So what kind of company do you want to build? IT services? training? construction? Or do you want to sell a product?
This may sound obvious but it’s an incredibly important question. I mean, if you spend the next twenty years building an IT services firm you’re going to have a very different professional life than if you start a construction company,
So this is a massive question, and a very personal one, and while we can’t help you figure out what’s going to make you happy we can help you figure out what your options are and the financial implications of each
Now, you may think you know what kind of company you want to start, but we still encourage you to do this exercise, it’s quick and it might surface something you hadn’t thought of.
And basically you’re going to list all your old jobs, and the things you did at those jobs to see what in there you could offer to customers.
And we recommend limiting yourself to things you’ve done in the past because referencing your old work experience is critical to winning your first few contracts, and if you’re struggling to come up with ideas, go talk to your local SBDC or SCORE counselor or reach out to some old coworkers and ask them what they thought you were good at.
So in this exercise you’ll create a list of options, and over the next few exercises we’ll filter that list to identify one or two products or services that could be your initial primary offering, or IPO. And your IPO is going to be the main thing your company does, at least initially.
You may do other things, but choosing the right IPO is critical, because it’s the thing that gives you the best chance of winning your first few contracts, and once you have a beachhead of success in the federal market everything else becomes so much easier.
So a couple notes on what makes for a good IPO
Now turning your experiences into products and services that you can offer can be tricky, so if you're not sure what to do watch the example video below. And by the end of this exercise you’ll have a list of products and services you could sell to clients and over the next couple exercises we’ll see which of them could be a good initial primary offering.