Considerations for Starting a Business


Hi, everybody. I’m Mike Staver. This is Mondays with Mike, a weekly video series where I answer questions from people just like you. Here’s this week’s question.

“I’m thinking about starting my own business. I have a good job. I’m young in my late twenties. What are the things I should consider?”

That’s a good question. So if you’re going to start your own business, there are several things to think about.

First of all, what do you really get at? Secondly, do your customers love what you’re really good at? And thirdly, do you have the the skill set to get out there and market it and sell it? This is really important because there are a lot of people there are people in my business who are really good at coaching or speaking or consulting or emceeing or whatever they do, but they’re not very good at selling and they’re not very good at building a business.

So it’s much more complicated than you think if you just think, Hey, I like it. Therefore, I’m going to start. It can’t really work. Years ago, I had a client that was in a pie baking business bakery, but only did pies. Great pies, amazing pies. I’m not a big pie guy, but she is quite the baker. Couldn’t sell them to save her life though. And then she brought somebody in that really knew how to run a business, and they did very well together. And so think about that. It needs to be something you’re good at, something you can make money at and something that people are going to want or need. Businesses that are successful solve a problem, and if you can solve a problem, you’re going to be a whole lot more successful.

If not, it’s just a passion. Keep your job and do the side hustle from time to time.

Hope that’s helpful. Take care.

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