Start With Your Resources
Start With Your Resources
Author Bre Russell
Before writing out a detailed business plan or deciding on whether or not you should be a for profit, nonprofit, or even B-corp organization…start with what you have now.
Here’s a checklist/worksheet you can use to start the brainstorming process to see what resources you already have and what resource gaps you might need to fill.
Evaluate your skills.
> Which of these skills do you currently have expertise in? Marketing, Sales, Management, Programming, PR, Accounting, Finance, R&D, Production, Distribution, Human Resources, Grant Writing, Fundraising, Speaking/Story Telling, Facilitation.
Evaluate your network.
> Which of the skills above do you have a close contact or team member that is an expert in that area?
The skills you are missing from yourself or your team members are the skills you’ll need to fill or get training for.
Assess your current capital sources and potential sources.
> Are you currently receiving any form of payment for your service/product? Can be in-kind or small scale transactions.
> Do you have any contacts at foundations, corporations, institutions?
> Do you have any connections to investors or venture capitalists?
The answers above will help you determine your funding model and whether or not you should be a nonprofit or for profit corporation. A good rule of thumb is to follow the money.
Research the market.
> Do a simple analysis around your direct and indirect competition reviewing these basic items: price point, website/branding, reach, differentiation, offerings, strengths, weaknesses, partners, funders.
Identifying what your competitors are good at and lacking will help you speak to your customers about how you’re different. You could be less expensive and that’s your differentiation or you could offer better products. Analyzing their operation will also help you identify potential resources.
Determine only 1-2 products or services that you are going to start with that fulfill a need or solve the problem.
> Start with 1-2 products or services max to stay zeroed in and to not risk spreading yourself too thin like most businesses do in the beginning. What are the top two offerings that you want to provide that align with your goals, your skills, and solve the problem or a piece of the problem?
By staying narrow in focus you’ll be able to maximize your resources, make adjustments quickly by learning as you go, find your niche, become an expert in that area.
Follow us on IG @femthrive #startwithyourresources #femthrive
