Deciding to go into business for oneself can be an exciting and scary feeling at the same time only 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. What I tell my clients is the one thing to keep in mind is just because a business venture worked for one person doesn’t mean it would be a fit 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 and sharing what I know about working at home and job opportunities.
- I prepare my own taxes and find tax laws interesting. I’ve always thought of becoming an income tax preparer.
- I itemize my own receipts. I have equipment and software and know about bookkeeping.
- I enjoy writing.
- 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.
- Is there a demand for the business you want to be in?
- Is it a saturated market?
- Do you have the skills and experience?
- Do you enjoy working with people?
- Do you have the patience to see this through?
- Will you be 100% committed to the business even during the lows?
- Can you manage clientele and run the business from home?
Then make a list of pros and cons weighing them by
- How much money would be needed for start-up.
- How much equipment or products do I 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 the questions and be realistic. Consider the possibility there won’t be clients or sales right away, how much work will be involved and whether you really have 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 business and want to talk about it contact me to we can schedule a time to chat.
If hope you found this three-step exercise helpful. If you have anything to add, there is a comments section below this post to share your thoughts.
Here’s to your success!