Tag Archives: Business Idea

Tips to Help You Make the Most of Your Passion

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Are you are passionate about football, fast cars, cooking, shopping, eating out, fashion, outer space, aliens or ancient Egypt? Do you know that there are more ways than one to express that passion? Why limit yourself and follow the trend that has been set before you. Do you know that every idea you birth will have its own unique twist? Why you may ask? Because you are unique and you are bound to put your unique twist on everything you do, which makes the outcome extra special.

1272912_padlock_of_the_love 195617So what can you do with your passion once you discover it?

If you are still digging to find yours then you should get the “How to Unlock the Potential of Your Passion Audio Workshop and Worksheets” Listen and read this first so you can have a clear understanding of what your passion is and how to maximise it.

Your passion can have as many expressions as you allow it, as long as you are brave and bold enough to let it shine. Be careful of overwhelm though because once you allow your imagination to go for a stroll, you can be guaranteed that it will grab a shopping trolley and pile it high with ideas.  Check out my post 8 Questions to ask your business idea to help you weed through your pile of ideas.

So let us look at what you can do with your passion:

  1. Write About It – if you love fashion for example and you do not want to trade in it, you can write about the subject and get as much kick as if you are wearing or selling it.
  2. Teach It – some people just love to impart knowledge to others. This can be your niche, and another way to express your passion.
  3. Make It – can you make life easier for a particular demographic by developing a new product or service? They might just be waiting for what you can bring to the table.
  4. Sell It – do you want others to enjoy your passion? If access to your passion is limited, you can become the middleman between that passion and others that share your enthusiasm.
  5. Share It – if you have got a great network of friends and are good in gathering people together, why don’t you create a group to share your passion with.
  6. Advice It – I am passionate about people maximising their passion and turning them into great business ideas.  Are you that way inclined about a subject matter? Then might be your way of expressing your passion too.
  7. Invest In It – investment is another good way to get involved in what you enjoy. You do not have to start the business but you can be a part of it by investing in the concept financially or in other ways – just like football club owners!
  8. Combine It – you do not have to express your passion in just one way; you can combine sharing your passion with writing about it or advice on it etc. Whatever you choose to do, do not let it lie fallow and grow weeds.

Medium-Size-Ebook-JPGThere are so many ways you can express your passion but these are just a few to get you started.  If you are a firm believer like me that your passion has purpose i.e. to add value to your life and the lives of others, then you will be uncomfortable sitting on probably “the next best thing”.  Need help; start listing where your passion fits in the list above. Then get the Audio workshop and worksheets on How to Maximise the Potential of your Passion and give your passion a chance to bloom.

Has this post got your brain juices flowing?  Comment below or send me an email at ask@businessfirststeps.co.uk.  I will love to know your point of view.

I wish you good success.

Temi Koleowo.

Business First Steps – Turning Passion into Profit with Purpose.

8 Questions to ask your Business Idea

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Its official…2013 is the year of the entrepreneur. If no one else is declaring it, I am. I meet so many people courtesy of my job who are no longer satisfied with just answering to their line manager or following a strict job description. More people want to express themselves doing what they love and enjoy.

So if you are thinking of taking a step towards maximizing your passion or start a business. I have got a few questions you should ask your idea?

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 1. Does your product or service add value?
More people can now see beyond a good idea. If you want to compete with others in the marketplace, then you will need more than nice packaging and a good website. Your product or service should add value to the lives of your target market and readily make a difference once they make a purchase.

 2. Who will buy your product or service?
I made this mistake a few times when I started out in business. As soon as I thought of a good idea, I plunged it right on my website. When people did not buy the service, I got a hump. What I failed to see then was that a good business idea in my eye won’t translate to sales if my target market don’t need it. Take time to discover your target market and their needs. Then develop products and services that meet their specific needs – you will have a better chance of making a sale.

 3. Is your industry a saturated market?
If you are considering a product or service in a highly saturated market, you should be ready to fight to survive. You will also need more that a Unique Selling Point as you can be sure as day that as soon as you launch your idea, someone is going to be on your heel. So analyse your product’s benefits in-depth and find specific and unusual ways to make it stand out.

4. Is there a rise or decline in demand for your product or service?
Is there really any point in bringing to the market a product that is on the decline? If your idea has been waiting on the back burner for many years, is now the time to finally ‘Bring it to Life’? I believe in passion but passion and good business sense go hand in hand. You might need to go back to the drawing board and redesign or redefine your products or services.

