Small Business Startups: Starting a Business

Starting a Business - Narrow Your Focus

By Business Editor

Narrowing your focus will also assist you in a variety of business decisions, as this article explains ...

Most would-be business owners have a vague concept in mind. They think of a product or service that they want to provide and perhaps brainstorm ideas on how to provide it. The idea may be excellent, but the conceptualization is vague. Eager to get things going, they decide that the details will be worked out on the fly. Often, things come to a screeching halt, however, when they discover the amount of paperwork involved in getting started.

If you need a startup loan from a bank, you will need to write a business plan. Business plans must follow a strict format, requiring details ranging from a mission statement to financial projections. Even if you do not require a loan or a business plan, many other forms require you to narrow the focus of your business as well.

Your type of business will be coded on your business license. Performing tasks outside the scope of your license can open you up to civil liability. Your insurance company will also need to know the specifics of your type of work in order to insure you appropriately.

Narrowing your focus will also assist you in a variety of business decisions. Advertising and marketing must be targeted in order to be effective. Knowing the specifics of your business will make you more confident in your dealings with potential customers. A focus will also help to keep you from losing your way, as you receive requests for services that are outside your original scope and plan.

Brainstorming can help you to choose a direction. Begin with your general idea, and then write down every job task or product that fit into the category. For example, your basic concept may be "painting." Examples of specific job tasks are: faux finishing, interior painting, exterior painting, and commercial painting. Also list related job tasks. For painting, related jobs might be: carpentry, drywall installation and/or repair, and fence construction and/or repair.

Once you have generated a list of tasks, decide which ones interest you. Cross off any that are simply not in the direction you want to go. Categorize those that remain into those you wish to perform immediately, and those that you plan to offer as part of an expansion later. Your list of expansion tasks will then give you a goal to work towards, as part of a five-year plan.

With a final list of products or services that you plan to offer immediately, you can begin to shape the focus of your company. You mission and vision statements can now be decided. These short statements project volumes about your company, and should be taught to every employee you hire.

By taking the time to write down what your company does, you prevent yourself from making the mistake of trying to do things that you may not be equipped to do. As you sit and formulate your goals and ideas you may come to a better understanding of what you want to accomplish and you may find your unique hold on the marketplace. If you can identify services and products that no one else can, then you have a tremendous advantage.

Next article: Business Startup - Questions And Answers

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