If you have landed on this blog, my guess is that you are an aspiring entrepreneur ( and if Woman, great because this blog is going to talk something very specific for Women 🙂 ) and you are struggling to find a good business idea! And, if you want to watch a video on this blog – here it is 🙂
As a Woman Entrepreneur Coach, I interact with many aspiring women entrepreneurs, who have so high potential and are so damn skilled, and have the strongest desire to star their own business, but they are all stuck at this one point “How To Find A Business Idea!”
Yes, I can totally relate to this struggle, when I was starting off back in the year 2015 and it such a mysterious question!
Over years, from my own experiences and interactions with many many fellow entrepreneurs, I have found a Golden Key for Women to find their million dollar Business Idea!
The Golden Key I call it as – 4 PILLAR KEY.
I believe that for a Woman, a good business idea should have a strong foundation built on 4 pillars and in this blog post, I am going to share exactly that :
- PASSION PILLAR
I a strong believer and promoter of the fact that : A Woman should start a business which she is really Passionate about. ‘Passion’ is a natural fuel to keep us motivated to do something we love doing. When a Woman does business, her business is over and above the zillion activities she does in the day – right from taking care of the house, kids, family members and to some extent herself! In all these responsibilities, it is only natural for her to get dragged in her daily routine and not come back to her business. However, if she starts a business around the are she loves, she is ought to get back to it because she loves doing that!
Just like a car needs petrol to run, Woman needs Passion to run her business and if she chooses something she really enjoys doing and loves spending time on, she is going to definitely succeed!
For instance, I was working for an IT MNC company as a hard core Business Consultant creating digital transformation solutions for Banks. However, my area of Passion was Fashion accessories and that is how I started www.blingbag.co.in 2015, with absolutely no background or experience in the area of my passion!
2. STRENGTH PILLAR
A lot of Women I see make a mistake of starting a business inline to their education or in line to their current work experience. While that is good as a starting point to analyze which business to start, I strongly encourage every Woman to tap into her own strengths and figure out which are the key skills that they she leverage in her business. Understanding what is she an expert at and using that expertise into a business can make her super successful for sure!
Most women do no do their S-W-O-T analysis to understand and play on their strengths and that is one of the reasons they struggle to find a good business idea.
For instance, my strength was that I curated amazing fashion jewellery for myself and my friends and family, and they always complimented me for that choice. Bingo! That is what I figured out and converted my strength of curating fashion jewellery to profits!
3. NEED PILLAR
Once you are clear about what you love doing and what you are good at, the next pillar is to analyze what do people Need. What in your Passion category can you offer to people which they need. Products / Services? Remember, we are not just talking about start and doing something you love, but it should go in sync with what people Need! Doing a feasibility analysis of what you can offer vs. what people need is a perfect way to zero down on an idea.
In my category of Passion – Fashion Accessories, the need that I identified was that people wanted high quality and affordable Bollywood Fashion jewellery and that is exactly Bling Bag started offering!
While you can offer many things, narrow down on a niche which you will operate in, based on your analysis of what people want!
4. PROFIT PILLAR
Let’s be honest! We want to start a business, so that we can earn – right? And, become financially Independent to take care of our own and family’s needs! Once you find out what you can offer to people based on needs – ensure that people are ready to pay you for that. Offering something which People need is fine – but will they be paying enough for you to make profits? What value are you adding to them, to command that price which can make you profit ! 🙂
For my fashion jewellery venture, Design and Quality is a differentiator and that is the value I give to my customers to command money and make Profits!
What you need to do to find your Business Idea – Sit down in a calm and quiet place with a notepad and paper, and think about these 4 pillars.
- Pillar of Passion – What Do You Like To Do?
- Pillar of Strength – What Are You Good At?
- Pillar of Need – What People Need? Can You Offer That?
- Pillar of Profits – Will People Pay You for what you Offer?
Most of us do not ask right questions to ourselves and hence the confusion!
I hope you found this post useful. If you want to learn which business you can start and know about Top 5 Business Ideas Woman can Easily Start in 2020, then join my free masterclass where I will be teaching exactly that : Click Here to Register for the masterclass.
Wish you good luck and hope to see you a Successful Woman Entrepreneur Soon!