Dear Business Journal –
I’m working on a new journal for the Mom Owned Business (MOB) Persona. There are so many facets to that type of business model I’m not sure where to start. But really, those enterprises are no different than brick and motor, just the store location. – at least to start.
Why do you need a business journal?
If you’re going into or are currently running a business, your business journal should contain your core of information – including names, addresses, phone numbers of those involved in your journey, no matter how small a part they play.
Your business journal can be whatever your style is
– hard-bound printed, digital, or notebook paper in a three-ring binder, if there is a way to keep it together and in chronological order. I like the hard-bound printed style with the month and date lines at the top. When I start a page, I circle the Month and day, the year is on the front page. I can keep them in the order they were written. I’ve got some other tips and tricks I’ll give you as we move along. In the meantime, let’s get started.
In this pandemic world, we find ourselves home a lot more and thinking of ways to keep busy and make money. Right now, thousands of new websites have been started with the notion their owner will make 6 figures by the end of the year. Let’s dispel that notion. Those making six figures have been blogging and selling online since 2005, or so. They have hundreds of followers and their email lists are huge. Other than those, the only 6 figure earners are the people trying to sell you software, websites, and expensive courses. Don’t fall for the shiny object syndrome. Wait until you can answer these questions and decide if you need what they have to offer.
Let’s talk about your idea.
What is it? Write it down. Include where in your home you’ll run your business, including desk, computer, phone, printer, and file drawers.
Next, write down how much time you believe it will take each day to run the business. How will you fit that into your schedule with family/home/church duties? If you’re thinking of doing outdoor art show events how many weekends a month will it take and is your family behind you?
How much money do you or could you have available to get started?
Got all that down? Write down everything you are thinking about each of these. They will be the foundation of what you create.
Now for the hardest question of all -
What problem will your business solve for the consumer, whether it’s a business or direct to consumer?
That’s what businesses do – they solve problems for people, whether it’s making a product available they cannot get otherwise, providing a service or repair they can’t do, or helping them organize their lives. Businesses solve problems and you need to identify what problem you will solve.
Then answer these questions, and remember to write down your responses and comments –
- How does your product/service solve a problem for your customer?
- How is it different from other like products/services?
- What is your competitive advantage?
- Who will buy it?
- Why will they buy it from you?
- What is your customers persona?
There are several other questions you can and should ask yourself, but we’ll go from here next week. Remember, write down your answers so you can refer to them as you take this journey.
Until next time –
Need a digital journal? Sign up here and download a simple starter business journal with these questions already included. It’s my thank you for letting me help you with your journey and the extra questions are included.