What is a Business?
Businesses make up a large part of our economy. So what exactly is a business? The definition of business is basically having a system where someone generally trades cash for a good or a service. An example of this could be where a customer pays money to buy a cake.
There are so many business owners out there and they all have to start somewhere! So yes, even you can start your own business!
Starting a business can be a fun and a difficult process, depending on what you plan on doing. It also requires and teaches you to understand how to manage your cash and your products.
In this article series, I will be teaching you some simple things that will be helpful to start a simple business.
One thing to watch for in this article: Bold Words. These bold words will be vocab words in the article that you can find in my vocab sheets. You can find this article’s vocab sheet at the end of the article and right here.
Using Your Mind to Create an Idea
When creating a business idea, you need to use your mind or your imagination. By doing this, you can get a basic overview of what your business will be. For example, when I think of making my own business, I think of something tech-related.
One way you can get a good business idea is by thinking about the things that interest you. So, if you like art, maybe you will want to start an art business. If something interests you that you don’t know much about, no worries! There are many classes and teachers willing to help you learn!
Another way you can get a good business idea is by thinking about the things you don’t like and how you can improve them. For example, if you know someone who doesn’t make the best cookies, you can start a business in which you make better cookies!
There are so many business ideas out there just waiting to be sprung into action! All you need to do is use your mind and come up with an idea. Though it may sound complicated, it’s actually quite simple.
Figuring Out if You are Selling a Service or a Good
The next step you need to take after creating your business idea is to try and figure out if you are selling a service or a good. If you looked at the vocab sheet, you might remember that a good is a product that is like an item. For instance, a cake would be a product.
You might also remember that a service is a product that is a software or is something somebody does for you. An example of this would be a lawn mowing company.
To determine this, you should ask yourself some questions:
- Am I selling a product that is a software or that does something for someone?
- Am I selling a product that someone can use and it is an item?
- Am I selling something that is both a software/something you do for someone and an item that they can use?
If your business does both, then it is called a hybrid-business. For example, a hybrid-business could be a business that sells t-shirts and cleans them for you.
Online or Local?
Once you figure out if you are selling a service, a good, or both, you have to figure out if you are going to have an in-person, or online store. Selling online would be the most ideal right now in the pandemic because it doesn’t require face-to-face interaction.
One Big Important Thing
This might be the most important thing in this article. To really have your business, you need a business name!
Try to make your business name something related to your business. Make it short and try to have it describe your product(s). For example if you’re selling cookies, you wouldn’t name your company, “Dogs r Us”.
Your Business Idea
I hope that this article inspires you to create your business idea!
In the next article, we will be discussing how to create your products!
Vocab Sheet: Johnson, Destiny; 2020
Photo Credit: Pixabay