BE YOUR OWN BOSS… THE ROAD TO SELF EMPLOYMENT Step 2 Evaluate Your Business Idea
By DAVID DAY

So you want to start your own business. You want to be your own boss. Self-Employment is the fastest growing area of employment in North America. Every day thousands of people start their own business. In this series we explore the steps that you must take in order to succeed in self employment.

Last time we looked at Step one: FOCUS YOUR DESIRE. Wanting to be your own boss is not enough. You need to have an intense desire to succeed. Your passion is rocket fuel. With intense desire fueling your self employment dreams you have every chance of rocketing to success!

Now that you have focused your desire it is time for Step two: EVALUATE YOUR BUSINESS IDEA. Those who think they have a great business idea or product and rush into self employment are destined to fail. Everyone thinks they have a good idea. A good idea is simply not enough. It is however, an excellent place to start. Write your idea down. The simple process of writing it makes it more real. Thoughts take on body, shape, form and substance simply by writing them down! It is no longer just an idea now it conveys an image and creates a feeling, it becomes a motivator. Read what you have written then re-write it using different words.

Find another way to express your idea. The more you revisit your written thoughts the more they evolve. The simple mechanical act of, writing, reading, re-writing and re-reading your idea, over and over again, will breathe life into it creating a force which can not easily be stopped! You are motivated; you believe in your idea, so what’s next? Now is the time to evaluate that idea. You must determine if your idea is viable. Ask yourself these questions. Is there a market? Is it welcome in the community? Can it withstand existing competition? Can it capture enough of the market to be profitable? If operated according to good business practices will it generate enough revenue to support me? Does it have growth potential? Answering yes to all of these questions is a good start, now prove it! Do your research.

Go on line, go to the business resource centres, go to the public libraries and go see the competition. Identify your target market. Who are they? Where are they? How big is this market? Is this market growing or shrinking? What trends do you see in this market? What is the competition doing? The more you can learn about your market and your competition the more knowledgeable you become. Knowledge is power. It enables you to make informed decisions. Making informed decisions will radically increase your chance of success. Next time, Step three: EVALUATING YOUR SKILLS.

David Day B.A., B. Ed. M.A., Senior Partner, BDC and Associates

David has over 30 years of self-employment and senior management experience, in both the private and public sectors. In addition to his extensive business experience David is also a professional adult educator and much sought after speaker.

As Senior Partner of BDC and Associates and Business Advisor for SEEDS, he is responsible for strategic planning, administration, human resources and service delivery.

David has been recognized as, the Man of the Year by the Canadian Association of Japanese Auto Dealers, the Man of the Year by the Professional Marketing Association, the Speaker of the Year by the Success Motivation Institute and has received the prestigious BC Small Business Entrepreneur of the Year Award.

David is also a Business Advisor with SEEDS the Self Employment and Entrepreneur Development Society. SEEDS is a non-profit organization funded by Human Resources and Skills Development Canada dedicated to support the development of entrepreneurs and the growth of businesses in our communities. Clients of SEEDS receive training, business plan development, on-going support and financial assistance. For more information contact SEEDS at (604) 590-4144 or attend a SEEDS information session held every Thursday at 1:30 at Suite 104-7565-132nd. Street, Surrey, BC, V3W 1K5