Having your own business is the dream of many. You have the freedom to make all the decisions, hours and you could have the financial security that you desire. It’s all within reach. The first step is finding the type of business that is right for you... A business that you can put your whole heart into. A business that makes you excited...A business that will benefit you financially today and for many years to come. So what is that passion business?
Questions To Ask Yourself to Determine a Home Business
What do you love to do?
What do you desire to do most with your time? This is what will get you up in the morning and keep you motivated to overcome adversity. It’s your sense of purpose, your joy, and your motivation. It is at the core of who you are and it has been with you always.
To find your "
business" passion, find a quiet location away from distractions. Close your eyes and imagine yourself working in your perfect job. What are you doing? Write it down.
What is keeping you from doing what you love?
Maybe you had trouble with the first question. Maybe nothing came to mind. If not then answer the following questions. Be sure and write them down. Writing them down makes them gives them more of a reality.
- What would you do if you knew that you would not fail?
- What would you do if money wasn’t a concern?
- Who do you think you are – how do you label yourself?
- What would you regret no doing before you die?
- Lastly, what did you enjoy doing when you were a child?
Maybe too many answers have come to your mind. Or, you could be one of those fortunate people who has many things that get them excited. What now? Write them all down and rank them in the order that you find most enjoyable.
Any that you can’t see yourself doing 50 hours a week, or more, for the
rest of your life? Cross them off. What’s left? Still too many? We’ll you’re a fortunate person! Hold on to that list and see how your answers fit into the next question.
Is there a type of customer you would find it easy to sell to?
Maybe you like people who:- Are in a particular occupation or industry.
- With a particular hobby or recreational interest.
- Are in a certain income bracket.
- Are of a specific age, gender or background.
For example, maybe you’re an avid rock climber and would love to spend your days climbing but just can’t see a business in it. Maybe you could see yourself selling information and products about rock climbing because you enjoy speaking, and selling, to other climbers. Or, maybe you know enough about the topic to start an information type of
business with a website.
What is your occupation?
Is there a need that you can solve there? What do your customers or colleagues complain most about? Could you start a
business that solves that problem? Maybe you work for an alternative health corporation whose web site is always in need of editing, updating and their information, books, brochures, and the like are always behind schedule due to slow editing. Maybe you enjoy editing and have a great attention to detail. You could become a freelance editor and your old company could be your biggest client.
Do you have a hobby, talent or personal interest that could be turned into a home based business?
For example, maybe you’re an expert in breeding and training dogs. You could become a consultant in dog training. You could help people with puppies that still need to be house trained. You could write or sell books on the topic. You could start a blog or website about it. You could conduct podcasts or seminars about dog training You could even record How to train your dog videos and sell them.
Do you believe in a certain product or service that you might enjoy to selling?
Maybe you are an experienced mother and enjoy talking to other moms. Maybe you are a shopaholic and can share frugal shopping tips with readers. Maybe you love to hike and have a great base of knowledge about hiking equipment, you can become an affiliate marketer for a hiking or outdoors line or a store that sells related equipment. These are all
opportunities to start your own
business.
What is your personality type?
Do you like working alone, or with people? Do you prefer face-to-face contact, or phone and e-mail? Are you self-motivated or do you need to BE motivated? Are you organized? Do you prefer to work hands-on, or delegate? Are you patient? The answers, directly effect the type of
business that is best for you. No matter how dedicated you are, if your personality clashes with the needs of your
business, chances are you will not succeed. For example, if you decide that you want to be a consultant but you don’t like speaking in front of people, then it may be time to think of a new
business idea.
What kind of lifestyle do you have?
Are you single/married? Do you have kids? If yes, are they older or younger? Do you have health issues that may limit you in certain areas? These too will affect your potential
business. If your
business will require a lot of travel or time away from home and you have a family, you may want to rethink your business idea to see if there is another way you can do it and not negatively affect your family, health, etc.
How much money will your business idea cost?
Will this new
business require you to get an office or can you work from home? What form would you like your company to take (sole proprietorship, corporation, partnership, etc.)? Have you researched these options? Will you keep your job and work only part time at your
business in the beginning? How will you find the finances to start your new
business?
Do you have the determination to work for nothing?
