Challenge #2: Choosing the right business

Hey BAAH Fam!

Building a new business every month is a thrilling journey, but it's not without its challenges. On a previous post on LinkedIn, I wrote about the first one I encountered, about Corporate Identity. 

Today, I wanted to speak about another hurdle I face, which is choosing the right business idea at the right time. Let's dive into this topic and explore the ups and downs of this crucial step.

In the last 10 days, while starting what was supposed to be a new business, I have been changing my mind constantly: Is it the right business or just the right time? I’ve modified the plan countless times. And by "THE PLAN," I mean simply deciding WHAT TO DO 😁.

Identifying the right idea can be tricky. Sometimes it feels like I'm stuck at step zero, brainstorming endlessly and researching markets. The pressure to pick a winning idea can be intense, especially with tight timelines.

Adapting to External Factors 🌍

One of the biggest challenges is dealing with external factors. Market trends shift, consumer preferences change, and new competitors emerge. Staying adaptable is crucial. I need to be able to pivot quickly, whether it’s tweaking the business model, adjusting the product offering, or even scrapping an idea altogether and starting fresh.

Flexibility in Decision Making 💡

Another challenge is the need for flexibility in decision-making. As a solo entrepreneur, I must be agile, making quick decisions based on the latest data and feedback. This can be exhausting but is necessary for staying relevant and responsive. Sometimes, it feels like I'm running in circles, but it’s all part of the process.

Dealing with Bottlenecks 😱

External bottlenecks can slow down progress and push to another month further down the line the businesses roadmap I had initially set. Whether it's delays from suppliers, waiting for samples, or testing phases that take longer than expected, these hurdles can be frustrating. They require constant problem-solving and contingency planning. I’ve learned to expect the unexpected and always have a plan B (and sometimes a plan C and D!).

Managing Third-Party Dependencies 🤝

Relying on third parties adds another layer of complexity. From logistics partners, to friends, partners, or other members of the BAAH community that will play an important role in one or another business. Any hiccup on their end can impact my timeline. Building strong relationships and maintaining open communication with these partners is essential. It’s a balancing act to ensure everything runs smoothly and on time.

Most importantly, those third-party and partners, don't have the same timelines than me, they have not put themselves into this battle of having to have set it up in less than 8 days 😅 

Embracing Change and New Ideas 💡

Sometimes, the challenge comes from within. I might have a change of mind or come up with a better idea halfway through the process. This can derail plans but also lead to more innovative solutions. Embracing these changes and being willing to pivot is crucial for growth and success.

In some cases, while speaking with a friend, colleague, partner, client... as much they can become a bottle-neck, as they can ignite a new idea that comes to the top of the list!

Looking Back and Moving Forward

So far, it’s the 4th of June, and I’ve spent one out of eight (1/8) days preparing and working on things that won’t happen (yet). It might feel inefficient, but these efforts are part of the process. Eventually, I hope to look back on those eight hours and see them making sense in the coming months. 🤞

Engaging with the Community

At BAAH, I believe in the power of community. Sharing my journey, the highs and lows, with you all keeps me grounded and motivated. I want to hear your stories, your ideas, and your experiences. Let’s learn and grow together, making each month’s business venture better than the last.

Building a business a month is no easy feat, but with resilience, creativity, and a dash of flexibility, I’m optimist that I will make it happen!

Thanks for being a part of my journey!

Feel free to share your thoughts and experiences with me in the contact section of the website, of reach out to me on LinkedIn!

Cheers,

Íñigo Muñoz Bilbao