce has come up with six questions to help you narrow down your business ideas and find the right path.
1. What Skills can I Monetize?
There are many ways to choose what kind of business to start. You might opt for the business that you anticipate will be the most lucrative, or you could try for the one that’s the easiest to establish. No matter what criteria you use, though, you need to start a business that’s relevant to your skills. Before proceeding, then, you need to ask yourself exactly what skills you can monetize.
If you’re looking to get into an industry in which your current skills don’t fit, don’t fret! You can always look into continuing education options. If you’re starting a tech business, for instance, you could benefit from studying to earn a bachelor of information technology program. Look into online instruction so you can study at your own pace.
2. What Resources Will I Need?
You also need to realistically assess what resources you need, and what resources you have. You’ll likely find that there is a gap between the two, and that’s okay. You simply need to identify the resources that are the most essential for your business and seek them out if you don’t already have access to them.
3. How Much Time can I Devote to a Business?
As you start formulating your business plan, you must carefully consider the scale of your enterprise. If you’re like most beginning entrepreneurs, you have other obligations to tend to, so you won’t be able to devote all of your energy to your new business. Instead, determine how much time you can reasonably commit and ensure that you maintain this commitment.
4. What have I Learned from Past Experience?
Your past experiences — both professional and personal — have led you to the door of entrepreneurship. Even if these experiences don’t seem directly relevant to the business you want to start, you should consider the skills your experience has imparted. This question can help you rule out business ideas that you aren’t interested in and further hone in on the kind of business you are drawn to.
5. What Kind of Businesses are in Demand?”
It should be noted that passion and ability alone cannot sustain a business if its products and services are not in demand. It’s essential that you take the time to research what kind of businesses will be the most likely to thrive in your target area. You can gather this information by researching market demand.
6. How can I Market my New Business Effectively?
Once you’ve decided what kind of business to start, you need to decide how you’ll market it. There are many channels to consider, including social media, print ads, and traditional ad methods like billboards, too. Video production marketing is undoubtedly one of the most effective methods you can employ. Consumers are likely to respond to the visual representation of your brand, and Melty Cone can help.
There are many free resources that make marketing more DIY friendly, but you will likely need to work with a graphic or web designer to solidify your logo or website. When you do, ensure you have clear channels of communication established so you get what you want out of the working relationship. Use a free online editing tool to provide feedback directly on proofs and mockups the designer sends. Are you unclear on how to edit a PDF? The editing tool is simple to use. Just drop in your file and use the pen, highlighter, comment, and sticky note tools to add comments directly on the document. Then save and share that file with your designer.
Ask the Right Questions to Start Your Business
Crafting a unique business concept may be challenging when you have to consider your skills, time constraints, and market viability. Asking the right questions will help you take all of these factors into consideration, though, and arrive at the ideal idea for starting your new business. Start with what you know, and gather tools and resources to get your business started. And if you work with designers, use a free editing tool to ensure clear communication so you get the marketing products your business needs.
Membership in the Manhattan Beach Chamber of Commerce offers invaluable benefits to entrepreneurs in our community. Join us today!