Resources | Home Business Resources | Small Business Main Page |
FAQ #1:
I want to run a home-based business and I don't know what type of business to start.
What steps should I go through?
Most people starting a new business build on their experience, skills
and contacts. The first step is to look inward at yourself and
answer the following questions:
- What do I like to do?
- Do I prefer working with people or computers?
- What personal strengths and weaknesses do I need to be aware of?
- Do I tend to procrastinate?
- Am I great at public speaking?
- What skills have I developed in work and community life -- such as sales,
customer service, or computer skills?
- Why do I want a homebased business?
- What are my other needs and responsibilities in life -- small children at
home or nearly ready to retire or desire to live in the country?
- What visions do I have when I imagine myself in my business -- working at home alone, working with others, working outside mostly but with a home office?
- What kind of business is my home suited for?
- Do I have space to work?
- Is it appropriate for customers to come to my home?
- How much money do I need/want to earn?
After this introspective thinking, write down your dreams, personal assets, and ideas.
The second step is to look outward to see what businesses might be viable
in your community. If you are in a large urban area, you may be able to
provide services or products to other businesses -- word processing, editing,
training. If you live where there are lots of retired folks, what services
might you provide them -- house sitting, heavy outdoor work, home care?
Look at other successful start up businesses and get ideas from them. Use your
friends and business contacts to brainstorm ideas. Be creative, but
practical, too. Some business ideas require mostly your time and hard
work; others will require financial investment.
Some of the start up ideas that have come forward in this column are baking, sewing and word working; helping people organize weddings; consulting; graphic arts and design; selling toys or handicrafts. The possibilities are endless. The goal is to find something that you can be excited about and that will sell!
More FAQ Topics:
Back to Small Business Main Page
|
