26 May Step 2: Do Your Research!
Step 2: Research
Without work a goal is simply a pipe dream! From step 1, the first thing is realizing your dream. Now it’s time to figure out how to make this dream a reality. For every industry that you could possibly go into there will be variations, but one of the main things you have to do is research. You have to research the industry and you have to research your niche within the industry. Researching allows you to have a better understanding of the industry you want to enter. Make sure to understand the standards and know the terminology used within the industry so that you are well versed when approaching someone about your idea.
Your niche’ is what separates you from others in the industry. What do you bring to the table that is different and unique? This is what allows for healthy competition and the ability to support one another. You are in the same industry so you have the commonality of dealing with a lot of the same struggles. Once you find your niche’, the threat of compettition is lessened because you can effectively work together with others in your indusrty to accomplish a common goal all while networking with others who produce similar work in your industry.
During this process you may meet a lot of people who can give you insights into the struggles and the successes that you are going to experience. You may even be able to get a mentor out of the deal. Having a mentor is going to be your best asset. Going into this venture I had 3. One that was in the industry and two that was outside of the industry. Each of them was people I deemed as successful and they each taught me, in different ways, how to be successful and how to realistically measure success.
Now that you have decided that you are going to start your own business, what is your Niche’ within your particular industry? What is it that is going to set you apart from everyone else? As mentioned above, this is a part of the research process because when you are looking at the market you have to see what it is that you want to specialize in and what the market is missing. Is it the same thing? How do you make your idea stand out amongst all of the other ideas that are out there?
When you can begin to answer these questions, you are beginning to development your business plan and fully understand where you are going with this venture.