Assalamu Alaikum [Peace be to you], I was sitting here thinking about my journey, and I just had to ask you, have you ever found yourself sitting down one day and then all of a sudden. Boom!! Amazing business idea.
If you could only get just one off the ground you will definitely become the next big thing and you will definitely make millions. You do a little research and watch a few YouTube videos on how to start a business. All of a sudden, “Hey, I think I’m going to do it”.
So why not see if I can put a plan together. After all, I may need to eventually pitch my idea to investors at some point right?
There are dozens of those things on the internet. Each one saying, emphasize this, and mention that and make sure you have so many years of forecasts and this and that, blah, blah, blah. They incite the fear that our businesses will die if we don't get that “paper” from that VC. Not all of us are financial accountants, so some of us pay for the service or even a business plan writing service. I couldn't believe these things exist, but because there are so many, it just goes to show how popular it is.
Writing a business plan takes months, and paying for one is just a glorified waste of time. After all, the purpose of the plan is not to get investment, it is to run your business. A plan shows that you know what you are doing, so why would you pay to show that someone else knows what they are doing? Would an investor even invest in someone who has to pay someone else to plan their business? I would rather invest in them.
We have been fed the narrative that you need to have lots of money to make money. Of course, the concept of business does require spending to earn. This is definitely something unavoidable. But why do we have this belief that we will not be able to start a business without loads of money?
It's beneficial to venture capitalists, banks, and the people with loads of money. This narrative has become so popular that it has almost become the accepted norm. No wonder many of us don't dare enter, or are too afraid to enter the business world because of it. Because we don't have enough “Capital”.
I hate to break it to you, but it has all been one big lie… and here's why. Before I delve into this, I want you to consider something. Why are you considering going into business?
If your answer is, “To make money..duh”. Then why not just get a regular job. A regular job pays money. You get to meet lots of people. You get guaranteed income. You learn new skills from other people and you can slowly earn more over time.
As a business owner myself, I can tell you that starting and running your own business is an extremely daunting and mentally traumatic experience.
Your income is not guaranteed.
There is barely someone willing to share skills and knowledge with you for free.
Your work never stops, nor goes away. And if you are in your first year, prepare yourself for a few mental breakdowns.. So, if your motivation is purely money, I must tell you, it will have to be a true love to keep you going at it just for that. This is not to say that money shouldn't be a reason.
I know many people who are driven to the point of pure passion because of their love for money. Picture Scrooge McDuck from Ducktails (For those old enough) swimming in his tower of money. They do whatever it takes, and the pain is nothing but a symptom of being rich for them. The main purpose for this question is, without questioning yourself, you can overlook a simple fact.
I mean, it sounds simple, but you are more than likely going to be in business for several years, or a lifetime (if it works out). You surely need to be doing something you enjoy to be able to go through this pain. Or, you are going to be out of the game within the first 2 years. In another post, I mentioned about being your most authentic self, and that your business is an extension of who you are.
And yes, we all have some skill someone is willing to pay for, else there would not be jobs.
Starting with the intention of making money, implies this uncertainty of skill, or product and the intention to explore and develop such product.
Like saying, I haven't really figured it out yet, but hey, I want to make millions. And be honest with yourself, once you start a business, the market will whip it out of you anyway.
Starting with yourself however, helps identify you as being the product, and what you are capable of doing. Sometimes, you might know a great recipe from your gran, or you can work well with wood, or even change spark plugs. Whatever the case may be, your skill will only cost you time and effort. Once you are able to identify the skill within yourself, you already have a product, the next step is to figure out what kind of people are buying your skill or product.
Now there's a google search with some impact.
SO… coming back to my point
I can tell you from my own experience, that this is a terrible way to go. An investor during your early stages, will most certainly influence the direction of your business and you won't have much say.
They will practically own it for as long as you keep their money.
You will likely take their money on their terms.
They are looking to make substantial profits over a short period (Namely 3 years).
So expect to work with some pressure and to feel as though you are employed and not an employer.
Not to mention, you may not have the same ideals, goals, views with your investor, and this will inevitably cause some disagreements.
And when their term comes, they withdraw their money, whether you have made profit or not. This can practically close you down. You might as well have kept your day job.
You have your own god given skills. So you don't need to figure out what business to go into. Your skills will fit into either of these categories.
Retail or service...heard of them?
If you can make something with your hands, be it cooking, knitting, making door frames or whatever. You can retail.
If you can fix something, build something, or know a lot about something, you have a service that you can offer as a freelancer. Simple isn't it?
The rest depends on how well you can meet the needs of your customers. The secret to becoming wealthy is not in having one big idea or huge product. It's simply meeting the needs of the customer better than the next person.
Put yourself in their shoes. You do it all the time. You weigh your options before you part with your money. Who will bring you the best value or service or whatever it is that you hold important.
All in all, if you can do this well, you are well on your way. Here's to you and your success.