If you’re like many creative types, you have a ton of ideas sprouting like seeds inside your head and new ones burst out on a daily basis.
One of the first steps to creating a business is to get those ideas out of your head and down on paper. Writing ideas down makes them more concrete and doable.
Don’t be afraid to do this! There’s a flip side – just because you wrote it down, doesn’t mean you can’t change it later.
How do you start?
A foundation statement that describes the reason why your business should exist provides a good starting point – it’s the hypothesis you need for further exploration.
Your business foundation statement
A strong foundation statement should be fairly short and identify:
- your business concept
- the customers you will serve (who and where)
- the problem you’re solving for them
Here are some examples:
- For a freelance fashion writer: “Fashion-related businesses in the Lower Mainland want creative, savvy web content updated in a timely manner to reflect their seasonal offerings.”
- For a human resources consultant: “There is a substantial need in Prince George for an executive search firm that specializes in the financial services industry.”
How to create a foundation statement for your business
Your foundation statement is the starting point for your new business. Using the three points above for writing a good foundation statement, put together your own foundation statement.
- My business concept is…
- The customers I’m serving are (who and where)…
- The problem I solve for them is…
Knowing what you intend your business to be and whose need it will meet helps you to not only set a foundation but a clear business path. You really can’t be all things to all people so you need to identify what’s important to both you and your potential customers. Then, you can build your business concept around those things.
It’s never too early to start getting clear about what you do and why you do it because, down the road, your ability to articulate your concept will allow potential customers to understand exactly what you have to offer and how you are able to serve them.