All right, so you've decided to jump off the corporate ladder and build your own. Congratulations! You've just joined the growing community of home business owners in the US. Expanding at an estimated rate of 10 % per annum, the home business segment is being chosen by millions of people today. Running a home business offers economic self-sufficiency, unparalleled freedom and the satisfaction of finally being in charge of your own life. All of this without a boss dangling on your head and without the guilt of ignoring your family and the "me-time" you so badly need.
Choosing Mr. Right
Now that you have decided that a home business is the best thing for you, the first question that springs into your head is 'what is the right business for me to go in to?' For every single idea you think will work, there may be ten that won't. Since you will be investing a lot of time, money and energy into this project, it is imperative that you first evaluate the feasibility of the idea.
In a business, you could be selling a product or a service or a combination of the two. To decide what is the best mode for you, a simple guideline here is to clarify in your own mind, two things:
1. What do I want to do?
2. What I am capable of doing?
Take a stock of your interests and capabilities and then decide on what would you rather be selling. For instance, if you have been in the hospitality industry all your life, it may be a good idea to choose a service-focused business like catering, rather than selling computer peripherals, no matter how profitable that looks. But if you've always been interested more in, say, fashion designing and have had some experience in that field, you have more chances of succeeding with starting a boutique for clothes. So, a good recipe for success would be to marry your interests with your core competences. Team it up with hard work, determination and a wide focus vision to go a long way.
For some new business ideas, take a look at these websites:
http://www.ahbbo.com/ideas.html
http://wordpress.org/articles/home-business--choosing-
the-right-home-based-business-opportunity.htm
Once you have decided what business you want to put all your monies into, you must evaluate the option by measuring it against some parameters:
I. This is one of the most important aspects you should look at when considering a new venture. Unless you see a clear revenue inflow to the business, discard the idea.
I. Evaluate the options you have. You could either be financing the project from your own savings or through a bank loan. You have to be very clear on how you will manage your personal finances, if a large chunk of your savings gets engaged in the business for a certain period of time. If you will be opting for a bank loan, remember that it has to be re-paid in a certain time period. Would your business start giving enough returns by then?
Also see: http://www.powerhomebiz.com/vol13/evaluateideas.htm
Most home business owners start out with a positive attitude and the will to kick up some dust with hard work. That is good, but not sufficient to guarantee success. Success depends on carefully choosing a business idea, meticulous planning and some reality checks.
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