You may have been retrenched during the pandemic or you’re just fed up with what you’re doing for a living and it’s time for a change. A little work at the start can go a long way when you’re considering a new business.
So, your inspiration for a new venture idea could come from anywhere, including:
- A problem or need you have.
- A problem or need that others have.
- A product or service that you want to offer.
Irrespective of the reason and origin for your new business idea, you need to clearly state what it is that you want to create and for whom. There are many ways to do this and here’s a formula that I like to use:
[Person(s)] aged [XX] who live(s) [area, city or country]
and who [have these characteristics]
need [product or service]
that [its unique benefit to persons(s)]
when [an event happens]
so that [they don’t have a problem]
This definition is an important first step because we often only consider one aspect of our venture and are in a rush to get going. However, understanding the broader context from the start determines our long-term success.
Here’s an example
Here’s how I began with the definition of what LeanSeed’s course is going to offer and to whom:
Anyone aged 25-55 who lives in South Africa
and who is tech-savvy, but has lost their source of income in 2020
that needs to find a new source of income
in a way that is supportive and leads them to financial success
so that they no longer feel disempowered and stuck.
My initial statement has evolved over time and the course has been adapted to be more suitable for women. Nonetheless, you have to start where you are today, so let’s get into this simple process.
A simple 3 step process
Once you have your pen and paper, follow these steps:
- Write it out what you’re planning to do in your own words. Include as much information as possible – it must make sense to anyone who knows nothing about it.
- Now rewrite it in the format of the formula above, leaving blank spaces where you’re not yet clear.
- Download the Life+Venture Kit and complete it to help you define the roadmap to building your flourishing venture.
I know that simple doesn’t mean it’s easy so I’m here to help
While the formula asks for a reasonably straightforward statement, it’s not always easy to unpack or phrase your idea in a way that clearly considers its broader context. For example, narrowing down your customer group is an ongoing process until you find your perfect niche.
Are you having trouble writing out your statement or completing the LeanSeed Life+Venture Kit? Reach out to us on social media or sign up for the free webinar with Vicka that will help 6 starting entrepreneurs answer their burning business model questions.