Business Series: Are you Hallucinating?
7:00 AM
Really? Am I going to call you out on your dreams like that? Well, the hard truth is yes! Many dreams are born and have died with no action plan. You don't even want to know how many dreams and ideas I have had that have stayed just that (Ask my husband every day I have a different dream. The creative's curse LOL). The key to dreams becoming a reality is an action plan. We all know things do not just happen, people do not get to a place in their life by accident, there has to be a plan, intent or a strategy for success. Very very few people can wing it and make it and guaranteed if they did wing it, it didn't last.
So how can I make my dream a reality? So we went through the Personal SWOT analysis, analyzing what our Strengths, Weaknesses, Opportunities, and Threats were. Now using all that information we have to see if our dream or idea can really work. I strongly believe many small businesses fail within the first few years because this step is skipped. Even the bible says “But don’t begin until you count the cost.For who would begin construction of a building without first getting estimates and then checking to see if he has enough money to pay the bills? Luke 14:28 (Living Bible) So your first planning tool is a feasibility study.
Now this sounds really big, right? But a feasibility study lets you know whether there is a market for your product, if you can actually make money from it, and whether you have a lot of competition. A feasibility study essentially tells you if your business idea or dreams can come to reality.
So join me in the next part of this series as we break down how we can do a feasibility analysis.
Ps.
Are you finding this information helpful? Please let me know in the comments and also let me know what small business topics I can help you tackle as you think of turning money you spend on your hobby into money you can earn.
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