You have made the decision to start a business from your home. But do you know how to proceed, much less what business to start?
Making the decision as to what you need to do in starting a business is the hardest first step. There’s just too many options, too many choices to make. Should you go for what you love and create a business out of your passion? What if you don’t love anything in particular?
There are four routes to take when choosing and starting your home business:
1. Start a business doing whatever you are passionate about.
If you love writing, then start a freelance writing business or create an information-based website. If you are a neat freak and loves to organize, then consider a business organizing other people’s houses, or start a website dedicated to home organizing. If you love scrapbooking and can’t get enough, consider a business creating scrapbooks for other people.
Alison Liebeskind has always displayed strong interest in designing, creating and painting rich silk textiles. In 2004, she fulfilled her dream and passion by launching her own line of knit accessories, Alison Beth Company.
You have to remember, though, that passion does not always translate into a good business opportunity. Starting a business doing what you love to do is not a guarantee for success. Many hobbyists who turn their hobbies into businesses fail because their markets are too limited; or they are unable to find customers for their products. Ask yourself: “Is there money in my passion or hobby?” The key is to determine whether there are good business opportunities for your passion, and identify how best to exploit these opportunities.
2. Start with the opportunities you have.
If someone you know is earning well on the Web and that person is willing to teach you, then this can be a great opportunity for you to start a Web-based business. You can venture into the online publishing business and start making money like your friend through advertising and affiliate programs. Having someone to guide you in the right direction teaching you everything from getting traffic to identifying the best money making programs for your website is an opportunity too hard to resist.
Or if you have come across what you think is the perfect business opportunity for you, then go for it. Someone may be thinking of selling their restaurant that you know attracts hordes of people every night – this may be an opportunity that is too good to pass up. You may also have a lot of antique items in your house, so start a business selling them on eBay.
3. Start a business that you think has the best potential.
It may be a business that you know nothing about, but if you think that the business is where the action will be in the near future or that there is such potential in the business, you can certainly choose that path. It will not be easy, but you have to be willing to learn and be diligent in learning everything about the business. Buy books on how to start the business, visit websites or find out if any trade magazines are published and subscribe to them.
A. J. Wasserstein started Archives Management http://www.archivesmanagement.com because he felt that the records storage business is a steady business. “The model is, once you get a customer, you have a customer for life. It’s a long-term decision for our clients. We’d like to think we have them forever – if we live up to their expectations.”
4. Build on what you’ve created.
You can start a business by developing and marketing your inventions. While you can opt to sell the rights to your product and wait for licensing royalties, you can also be more proactive and start working on the product yourself. It will be more difficult, requires capitalization (the amount will depend on the type of product you’ve created), and entails marketing and financial savvy.
Mark Moore and Lorraine Moore, inventor of the parrot diaper Flight Suit http://www.flightquarters.com , got the idea for their product when traveling with their pet parrots and seeing the effort it takes to make sure that their birds do not create a mess in their hotel rooms. They felt that other bird diaper could help solve this problem – and they were right. The couple found a market for their product and turned their invention into a successful business.
The key is to identify a need – and the more people who has this need, the better – and develop a product that would answer that need. With inventions, the marketability of the product is essential, especially if the product entails a high development cost. Someone must be willing to buy the product for an invention to succeed.
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Category: Choosing a Business