5. How will technology advancement or other factors affect your business?
Sadly many businesses have gone into administration recently, I am sure they tried to move with the times but some are not just fast-paced enough to catch up. With the speed of technology development nowadays, the adage “you snooze, you lose” is so appropriate. How long can your products/services last on the market before something new comes along? What are your plans to keep up demands for products or services? Good questions to ask yourself if you are considering a long-term business.

6. Is there room for development or modification to meet new demands?
If you are designing a product or service, you should factor in room for improvement. In five years time, what modifications can you add to your products or what further benefits can your services provide? Have you got another version/better specification model to follow? It is important that you design your products/services with the future in mind so you can keep supplying those who need what you offer.

 7. What are the established businesses in your proposed market doing?
Carry out some research to find out what the big players in your industry have got up their sleeves. What is their next business step, what products do they have in the pipeline? Preempt their next moves and brainstorm their ideas to see if they can give birth to new ideas for your business?

This is totally random but I love this post on Entrepreneur.com ‘The secret of what makes a product go viral’ 

 8. How do you see your product or service developing in the next five years?
Even though most business owners would say they have a five-year plan, the plan can only be at the very best – a plan. If all the variables remain constant, maybe then maybe we can achieve our five years goals. You should always consider various options for your business development at any given time including an exit strategy.

Maybe now is the time to get your business idea or product development off the back-burner and start taking actions to bring it to market. But before you sign the office lease, send out the new product flyers and order the equipment, in-depth market research can never go amiss before a start-up/new development. Consider your options, analyse your answers, if you need to change your game plan, by all means do that but do not stand on the sideline and watch the world go by.

Get a bit of the action! The world is waiting for your business idea to blossom.

Need help discovering your passion, developing your idea, setting up your own business or brainstorming roadblocks in your existing business? Then contact me and let’s explore your options together.

I wish you good success.
Temi Koleowo

Products or Services Development Tip 1

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They say ideas are a dime a dozen but how do you get that idea that is bound to create a storm in the market place.  Understandably, you want to follow your passion and create a business you can run whilst also having some fun.  Let’s be honest if you follow your passion and your bills never get paid, it is a matter of time before you pack it in.  I am a firm believer of maximising passion to make a living but in the same light you have to ensure there is a demand for what you want to offer.

So what are the things you can do to check if your product or service idea is a viable one?  The following tips can help you develop an idea around your passion:

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What Group of People Engage and Interest You?

This thought might never have occurred to you, but we are all more comfortable with certain groups of people than others. Some love being around mothers, students, football enthusiasts, foodies, professionals, women, men or techy people.   The people you like to hang out with and things that interest you might be an indication of who you can be selling your products or services to.

Facebook Founder

Take for instance the story of Facebook founder Mark Elliot Zuckerberg.  He launched Facebook from his dormitory room. With the help of friends, he took Facebook to other campuses nationwide and soon after moved to Palo Alto, California. By 2007, Facebook had made him a billionaire at the age of 23. By 2010, Facebook had an estimated 500 million users worldwide and reached 1 billion in 2012.  Wikipedia 2013.

That is a simple indication of how the people you hang out with can become your target market.  So get those magnifying glass and look at them closely.

My Mini Story

There are many people with similar stories who built their businesses based on the needs of people around them.  Due to my analytical ability, my family and close friends used to approach me when they are contemplating a business decision – initially I wasn’t sure why.   After many years of writing business plans for free, it dawned on me that I can actually make a living doing this albeit in a professional way.  My first few customers were my family and friends and I am grateful for their trust in me.  Now that my company accommodates people from all walks of life, it is amazing to think that this was something that was always a part of me.

Taking the First Step

So if you want to start a business on a part time, full time or as an additional income to your current career – look closely at the people that interest you.   It could be your work colleagues, your jogging buddy or your lunchtime/church group.  Do not start looking at them on the basis of money but on the basis of meeting their needs.  It is easier to sell to people you know to start off and grow from there.  Study them and start jotting down in a notebook what you think they need that you can provide.

Till Next Time…Don’t Stop the Process of Your Business Start-up.  Keep Moving!

Temi

www.businessfirststeps.co.uk – personalised and practical business set-up and start-up services.

