Home Business Idea

Home business idea – Should I go with it?

Most people encounter home business ideas at some point in their life (and a few people do pick them up and make good money out of them). These home business ideas can be anything ranging from starting a freelancing writing service from home to setting up a small toy manufacturing unit. Whatever be your home business idea, you need to think it over carefully before actually starting with it.Before getting started with your home business idea, you should really think about the feasibility of your home business idea. Here, we are talking about the feasibility from two angles – one is from the perspective of your capabilities and the other is from the perspective of how good the home business idea is in itself.

Feasibility of your home business idea with respect to your capabilities

Here are a few things that you should check with respect to your capabilities for running the home business idea:

1. Your qualifications and skills for the home business idea: Since most home business ideas are for one man armies, it becomes important to verify the skills and qualifications of the person (i.e. you) who would be running the business both as a boss and as a worker.

2. Do you have the time for running with the home business idea?: Here you need to determine the amount of time that you would need to devote to this home business idea. Since a lot of home business ideas are run (or at least started) as a part time job (and it does make a lot of sense to do that), you will need to check if your current job leaves you with enough time for running a home business as a part time job. You will also need to consider the fact that your home business idea could leave you with very little time for you and your family.

How good is your home business idea?

It’s important to check the success probability of your home business idea before you actually get on with it. Here are a few factors that you must consider:

1. The competition and demand: If your home business idea is unique and is in demand, your chances of success are increased much more. However, if enough people are already running the same business, you might find it quite difficult to enter the market.

2. Risks: You need to consider the investment that is at risk. This is especially important when your home business idea requires purchase of expensive material or machinery and also when the product (e.g. food products) is rendered useless if it doesn’t sell for sometime.

Home Based Business Idea

Home based business idea can be so much fun

Besides being a source of financial independence, a home based business idea can be a lot of fun. Yes, this is in fact one of the main motivation for people who start with a home based business idea. So, it’s not always the money part that drives the people into going ahead with a home based business idea. There is much more to it. Just ask a true entrepreneur and you will realise what their home based business idea means to them.

The fun associated with a home based business idea

A number of people start with their home based business idea just because they want to get away from their daily monotonous jobs. These people might decide to run the home based business idea as a part time job or a job that they can run in their spare time. They might convert their hobby into a home based business idea; which is the best way of combining enjoyment with business. Some others might take up errands that they had fancied doing in their childhood days but never got the chance to try their hands at. It’s true, people do take up home based business ideas just for the fun (wherein the monetary benefit is either non-existent or just too less to be counted-in). If you look around, you will find people taking up weekend jobs just as means of recreation (i.e. for a change).

Transformation of a Home based business idea into a full time fun

Besides being a part-time fun, a home based business idea could actually become a full time fun for you. Sometimes people might find these home based business ideas so profitable and enjoyable that they quit their full time jobs in order to pursue their home based business idea as a full fledged business. This is something that everyone dreams of i.e. having a lot of fun while earning a lot of money. However, in such a case you will need to bring in a little more discipline to the way you run your home based business idea. Well, if you have come this far with your home based business idea, you must already be working in a disciplined manner. Once you are prospering with your home based business idea, it’s basically up to you to decide on how much you want to expand your home based business idea. Some people would limit the business expansion so as to keep things simple for them while some others could go all out without any limits.

Home Base Business Idea

Full time Vs Part time

Various people treat home based business ideas in different ways. Though some people like to run with a home based business idea as a full time business, others like to take up a home based business idea as a part time activity only – maybe just to test it first. However, each approach has its own pros and cons.

Home based business idea – Part time

The first option is to start with your home based business idea as a part time job. A number of entrepreneurs take this approach. This approach helps you in mitigating the risk that is generally associated with starting a new business. In case your home based business idea fails, you at least have your job intact. Once you have your home based business idea doing well, you can take it up as a full time business. The main problem with operating a home based business idea as a part time business is maintaining the balance between your part time home based business idea and your full time job. If you don’t plan really well, you might end up messing up with both (which is the last thing you would want). Also, running your home based business idea in spare time will mean that you don’t have any time for your family and friends. Moreover, maintaining the focus on two things (your full time job and your home based business idea) is not an easy job. Also, the growth of your home based business idea will be much slower than what it could be if you were running it as a full time business.

Home based business idea – Full time

If you plan to take the plunge straight away, you might leave your full time job and start dedicatedly with your home based business idea. However, in such a case you need to be sure of the success of your home based business idea. You should have vetted your home based business idea enough so as to give you the confidence of going all out. Even then, you must have a back up plan just in case the home based business idea doesn’t deliver as per your expectations. Also, do not put in all your savings into your home based business idea, put aside some amount to cover your living expenses too. However, running your home based business idea as a full time job will help you in maintaining a better balance between work and family (as compared to operating your home based business idea as a part time activity). Also, with more time on hand, you would be able to plan and implement better and hence see your business grow even faster.

