Deciding to start a home-based business for yourself can be an exciting and scary feeling at the same time. Only sometimes, the excitement outweighs the fear. There are so many decisions to make in every aspect of your soon-to-be business. But the most important one is what type of business you want to have.
I’ve had many conversations with clients that start out with this sentence: “My friend is in business doing such and such and making good money.” “How can I start a business like that?”
It’s only natural to want to do something that’s worked for someone else. But what I tell my clients is – just because a business venture worked for your friend doesn’t mean it would work for you.
After our conversation, there is an exercise I ask clients to do to help them decide on the best home-based business start-up based on their passions, hobbies, knowledge, and start-up costs.
If you’re ready to become an entrepreneur here is the three-step exercise you can also do to make sure the business you want to start up is the right one for you.
A Three-Step Exercise To Help You Decide On A Home-Based Business
The first step to take is making a list of services, products, or hobbies you’re passionate about and keep it to about five. It would look something like this:
- I love helping people
- I’m crafty
- I am good with numbers
- Writing is a passion
- I enjoy being on social media.
Once you’ve made your list narrow it down to your two favorite and answer these yes or no questions honestly. This part requires you to do some research.
- Is there a demand for the business you want to be in?
- And is the market saturated?
- Do you have the skills and experience?
- Will you be 100% committed to the business even during the lows?
- Do you have the patience to see this through?
- Can you manage clientele and run the business from home?
- Do you enjoy working with people?
Then make a list of pros and cons weighing them by
- How much money would be needed for start-up?
- Is there equipment or products you need to purchase?
- How long will it take before you’re open for business?
- Do you need a lot of work space to run the business from home?
The good thing about this exercise is you can always to back to your list until you make the right decision. That’s what the planning stage is all about.
Sometimes the desire to start your own business is a phase and the moment passes. The bad news is this occurs during the lows of a business and that’s when people close down and loses the time and money that was invested.
That’s why I encourage my clients and you, dear reader to think about these questions and be realistic. Consider the possibility there won’t be clients or sales right away and how much work will be involved.
And since you might end up working more hours as your own boss, consider whether you really have the time to dedicate to the business.
I’m Here To Help
I have always believed it’s good to talk with someone to get their feedback, suggestions and it can even stir up the creative juices.
If you’ve got an idea for a home-based business and want to talk about it contact me so we can schedule a time to chat.
I hope you found this three-step exercise helpful.
Here’s to your success!