Ideas for businesses come to people all the time, so today I want to walk you through the process of taking your idea and turning it into an actual business.
But first, let me congratulate you on your pursuit of entrepreneurship. Whether you realize it or not, this is a big deal. Not everyone has the ability or capacity to be a business owner, so the fact that you’re learning about this process is huge. Don’t undervalue it.
While business ideas can be inspired from everyday life events, approximately 60% of new business ideas come from our own work experience. We’ve all had a job where we thought something could be done better: Well it’s these very ideas and experiences that help us create business concepts for different products and services.
One of the first things you’ll need to do is determine if the business idea you have is a product or service based business. Typically, if you create a physical product like a mask, artwork, a beauty product or maybe a sweatshirt that can be shipped, that means it’s a product based business.
You can even go to the Katika Marketplace to take a look at the category options to see all the types of products that you can create and sell. Now on the flip side, if your idea is to be a handyman, hair stylist, notary, or a real estate agent, these require customers to purchase the skills of the service you provide, therefore that makes you a service based business.
These types of businesses have a strong emphasis on the client relationship which means you should make the customer’s experience memorable. And once you create your service based business you can of course list it in the Katika Directory. In fact, if you want to see a full list of service based businesses, go to the Katika Directory and select All Categories from the menu.