How to create a business Idea

Hi,

My name is Janel Williams and I created this blog to help those who may be thinking of starting their own business.  Allow me to quickly give you my background and then I will get right to it.  I was a High School Math teacher in NY for 10 years.  The last 3 years of my career in NY were spent as the Chairperson of the Math Department at West Babylon High School.  At that point I had my Masters degree in Math Education and an Advance Degree in School Administration.  I thoroughly enjoyed teaching and the administrative part of my job and I thought that I would never leave it.

Life is funny.  We never know where it is going to lead.  I met my husband on eharmony and ended up moving to Philadelphia to join him and his son in 2009.  As a result,  I was left with the hassle of getting certifications in NJ and PA as a teacher and administrator.  I got the certifications and taught in NJ for two years.  At the end of the second year, I felt it was time for a change since life changed drastically already.  So I decided to start a business.  At first I was confused about "what" business.  My idea became clear after following the steps  I list below.  As a result, I am now in the process of running a successful Property Preservation Company.  I believe that if you follow my blog and learn from my lessons and mistakes, you too will be a successful business owner and will accomplish your dreams.

How To Create A Business Idea

Step 1: Brainstorm
Take out a sheet of paper and pencil and think of ideas or concepts that interest you. Jot it down without being judgmental.  Think about problems that need to be solved for the average consumer.  Think of products or services that would fulfill that need and voila!  You have a concept that could be profitable.

I knew that I wanted to go into real estate, but I didn't want to become a real estate agent.  I simply sat with my husband and took pencil and paper and started to jot down ideas.  We came up with buying houses cheap and then selling them.  We decided that this might not be a good idea because of the cost to buy and fix up and people were not buying houses due to the economy.  Then our minds drifted toward becoming landlords.  We thought that rentals might be in high demand due to the large amount of foreclosures.  I thought I was sold on becoming a landlord until I went to step 2.

Step 2:  Research Pros and Cons 
I can not stress using the internet enough.  Google every idea that you came up with in step one.  Look for the good, bad and ugly of the business ideas that you came up with in step 1.  Chances are, someone had the same or similar idea.  Find out all the pros and cons of the business that you are entering into.  Knowledge is power.  Obtain as much knowledge about your potential businesses as possible.

I am a research Queen.  I am always on my laptop.  I googled "landlord and real estate and Philadelphia."  After hours of research I realized that being a landlord is not always fun. The pros were, if you get the perfect tenants, you will obtain steady passive income.  I was turned off after discovering that many who owned rental properties were trying to sell them.  I was also deterred by the cost factor.   First we had to consider the cost to purchase a property and then the price to maintain it.  And please, let's not forget that we could possibly get the type of tenants that just don't want to pay.  That meant that we would have to have at least 6 months of the mortgage payment in reserves.  This was not an option.  So this led me to step 3.


Step 3:  Revise and Hone in on one idea

While completing step 2, (researching your brainstormed ideas) you will be exposed to new ideas that you weren't expecting nor looking for.  Keep an open mind.  Take notes on things that capture your interest.  Keep a notebook and research terms and ideas again.   The new concepts may lead you to your destiny.

As I researched the concept of being a landlord and real estate, I found a term I never heard of, "Property Preservation."  I researched it over and over and thought this might be something that I would be interested in.  I wanted to get involved with real estate but without becoming a real estate agent and I didn't want to put out too much upfront money to get started.  I decided to purchase a course on property preservation and learned as much as I could.  I did not expect this,  yet this is where life was taking me.  I have a team of men and women that work with me to professionally clean, maintain and rehab residential, commercial and foreclosed properties.  I am the CEO of J&J Home Preservation, LLC.  You can read more about what we do at  www.JJHOMEP.com.

I urge you to keep an open mind and let your passion lead you.


Look out for my next blog, entitled "How do you know when It's time to leave your job."