Many
businesses, may mean that you have to work on spec at first. Spec means that you create the copy and if the customer likes it, they buy it if they don’t well…you at least have a new piece for your portfolio. If your new business requires you to ease your way into it to gain experience, are you willing to work for free?
Also, there are some
businesses that require time in order for a profit to be made. Are you willing to put forth the effort in the beginning for little or no monetary return?
Tips To Help You Make the Right Decision in Choosing Your Business
Do what you know. If you have spent twenty years writing and editing or you love to draw or design, consider how you can take your experience and turn it into a successful
business.
Do what you love. This is very important. Success will be hard to find if you detest what you’re doing. Many people start a
business to get rich and this is the wrong reason. You may get rich running your own business but if you’re not enjoying what you do then you’ve created an empire of your own suffering.
It’s Okay to do what others are doing. You need to just make sure that you do it better. You don’t’ have to come up with a new idea to be successful. Many
businesses, even successful ones, need improvement. Consider what you want to do, evaluate your competition. Then, take the time to research and investigate what you can do differently and better than they do. Maybe you want to own an online store that sells scrapbook layouts. Well there a numerous stores that do that already. Is there a market that you can focus on? A niche? Maybe you can sell scrapbook layouts on a particular subject.
Focus on a niche. Never try to reinvent the wheel just market it to a specialized market. Many
businesses have gone broke trying to be all things to all people. Try to identify a niche
(one or two areas) that you would enjoy working in and think about starting a
business in that realm. Focus on a niche and become an expert in your field.
Business Ideas for You to Think About
Become a Freelance Writer or Designer:
As a freelancer you are paid by the job that you do. You are self employed, which means that you are your own boss. You are responsible for your hours, your benefits, your deadlines, your marketing everything. You are not an employee.
If you think that freelancing is for you, hop online and visit the numerous website that connect
freelancers with companies needing your
services. You may also want to visit freelance forums and participate in discussions on how to get started as a freelancer.
Information marketer:Do you know about a certain subject that people would pay for? Think about your skills, experience, and knowledge. For example, let’s say that you have an abundance of knowledge about growing and breeding orchids. There is likely a market for that information both online and offline. You could write a book, articles, newsletter, blogs, mini eBooks, etc. about how to breed a specific kind of orchid. You could even start a weekly podcast on the topic.
Offline, you could conduct seminars at your local recreation center or community education programs. You can charge for the seminar or offer it for free and market your book while you’re there.
"How-to" eBooks are big sellers are the Internet. And people are willing to pay for information rather than go to a public library or search endlessly for it at free sites.
Wholesale/Retail:Many people make a good living buying things at garage sales and then selling them on eBay. You can sell anything from antiques to clothing. The possibilities are endless. If you’re not interest selling on a site like eBay, you can start your own online store and sell wholesale products that another company will mail directly to your customer. You don't have to stock anything!
Become an affiliate marketer:An affiliate marketer is someone that promotes and sells a company’s products or services in exchange for a commission. You can sell just about anything that you’re interested in. It’s easy to find a program or product that you believe in and would like to sell, simply search the many online affiliate directories or visit a website of a product you think you would like to sell and look for their affiliate program. Here are a few programs that I have made some money with;
Researching Your New Business
Focus on filling a niche.A niche is a specialized segment of people that are looking for your specialized product, information or service. You likely already have a good idea about who your market is or may be. Research it to make sure. Find out if there is a way to narrow the niche even more. Use the following tools to help you research your niche:
- Keyword research
- Take a survey
- Create a Unique Selling Position (USP)
Brainstorm with others you trust.People can give you some great insights...especially when their money is not on the line! You can use friends and family to generate business ideas or you can ask for their input on your ideas. Ask them how you can improve your idea and who might be interested in your products, information or services.
Ask around and Search through online communities.Forums, chat rooms, social networks, and blogs are a fantastic resource. It is an excellent way to get a feel for your market, get feedback from people in your general niche or people interested in your product, information or service. It is also an excellent way to build relationships with other professionals.
Research your competition.Look for ways you can gain an advantage over your competitors. Determine how your business will be better and different. Evaluate their website, how can you better position yourself online?
Owning your own
business, doing what you enjoy, will likely be the best and most exciting decision you’ll ever make. Don’t wait. Start researching your ideas, and finding the perfect
business for you.
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