Finding the right business to start can be challenging. As you explore the boundless work-from-home possibilities, consider these six factors:
Your personal strengths.
Talk to people who own businesses similar to the one(s) you are considering and find out what challenges they face. Evaluate these challenges in terms of your own personal strengths. The business you ultimately choose should build on your strengths and minimize your weaknesses.
Your personal and professional experience.
Over the years you have probably developed more skills and aptitudes than you realize by working for other people, pursuing a hobby, supporting your family, or volunteering for your favorite cause. Make a list of your skills, and think about new ways to put them to work for you. You may have hated your last job, for example, but it might have allowed you to develop valuable skills that could be applied to something you love.
Your education and training.
Just like professional experience, the formal education and training you have received can translate into business opportunities. Consider how you might use your education in a business of your own. Likewise, think about any additional training that might help you pursue a potential business opportunity.
Your home environment.
Just because a particular business could be done from home doesn’t mean it could (or should) be done from your home. You’ll need to consider space requirements, zoning laws, and privacy issues—to name a few.
It is a myth that you can start a business without any investment of your own. Some businesses, however, are more expensive to start than others. When evaluating a potential business opportunity, consider the financial and other resources that you have at your disposal. Do you have existing resources (such as a computer or vehicle) that could be developed in to a business opportunity? If so, you’ll be money ahead.
The business climate.
Ultimately, the business you choose will need to earn enough money to support you and your family. Keep in mind, however, that it takes several months for most businesses to begin providing income. By researching your idea and developing a comprehensive business plan before you start your business, you can reduce your risk and increase your likelihood for success.