Dig Deep for Small Business Ideas

If you’re serious about wanting to start a business, the first thing you want to do is take the time to understand what really makes you tick. Where do you get your drive? What gets you in a “zone?”

However, there’s a lot more to figuring out the BEST business idea that will make you more money and give you more freedom to enjoy more success in your life.

And success to you may be different than success to someone else. It may not be all about money at all. It may not be about finding something you are completely passionate about. It may not be about having a “cool” business — the latest fad or a unique niche.

Success is how you define it.

Finding the right idea to bring you that success takes a willingness to be patient, good timing, and a lot of research.

And there’s nothing wrong with taking your time, being careful trying to figure out which small business ideas are best.

If you rush this process, you’re bound to come up with a business that doesn’t excite you at all.

You’ll be bored.

You won’t reach goals and it will become more like a job … maybe even harder!

You’ll feel like you would working for someone else. (You don’t want that again, do you?)

First, Figure Out What You Really Want

Starting off, you really have to force yourself to relax. I know what it’s like being very, very unhappy at a job. And I can tell you from first-hand experience that walking away from a well-paying job and jumping into your own business is stressful.

But if you carefully plan your “escape,” it will make it that much better!

Set Your Short-Term Goals

Maybe you want to make a ton of money and drive around in a BMW.

Or maybe you just want the freedom to enjoy your family or friends. Or perhaps it’s just a matter of being in control of your life — being able to do whatever you want, whenever you want.

Whatever your long-term goals are, first you have to concentrate on the shorter term goals before you can begin to see that “big picture.”

It’s up to you.

But understand that the type of business you start will play a roll in whether or not you meet your goals — both short and long-term.

If you’re trying to startup a part-time venture while working full-time for someone else, you’re going to have to set daily goals to try and squeeze in a few hours of work every day, often before and after work! (I used to get up at 4:30 in the morning, go to my full-time job at 8:30, come home at 5 or 6 and get right back to work on my new business … and I loved it!)

But if it’s a small business idea you came up with on the ride home and it doesn’t really “drive” you, it’ll make reaching your short term goals — often the hard part — a heck of a lot more difficult.

What are Your Long-Term Plans?

That big picture includes, more than anything, something you can see yourself doing every day. Something that — even on weekends — you love to do.

And even though it is something you love to do, make sure it will feed your long-term plan. And you won’t know that until you know what your long term plan actually is!

For instance, if your plan is indeed to make a lot of money and retire at a young age, you’ll obviously have to look at small business ideas that are highly profitable.

This would include mostly business-to-business models. There is typically more profit selling to businesses (a product or service) unless you make it big in the consumer market.

Why would the business-to-business market be more profitable? Because a business would be more willing to invest in a product or service (that may even be a write-off) versus the consumer market which is more “luxury” driven. Meaning, consumers base a lot of their buying decisions on want instead of needs.

It’s also a financial issue.

A larger business can pay a $300 invoice without thinking about it whereas a consumer getting a $300 bill may sweat a little more.

This is just an example of understanding your long-term goals so you can look closer at a finite number of business ideas to get you closer to where you want to be.

And if you go ahead and hang your “open for business” sign and then realize, “Oh, I can’t make that much money doing this!”, you’ll only be taking one step forward and two steps back.

Grab a Pad … Ideas Will Come and Go

Because — like all entrepreneurs — you’re a thinker, you’ve always got ideas popping into your head. Probably more than you can handle (the brain only has so much room, right?).

That’s why you should always keep a notebook by your side.

Sure, some of the best ideas get written on a cocktail napkin. But you’re better off trying to give these ideas more permanence. And having a notebook dedicated to your small business ideas will give you a growing and buildable “diary” to use when you’re good and ready to go for it!

And once you start putting your ideas in writing, you’ll find yourself getting into the habit of using your notebook more and more. It’s like anything else that takes practice.

The more you do it, the better you get at finding the best small business ideas. And each idea will help you grow more specific or “niche” ideas.

Become a Private Investigator!

What you want to do is really learn how to research. You’ve got to dig — and dig deep — to determine what business really could work best for your success.

Not only do you have to know who you are and what’s going to drive your personality the most, but you also need to think about what sells.

What type of business can be profitable?

Too many people make the mistake of looking at only one aspect of starting a small business. If you love parakeets and you’re passionate about them, it doesn’t mean you’ll be able to open up a store in your town without knowing if anyone else likes them!

As a side note, starting an internet business allows you a greater opportunity to build a business around something you’re passionate about. If it’s parakeets you love, you’ll find more people on the internet with your same passion than you would in your own backyard. For some great information about finding your passion on the internet, click here

You research should include looking at what other businesses are doing (successfully and not so successfully) in your city or town.

Look at small businesses and even what the “big guys” are doing.