That's the fun part. There will come a time when the challenges outweigh the fun, and the ability to persevere and push through the difficult times, when the passion for the project isn't quite what it used to be, is what will make or break your business.
Eric recommends the following next steps:
My suggestion is that you truly outline what it is that you want to do, your objectives and understand what outcome you want to accomplish.
To begin with you want to start high level questions. What is the product/service your are trying to sell? What is your target market/consumer? What are current competitors in the space you are trying to enter both on the local and national level? What differentiates the your product/service from others in the market already? What are the costs associated with starting your business. These are some questions to help you get started with the business that will also address some challenges that often come up when starting your business. Based on your responses you can start to think through multiple work throughs for these questions.
Sherhan recommends the following next steps:
Knowing this, you would then attempt to investigate how many people are like your friends, how much are your friends and others willing to pay, who else offers this service, how much do they charge, are they grouped together geographically, what is it that I can offer that no one else is offering, can I do this for the same price or for less than others, how many friends or others would I need to serve in order to cover my costs, make a profit? Basically, this is called a "Funding Plan" ( lay out the answers to these questions, as far as you can, and then see if you can better answer them and investigate those that you cannot answer currently).
Once you have a plan, you will begin to investigate a "Business Model" (how do I structure the business to make a profit). For example, once I know the services of products I will offer and have a "Funding Plan", how can I make more money doing this? If your friends and other customers are geographically dispersed, can you develop a 'Brand" ( a recognizable name for your business that you can advertise and customers recognize as a quality, unique, highly valued product or service. Then you can question whether you can franchise this business (waxing cars example) in order to expand.
Hopefully, this will get you to think further about the process.
Bob recommends the following next steps:
I was so successful I killed my company. And, so, here are my entries on the list of challenges.
Tony recommends the following next steps:
Starting your own Business is great -
You would need to start with developing the vision and Business Idea, then assembling a Business Team.
Raising Capital for your Business, finding the right Business Location, finding good employees, finding good customers, dealing with the competition.