Persistence, Snowflakes and Starting a Business

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I was fascinated as I watched the snow fall over the weekend.   I watched it fall way back from my window so I was unaware of the effect it had on the ground.  It was obvious that the snow was light – you know those flakes that you think will never settle.  I thought that the snow will probably clear out in a few hours so we can go out the next day.

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But how wrong was I! Due to the consistency of the snowflakes that kept on falling, it became quite obvious that it was going to be the traffic-stopping, school-closing kind of snow.  I was taken aback when I ventured out and surveyed what had happened. Alas, the whole place was covered in snow…it was breathtakingly beautiful and a snow fight with the kids was imminent.

My Business First Steps

You may wonder why I’m going on about the weather, isn’t this suppose to be a business blog. Well the snow reminded me of when I started out in business.   It was challenging to get any client initially and I was overjoyed if anyone even agreed to work with me for a small fee. Clients came in trickles, sometimes one or two in a few months interval.   I had to constantly remind myself that small steps lead to giant strides and I was learning a lot as I went along.  Today I can gladly say I now get a regular flow of clients every month.   It has taken hard work (even when I don’t feel like it) mixed with consistent and persistent actions to get this far and I am not even near where I want to be yet.

1411773_winter_landscape_with_trees_and_snow lewyzThe journey can be rough when you start out in business, but it doesn’t stay rough forever.   You develop new knowledge, skills and a better coping mechanism to deal with whatever comes your way.

But you will never grow if you do not start or if you keep starting and stopping every time you hit a roadblock.   

A few flakes of snow for a few minutes cannot make much difference, but a few flakes that continue to fall over time can have a snowball effect.

Find Your Starting Block

If you want your passion, idea, concept, community group or social enterprise to make a difference, you need to commit to being consistent and persistent.

Three very important steps to help you get over the first few hurdles of starting a business:

  1. Find your starting line – define your passion, aims and objective.
  2. Get on your marks – put things in place to prepare you for the journey and stay focused.
  3. Then GO!  Push forward in the right gear and with all that you’ve got and never look back. 

Starting and running your own passion-based business is a fulfilling and rewarding option. Whether you want to do it full-time or in addition to your current job or family life, you deserve the chance to give it a go.

I wish you good success.

Temi Koleowo.

Get in touch if you find the business start-up journey rather hazy.  I am passionate about helping people package their passion, ideas or concept into something fulfilling and enjoyable. www.businessfirststeps.co.uk – personalised and practical business start-up coaching, brainstorming, resources and support.

 

A Business Start-up Poem

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To start your own business is like a long test

Never the same scenario because people have their uniqueness

It always starts from an inkling idea then grows

Like a baby it needs incubation, everyone knows

Passion plays a really great part

and will help once your courage starts

You can never ever get too much information

It’s out there so do the necessary collation

Of course there’s those who can help you pass the test

Such as one called Business First Steps

by Lufem Black © 2012

BFS www.businessfirststeps.co.uk

Personalised and Practical Business Start-up Services

Social Media Opportunities

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Are you a stay-at-home mum or dad looking for something to do?

Are you in between jobs and looking for a new career path or new business?

Why don’t you join in and ride on the Social Media Wave?  There are so many opportunities out there that you can maximise and also make a living too.

Some of those opportunities include:

  • Graphic designer – creating Facebook banners and twitter backgrounds
  • Social Media profile setup
  • Social Media updates
  • Virtual Assistant
  • Editors
  • Copywriters
  • Social media management and more

Your first business step is to find out about your chosen area, there is limitless information online – eBooks, videos, how-to articles etc. Assess your skill set, find out what you can or can’t do.  If you commit to developing yourself in an area within the next few months, you could be getting paid for your own gigs very soon.

Go on, give it a go!!!

Till next time

Temi

www.Businessfirststeps.co.uk

Why Hiring a Consultant is Essential for Business Growth

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A lot of people with a business start-up plan would benefit from hiring a business consultant for a number of reasons. While many would-be entrepreneurs would go without this service to save money, it may actually cost them more in the end. Going without the consulting service doesn’t mean that the company will fail; it might just not perform as well as hoped.

The Benefits of a Consultant

If you have a business start-up in mind, there are some very good reasons why you should consider hiring a consultant before you get too deep in the planning process and completely miss your way.

A business consultant has a wide range of expertise in the entrepreneurial field these include:

  • Writing business plans
  • Assistance with loan or grant proposals
  • Company registration and licensing
  • Writing realistic marketing goals and even with creating a good budget
  • Support and assistance along the way

These are a wide range of details that are all very important in the life of a business. If you don’t understand each of them, the consultant will explain the intricate details to you. They will also help you with the completion of these tasks to start your business.

