5 Questions to Ask Yourself Before Going Into Business - When I Grow Up

5 Questions to Ask Yourself Before Going Into Business - When I Grow Up What do I love more than transparency, honesty and authenticity? Nothing at all. Which is why I love this guest post by Olivia Bowen more than almost anything else. Think Big Dream Big by Linnea Swedish Design I knew the statistic before I jumped in: over half of all new businesses fail within the first year. But I’m the daughter of two successful entrepreneurs, and I’m a sucker for research. When I launched my first business in the summer of 2010, I thought I knew exactly what I was getting intoand was confident I’d be in the successful minority as a result. I had a vision of taking the college application essay processa pretty miserable experience for all parties involvedand using it as a platform to teach students the writing skills too many were missing. By offering careful coaching along the way, I’d help students feel confident that once they got into college, they’d know exactly how to develop an idea, support it with engaging evidence, and communicate it all clearly with the written word. I had experience as an essay tutor, I’m a bona fide logophile, and the college application process means big bucks for lots of consultants around the world. It was a guaranteed win. And yet, one year and exactly zero clients later, I had to accept that my business, well, wasn’t one. When I realized that what I’d built had gone bust, it was time to ask myself some big questions so I could figure out where I went wrongand make sure I got it right the next time. Here are my Top 5 Busted Business questions, and a look at where I went wrong my first time out of the entrepreneurial gate. 1. Is this even what I really wanted to do? A: Yes and no. I love teaching people to communicate effectively with the written word, and helping teenagers learn to find their voice. What I didn’t love was perpetuating a BS system (extending unfair advantages to the financially privileged when it comes to getting into top colleges), working with super-stressed teenagers and their overwrought parents, or working in a feast-or-famine cycle dependent on the college application deadlines. 2. Is there a market for this? A: When I did my market research, I found lots of businesses that would flat out write students’ essays on their behalf, or offer extensive general consulting for a pretty penny, but no one who was using this as a teaching platform. At first I thought this meant I had found my niche. Later I realized it wasn’t a market. Big difference. 3. Do I know where to find my prospects? A. I’m a childless woman in my late twenties. The places I spend my time online don’t have a major presence of high school students, and I wasn’t about to start hanging out in Justin Bieber chat rooms (though I did consider it). And the adults in my circles either had kids already out of college, or still in elementary school or younger. I could have pursued other channels more diligently, but nothing came naturally. 4. When I’ve found them, can I clearly communicate what I do? A. When it came time to engage with my prospects, I realized I’d made things particularly difficult for myself. Not only would have I have to make spending even more time on college applications enticing to teenagers, I also had to make it seem like a good deal to their parents. Two very different marketing messages that had to align seamlessly. 5. Is this business scalable? A. There was potential for scalability by offering classes, but the core of what I was selling, and what I believe in so intently, is the value of intensive one-on-one writing instruction. I was able to find a handful of other writing teachers who were eager to come on board and lend their talents within the framework I’d built, but when it comes down to it, I never got close to having to crunch the numbers to be able to scale. Living the Lessons But here’s the great news: by building a failing business and looking at what went wrong, I was able to join the ranks of successful small business owners on attempt number two. One year ago I shuttered my college application business and set to work helping passionate entrepreneurs find the right languaging for their web presence. This time I was in the black within six weeks of my launch date, and I get to do work that inspires and excites mewhether it’s developing a search engine optimization strategy for a client or writing an about page that makes them sizzle. I’m constantly refining and revamping my services and messaging, but it was much easier to start off closer to the sweet spot after cutting my teeth on the biz that went bust. Olivia Bowen is a copywriter and search engine optimization strategist. She combines her passions for grammar and all things entrepreneurial as she helps small business owners master their messaging, ignite their businesses, and live their adventures. When not playing the wordsmith, she’s probably on her yoga mat, cooking mushroom risotto, or plotting a way to use her passport as soon as possible.