I think all businesses probably start with a great idea. If it's a great idea that involves skills you already have, then it might be easier! But odds are, you probably only have some of the skills right now and you will learn more on the journey. Sounds like fun, sign me up!
Since I am a speech therapist, I am planning on starting a speech therapy business this year to take advantage of my specialized training. Funnily enough, I'm not actually planning on providing therapy in my business. I'm planning on using my knowledge to develop materials that other SLPs can buy and use. This will benefit me personally even if no one else likes anything I do, because I will be able to use them with my own clients as soon as I make them!
Some loose ideas for the products that my business will produce include apps, worksheets, workbooks, online video courses (ideally given for ASHA CEUs), and maybe some personal coaching or public speaking. Do I know how to do all of those things? Well...not yet! Luckily I've got 9 years to figure it out. I know that one way to create an app is to outsource the coding and the artwork to people who already know how to do that stuff. But if I outsource for the first one, then I'll have to keep outsourcing for other apps (I would like at least 10 to my name in the next 5 years). So that seems like a lot of money I'll be losing by paying other people to do the work, plus the loss of a valuable skill I could have learned. Therefore, I am going to learn to code apps! (heck...maybe once I learn I can start getting paid for coding other people's apps too)
My goals for my business by the end of 2018 are:
1) Establish a business plan. (Working on it now)
1) Establish the business legally (undecided at the moment whether to go for sole proprietorship or LLC, and I will probably will need to seek tax and legal advice)
2) Related to number 1...Find out HOW to get tax and legal advice. Do I just dial up a lawyer and an accountant in the yellow pages? (see??? this learning thing is already fun! That way if i'm ever arrested I can say "Call my lawyer" and I won't even be bluffing about having one!)
3) Code one fully functioning app and have it ready for sale on the iTunes Store by Dec 2018
My overall monetary goal is to produce at least $15,000 annual revenue from my business by 2025 (just one year shy of my early retirement date!) The way I plan to design the flow is that the major time intensive part will mostly be creating the products, but then they will sell pretty passively with just a few hours of marketing work per week. If I work longer hours, I will make more money and if I work shorter hours, I will make less money. Since I will be financially independent by 2026, I predict this will be just the kind of flexible work that will fit my lifestyle.
Is anyone else working on starting a business, or has already started one and it's going great? I would love to hear some inspiring stories!