If you may have already created a business and marketing plan, a consultant can review your plan to ensure it is realistic and will lead to a viable business.  The Business consultant will also look at your ideas and plans to see if anything is missing. It is so easy to miss out on very important start-up tasks but these consultants have been trained to spot these things.

Start on the Right Path to Success

Starting a business is not an easy task, it takes a lot of dedication to develop a business idea and put the plan into action. That is why many people have ideas they carry around for many years without starting out.

There is also the post start-up tasks which include marketing and every day business activities to consider. The business consultant will lead you through these steps to understanding what it takes to start successfully. They will also discuss with you the use of any partners, joint ventures or employees if you are considering moving in that direction. Many individuals start off hiring staff and acquiring premises when this could be delayed and financial burden reduced. The professional consultant will let you know what is necessary or not for your business.

Other than these benefits of talking to a consultant, there are other areas that they can help you with. They can assist you with sales strategies, choosing marketing methods, cutting down on expenses, improving customer service, improving the product, seeing potential problems in the business model, and dozens of other tasks. These are all essential aspects to consider when running a business that not only survives but thrives.

When you, as an entrepreneur, go to a business consultant for assistance, it is possibly the best thing that you can do for your own success. It does cost money to review your business with a consultant and to obtain assistance with it. However, this will pay off in the end. Spending this money will make you more money as a result because you will understand how to make your business a better one. You will be able to control your costs and budget your expenses to a higher level. You will learn how to spot problems before they become too big to repair.
Business Consulting does not stop at start-up, it runs through the life of a business and those who cherish business success make use of the skill religiously.
These are all benefits of hiring a licenses consultant to assist you with your business start-up and they are all essential to the success of your company.

Business First Steps provides brainstorming sessions for start-up and existing businesses.  They help businesses focus on the right way forward, set and achieve realistic business goals.

Till next time, keep surging forward….Temi.

Are You Breaking The Rules?

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We all have rules we live by most of which are unwritten rules, the same principle applies in business.  We start out with ambitious business strategies to take the world by storm.  We put most of this information down in a business plan and edit as we go.  But do we actually look back after a while and ask ourselves “is it time to change the rules”?

Business development needs flexibility.  The world economics is always changing and sometimes we can be stuck with business ideas and plans that work against us.  Even though our business requires structure, we need to adapt a flexibility mode as we grow.

Tip: Do not cast your business rules in stone rather be open-minded about the endless possibilities of your business idea. 

For example: If you set out to meet the needs of mothers with young kids and you get more enquiries from fathers with young kids, you need to ask yourself if it is time to change the rules.

Emotions can get in the way of your business idea, so be careful how you analyze your aims and objectives.   Yes, I know your business dream is to always meet the needs of moms with young kids but if the market doesn’t make that demand on you, you might need to change the rules.

I started out with Business First Steps from a very different platform.  I have an idea of what I wanted to do, but could not grasp the full picture at the time. As I progressed in business, I found out soon enough that some rules had to be broken. Yes my ideas in the beginning seemed great, but holding on to them will do my business more harm than good.  Emotions had to give way to common sense and good reasoning for my business to grow.

Action Plan:

If you have your business aims and objectives written down, now is a good time to revisit them and align them with the reality of your business operations.

If your aim and objectives are in your head, please take time out this month to write them down and post them somewhere conspicuous so you can see them every day.  This will help your business tremendously as you will know when it is time to change the rules.

I wish you good success

Temi Koleowo

www.businessfirststeps.co.uk

Business Tools and Brainstorming sessions for Business Start-up, Development and Growth.

Photo courtesy of iamwahid sxc.hu

Waiting for the Perfect Moment

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I love this quote as it resonates with me in every way.  As someone with a melancholic personality, I tend to want everything to be perfect before I make a move.  Years gone by I wanted the perfect business plan, perfect location, perfect set-up etc before I could even consider launching a business. But when I started out in business, I was quick to realise that if I stay in the place of “wanting to be perfect”, I will lose my place in the queue.  Guess what? Someone, somewhere will surely come and take my place soon enough, then the idea I thought was going to be perfect will now be common!

Sometimes we need to start from where we are at so we can grow as we gain more experience.   I am not advising anyone to go out and start a business without adequate research, planning and good business advice.  But some of us just refuse to set out of the boat to check if the water is tepid or cold!

