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Aug 26 2008

Researching your new business idea

Published by emmageek at 11:18 am under Small business consulting Edit This

This may sound self-explanatory for people, but so much of what is overlooked when new businesses open are the common sense item.  Entrepreneurs get very excited and rush right in.  So, let’s brake our engines and take a look at the scenery.  Now our little entrepreneur, Sarah, is lost.  She takes a look at her skill set.  She’s been in the corporate world as an administrative assistant for the last ten years.  She loves to cook, makes candles and wine for Christmas presents, and is an avid bird watcher.  So let’s take a look at her in depth and break down what she can do as her own business. 

Let’s take a look at her first skill set - administrative assistant.  So she heads to the library to find out what she can do on her own.  She finds books on virtual assistanting, professional organizer, concierge services, and creating her own staffing agency.  Sarah thinks about it and decides that after all that she did for other people, she is not sure she wants to go back into that field.

Next, she looks at cooking.  Well there’s direct selling companies, like Homemade Gourmet or Pampered Chef, cook ready-made meals for the older individuals, shut-ins, or busy business people, or starting her own restaurant.  Sarah likes the idea of meeting new people with direct selling companies, restaurants are very expensive to start, but she doesn’t want to slave over the stove on a daily basis.

Bird watching has always been a love for Sarah, but outside of writing books, photography, or blogging about birds, she would rather leave this as a hobby.

However, making candles and wine, she really enjoys.  As she searches at the library and various search engines, she sees franchises she can buy into like D’vine Wines or making her own baskets of wine and candles for gifts.  She decides as a business venture wine would be a good field for her as she currently has a background in making her own.

Sarah gets on line to learn all she can about the wine and the library.  She searches databases for wine.  After about two weeks, she decides she is ready to take the next step to find out how profitable wine making or a winery would be for her locally.

Next article will be on meeting with your local chamber of commerce, business owners in the area, and other people in a field similar to hers.  Notice she has not begun to figure out what she needs to actually license a business yet.  She still needs more information before she is ready to take that next step.

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