If you are thinking of starting a home business, you need a BIG WHY A “Big Why” is the real reason you want to be in business for yourself. It isn’t “I need some extra cash to buy that pair of shoes.” This reason has to be “big” enough to get you through the hard times of starting and building your business. And believe me there will be difficult times ahead. But the rewards will outweigh them tenfold.
ARE YOU ENTREPRENEUR MATERIAL?
Ask yourself some basic questions to find out if you have a personality that is geared to starting a home business. Not everyone is suited to being a home business owner but you can find out easily by taking an Entrepreneur Quiz. These short and fun tests are about 50 questions and the results will help you evaluate your “work from home” potential.
STARTING A HOME BUSINESS WHILE STILL EMPLOYED
It is difficult to start a home business if you need to work full time. Especially if the home business you’ve chosen requires that you work the same hours of your current job. What do you do? The best and easiest solution of course is having a supportive spouse/partner who is willing to work and replace your current income until your home business is solidly in the black. If that isn’t possible you have two other choices. Find a different job that doesn’t conflict with your new home business hours, or select a business that you can start part time with flexible hours so they won’t conflict with your job.
You will have a lot to choose from. There are home businesses for every skill level and interest, from child-care to web techs and everything in between, including hobbies. Skills and expertise you possess either through higher education or ones you have acquired through jobs or careers make an excellent resource when choosing a home business. Seek out home businesses that take advantage of those skills. For example: Teachers can start a home business tutoring in the evening. A graduate in computers can build websites or offer tech support. If you know a second language, teach or start a translation service. Love to cook? Become a personal chef. Sell products through direct and online marketing.
Once you have selected a few ideas, do some research. Find out how many people there are in your area or online who are interested in your product or service. You can do this several ways including keywords, the phone book, and reference books at the library.
Who is your target market? Are they men, women, older, younger etc.? What is their income level, what motivates them to make a purchase and what benefit is your product or service to them? Is it better health, more money, a cleaner car? Whatever it is you must be able to define it clearly.
This should not take long. In an article by Kelly Spors in the Sunday, 02-17-2008 “Wall Street Journal” she quotes Babson College professor of entrepreneurship, William Bygrave who says, “It doesn’t take a year of planning to figure out whether someone is going to buy your product.” So, don’t get hung up on these first steps.
Don’t be discouraged if someone else is already doing your home business idea. If there is no competition… chances are others have tried your idea and failed, or it isn’t as profitable as other home businesses.
Some home business ideas will require an extensive business plan, not all, but do one regardless. And make sure you have enough money set aside or have access to money in another way to get you through the first several months and the time available to build your business.
Remember, where there is a will there is a way. If you are sincere about a home business and you do the preliminary steps before you start your chances for a successful home business will be greatly enhanced.
Chris Cross has started and built several successful home businesses over the years. This article and the website is dedicated to entrepreneurs who want to start a home business and are looking for guidance, articles and home business ideas. If you would like to read more on this subject, please find the rest of the article and other articles about starting a home business at:
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