  • What business idea have you  been thinking about?
  • What expansion plans do you have for your existing business?
  • If you were going to take the first step what will it be?
  • Can talking to someone else about it help you put things in the right perspective?

One of the actions that helped me when I started out in business is getting my idea out there into the open by telling people (trustworthy ones) about what I want to do. Once it gets out there, you are somewhat committing yourself to act and do something about that idea.  You can bet the people you told will be asking you about that idea and what you are doing with it.  A few years down the line, I still follow the same process in developing new ideas for my business. This is where a business mentor or even a business consultant’s help can come in handy, it might be worth investing in one.

Write It Down, Make It Plain

You should also commit to writing down your ideas, invest in a journal or a notebook. Date your entries so you can look back over time to see how far you have come.  Write the inspirational information down as it comes to you and do not worry about format or frequency.  You can also create a mind map for yourself, with you in the middle and the potential of your ideas branching out from you like a spider web.

Take Small Steady Action

Developing an idea needs action on your part, ‘thinking it’ cannot make things happen.  There is room to daydream but you now need to progress from that place to the next room of ‘taking action’ to realise your dream.  Start a to-do-list of what you want to do with your idea. Do not develop long term goals just now as you might find it overwhelming.  Begin the process with a weekly plan, then monthly, six months, one year etc.

Go online and research the prospects of your idea/passion using various related keywords.  Check out your competitors and even patronise them if you can afford to and think of how you can differentiate your idea. Create a folder for the information you gather online/offline and bookmark useful websites.

Remember the journey of a thousand miles begins with one step.  If you already run a business, what are your ideas for expansion?  Starter? What ‘Business First Step’ are you going to take to develop that passion/idea lying dormant within you?

I wish you great success

Temi Koleowo

Business First Steps offers a FREE exploration session in addition to business start-up packages, eCourses, eBooks, business start-up one2one program, brainstorming sessions and other services.  We are passionate about developing new and existing SMEs and will love to be a part of your success story.

Photo culled from Shoreline Neighbours FB page.

The Potential of your Passion

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Ideas are a dime a dozen!! Yes that may be true, but I also believe that what makes an idea unique is the person driving it forward.  Two people can set off from similar or same business idea paths and end up in two completely different destinations.  The determining factor is the passion, personality and fortitude of the person who holds the potential of the idea in his/her hand.

The Old Vs The New      

I was browsing the internet recently when I came across this simple and lovely idea of fruit delivery to offices http://www.fruitfortheoffice.co.uk/.   Now I don’t know the owner of the business but I read the story of how the business came about and I was well impressed.  What separates this business from the fruit stall at the corner of your office block is the boldness and audacity of one business owner to flow with changing times.

We all remember the fruit stalls that are usually situated at the entrance to the train station.  On a good day when you get out of your house early enough, you stop by to get some fruit so you can fulfil part of your 5-a-day intake.   The stall owner’s luck changes when the weather is not so favourable.  You hurry by to get to the safe haven of the four walls of your office; bad weather equals loss of sales to the fruit stall owner.

So when someone like Fruit for the Office comes along, I doubt if you will stop by the train station any longer when fresh fruit is now waiting for you in the office – most likely provided by your employer.

Use your Creative Juices

The same brainwave can happen to your business idea if you take time to research what you have, what you know and what you can offer.  Your passion or business idea has the potential to grow if you are willing to do the ground work and build a solid foundation for it to stand upon. Don’t just look at what has been done, think of the potential of what can be.

Start With Questions

What have you been musing about all this while?

What idea has been bugging you for weeks without end?

Is it time to give that idea life?

There are many routes to develop your business idea but the first step is to own it and identify its potential.  Take some time out and consider what you can do with the ideas floating in your head.

What is your idea? Who is it for? Why do they need it? How will it work? Where can they buy it? When can you launch it? These are some of the questions you should consider before you set off on your business path.

Research plays a key factor in the idea development stage. Once you identify and test the potential of your idea, then give it LIFE with a business plan.

Business First Steps is passionate about defining passion, developing viable business ideas and business start.  Stop by at www.businessfirststeps.co.uk we will love to help you bring your business idea to life.  Our workshops to help you discover your passion and develop your business ideas are coming soon.

Regards,

Temi

Photos courtesy of sxc.hu Michaelaw and Svile001.