You are at that point in life when you are debating if you should start a home based business or not! Maybe you want to be able to do something you like, maybe you want to work from the comfort of your home…..Whatever the reason, here are my 10 steps on how to start a successful home based business.
Starting a successful home business requires preparation. The easiest home-based business you can start is something you can do yourself on your own. When I say this, I am not referring to work-from-home opportunities. Those are nice, but you are not working for yourself, even if you are working at home.
So what is the secret of success for starting a successful home-based business? The secret is to go all the way, not stop midway, and do not give up at the first hurdle you encounter. Ok, so these are the main ideas, but there are a couple of things you can do to ensure you are making your home-based business a success.
Evaluate Your Talents
When I say this I mean to figure you what you are really good at. What is your expertise? Knowing what you are the best at will be the base of your business regardless if it’s a home-based business or not. Why would you want to do something that you know no idea about? This is not about learning something new. You will do that! This is about starting and starting based on what you know best.
For example: are you a creative person or somebody who is very meticulous and detailed? This is what I’m referring to, not about learning a new skill.
If you are somebody who has never started a business venture you need to take this to another level. Starting a business sounds awesome! But, it is not for everyone! You need to have certain traits, like motivation, perseverance, initiative, self-reliance, the ability to deal with uncertainty. You will use all of these qualities every day in your home-based business.
Know Your Skills
Your skills are different than your talents and they represent the things you can do. Talents are passive traits and skills are active traits. You will have both talents and skills. Your talents will remain constant but your skills will develop and increase over time as you learn how to do new things.
Using the previous example with the creative person, you may know how to draw or paint. A new skill would be learning how to do graphic design. That is something you will learn based on your talent for creativity. Same with the attention to detail. Since you most likely are very meticulous, you may have a strong skill in organizing or accounting.
Use Your Talents and Skills to Come Up with Business Ideas
We talked about talents and skills and the difference between them. Why not combine them to come up with successful business ideas? If you wrote down something for each category (talents and skills), take a look at the lists and see what combinations you can make. Ask yourself:
What kind of home-based business can I start based on this talent and that skill(s)?
Again, using previous examples, if you are good at attention to detail and you are a very organized person, some ideas of home-based business could include:
- Virtual assistant
- Personal assistant
- Tax preparation
- Professional organizer
If you are a creative person, you should consider:
- Design jewelry or clothing
- Start a painting business
- Start a graphic design business
- Start an interior design business
- Start a social media management company
Of course, these are just some examples, but there are so many more ideas about what you could do. Do not limit yourself only at these. Write down all the possibilities you can think of.
Do not limit the list of ideas! Explore everything that comes to your mind! You are building your list at this stage so make sure it is as detailed as possible.
Need help getting started? This article here will show you how to get started thinking as an entrepreneur.
Here is some more information you can check out.
Test Your Ideas
In the previous step, you put together a list of ideas for your home-based business. In this step, I will talk about testing out the ideas you listed on the previous step.
Not everything from your list will be suitable to become a home-based business. Some will work superbly while others will not work at all.
For example, you are dreaming of starting making custom car parts…… most likely you will not do that from a home in a residential are. Now, if you live on a farm in a rural area, you can do whatever you want because you have the land & space to do whatever you want. But, you get the idea!
Now, go back to your list, look over your ideas and cross of those not suitable for a home-based business. Cross of anything that would require you to get out of your house to do business (consistently) also any work from home opportunities you listed.
A lot of people stop at this point. They have the idea, they are so excited about it and so confident that it will be a success that they go out and invest a lot of time, energy, and money and it will turn out it wasn’t the right business idea. It is very easy to do that!
What comes after this is critical in turning your business around and making a success.
If you reached this point you MUST build a business plan and figure out how you will make a profit! You MUST have this figured out before you even start!!!
You want to make sure your home-based business is a success instead of another failed business venture that drained your resources from every angle!
If you need help coming up with a business plan check out this questionnaire that will help you come up with answers to incorporate into your plan!
Know How You Will Make Profit
This is a critical step in your quest of starting a home-based business. Actually, it is critical to any business not just home-based. You may be an expert in anything and have the right skills to do whatever you want to do, but whatever you do must be something that people are willing to pay for, otherwise, everything is a waste.
Here are 3 more questions you need to answer at this point:
Are there people willing to pay for your product or service?
If yes, how much are they willing to spend to benefit from your product or service?
Is the product sustainable and able to generate you sufficient income?
Back to your example of a creative person. Since you are very crafty you decide to make knitted or crochet dresses. You make these for women and therefore it will take you a long time to make an item. You discover that people are willing to pay you $150 for unique crochet dresses. Because it will take you a long time to make one, how many can you make in a month? Is that enough to sustain your living expenses along with your business expenses? It is all in the math!
So, when figuring out what you want to do as a home-based business please make sure you know exactly what is doable and what is not, and what you need to do to be able to make a profit is actually possible to achieve.
Now, that you know that, go back to your list of ideas and cross of anything that does not have your desired profit making potential.
Do a business plan
Business plans are essential for any type of business. They are the road map of how you will achieve success. You must have one in any business. Many people are under the impression that they need a business plan only when they go to a back or an investor. The truth is, you ALWAYS need a business plan.
If you found the right idea that will make you profit as a home-based business, sit down and write your business plan!!!! Do your research about your industry, business, SWOT analysis, profit, etc. Research everything you need in your business if you want to have a successful one and put all those answers in your business plan.
If when building your business plan it turns out that your idea is not a viable one, ditch it! Yes, you spent time and energy researching it. But, believe me, you will be glad you discovered it does not work at this stage instead of later after months of work and resources wasted on it.
Ignore Work From Home Ads
I talked about this earlier. Work from home is not owning a home-based business! You will be still working for somebody else that will tell you what to do, how to do it, and when to do it!
A home-based business means that you are the driving force of the business! You are the one that makes all the decisions and you have the vision of moving forward and making it a success.
Did you get any value from this post? If so, please comment below and share it on Facebook and any other Social Media websites!
Cheers to your HUGE success!!!
P.S. Are you still STRUGGLING in Your Business?…
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