Question Corner: Is This Business Idea a Good One?

Question: “I’ve reached the conclusion I want NOTHING more to do with my former career on Wall Street, and am so tired of interviews that end up nowhere. I have to make things happen for myself. I’ve spent endless nights spinning my wheels as to what I can do, what there’s a need for, what works with my lifestyle as a mom, what I enjoy.

I came up with Event Planning. I think there is room enough here for one more on the block. I’m thinking private parties, non-profit fundraisers (which I have experience with), Bar/Bat Mitzvahs, milestone birthday/anniversary parties, and more.

I am in the process of doing research now and putting together a “go to list” for vendors, servers, flowers and the like. I want to advertise and am looking into my options there.

Could you give me some quick advice/input?” – Beth in Connecticut

Jenny says: Congratulations on seeking clarity around what you really want to do with your gifts and talents! Sounds like you are really ready to create a new career for yourself. This takes a lot of courage.

I’m glad to hear you say that you’re doing your research. This is CRUCIAL. I encourage you to do some serious due diligence before you get too far down the path … only to find out that party planning wasn’t so much of a party after all – lol!

Talk to others in the industry, talk to vendors about the state of the industry, talk to potential clients and customers. Lots of people *think* they want to be a party planner (or any other profession that is “new” to them) and have no idea what that really means … in this case, potentially giving up every weekend, evening, and holiday in their life. Remember, there are very few parties at 2 p.m. on a Wednesday! Maybe that’s okay with you? For those who were “born” to plan events, they don’t mind!

I don’t want to discourage you, but rather guide you to go in with your eyes wide open as you consciously research this business idea. You truly have to use an objective lens (imagine you’re a journalist getting the facts!) when you are collecting your data.

I feel that the majority of new businesses never get off the ground due to lack of proper research and lack of focus and follow-through from the visionary. I don’t want you to fall into this trap!

You can also consult the Small Business Administration, which has a number of free resources to consider when launching a business.

If you want a supportive space to explore your new business venture, I recommend that you check out the Gutsy Goddess Society Immersion Program’s brand new Pathway to Gutsy membership level. We have many women in the program who are starting new chapters and launching businesses. You can find out more here.

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