THE IN BOX

BUSINESS: THE IN BOX Dream Job by Amy Barnes

17 J o y o f M e d i n a C o u n t y M a g a z i n e | S e p t e m b e r 2 0 2 0 A BetterEXPerience.

Well, it sounded like a great idea.

That terrific, no-one-else-is-doing-this business idea that hit as you fell asleep last night, an idea that gets better the more you think about it.

The first step is to research the market for what you want to sell.

Are there social media posts looking for that product or service? Has personal experience shown a need for what you want to offer?

Does that type of business already exist, is the market flooded already? If so, unless you have found a way to be extraordinarily, obviously different from the others, it already is time to change either your planned location or product.

If planning a brick-and-mortar storefront, walk the area. Would existing businesses and yours be feeders for each other?

Schedule a visit with your city’s economic development director. Ask what the latest study of the business area said was lacking, discuss what types of businesses city leaders are courting. A word of warning: It is a given that businesses being courted will be opening soon, pick something else.

This should be a no-brainer, but from what I have seen, it is necessary to mention. If the study shows a need for widget stores, but the study is 5 years old and there are now several widget stores in the area, do not open a widget store. No one wants to see yet another widget store, and the demand for widgets will be so thinned out among the stores that few, if any, will get enough business to survive.

Do not fear changing your plan, be flexible in your thinking. Part of being successful in business is based on how quickly a business can adapt. The current pandemic has shown that more clearly and painfully than any business class could.

Your original product or service idea can lead to others, until you hit upon a winning, profitable idea, whereupon everyone you know will exclaim, “Why didn’t I think of that?” while giving themselves a resounding whack on the forehead.

Once research is complete, you will be ready for the nuts and bolts of how to establish your business, and that will be covered in next month’s column.

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Interested in writing this column? Contact Amy Barnes at Joy@BlakeHousePublishing.com Be sure to include information about your business experience and a sample column of no more than 350 words.