Choosing the BEST Home Business for You
"Every morning, I get up and look through the 'Forbes' list of the richest people in America. If I'm not there, I go to work."
- Robert Orben
Choosing the best home business that matches your interests, your financial situation, and your risk tolerance is fundamental to building a success story.
Determining What is the Best Home Business for You
Consider Your Personal Passion when Considering the Best Home Business for You
Maybe it’s possible to create a successful business with a product you’re not passionate about, but it’s a lot harder, and why would you do that? With hundreds of home business opportunities to choose from, there is sure to be one (probably several) that will excite you.
Just think....if you had a million dollars and a week's worth of free time, what would you do? List the first activities that pop into mind. What would you do if you were absolutely confident you could not fail at it?
Here are a dozen prompts to get your creative juices flowing:
1. What are you passionate about?
Start with your interests. What would you do if you absolutely could not fail at it? Are you involved in sports? Are you happiest in your kitchen? Are you known for your fashion sense and your great jewelry collection?
Your home-based business should be a reflection of who you are. It should inspire you to take action, excited about thepossibilities of each day ahead. Taking the time now to examine your interests, motivations and skill set will set you firmly on the path to a well-chosen business opportunity that has your name written all over it.
2. What did you do for fun as a child?
The games and toys we love as children offer a glimpse into who we become as adults. If you loved climbing trees as a kid,you’re probably still an "outdoorsy" person. Think how this might factor into a business you’d love. Perhaps your fondest memories were making cookies with mom in the kitchen. In that case, your best home business opportunity might be selling gourmet foods or kitchenware.
3. What would your best friend and your family say about what you're good at? When do they consider you to be the "go-to" person?
4. Have you ever built a home or been involved in a major renovation?
5. What type of products would you be excited to work with and represent?
Take the time to do some research and find a product that truly excites you. Your enthusiasm and sincerity will be infectious and will translate into sales and the leadership qualities you’ll want to develop to lead any team members.
6. What skills and experience can you apply to your new business?
What was your favorite job? What was your role?
If you've rejected the corporate world in favor of working at home, you've undoubtedly developed a set of business andorganization tools. If you’ve always been a stay-at-home mom, you too will have organizational skills. Take stock of your experience, what you’re good at, and how your knowledge and talents can translate into creating and building your own business.
7. Consider your education experience - have you ever taken classes in sailing, painting, or pottery?
8. Do you have first-hand experience about any medical illnesses or health issues? Are you passionate about improvinghealth and wellness?
9. What are you hobbies? A loved hobby may be the perfect focus for a part-time business.
10. Are you a collector? Do you have an eye for a great bargain? Many who first dabbled in eBay as a hobby have transitioned their interest into serious businesses.
11. Is there anything you've ever really wanted to do or learn more about, but just never had the time?
12. Can you think outside the box?
Don’t assume that just because a business has always been done in a certain way, that’s the only approach to take.
Perhaps there’s a more innovative and effective approach you can take. This is particularly powerful as it relates to online business opportunities. Consider, for example, your competitive advantage if your market is the unlimited potential of the web versus marketing to friends and family.
Home Business Models
There are several types of businesses that are appropriate for home operation:
o Direct Sales and MLM (Network Marketing)
o Franchise and Freelance Opportunities
o Online business
o Auctions (on and offline)
Financial considerations will, of course, be fundamental to your choice of opportunity.
Another major consideration in choosing the best home business for you is how established the business opportunity is. While there are no guarantees (who'd have every thought General Motors would be in serious trouble?), start-up companies pose some extra risk.
Factor in your start up budget as well as your marketing budget going forward. Costs will vary wildly depending on your choice of business. For example, starting up a direct sale consultant biz may require a start up budget of less than a couple of hundred dollars and a marketing budget of a few bucks a month if you build it online. In contrast, it could cost thousands of dollars to set up a catering business.
Pioneer Opportunity or "Sure Thing"
Your personality and comfort zone play a key role in choosing the best home business for you.
o Direct Sales and MLM (Network Marketing) - There is an abundance of opportunities in this category; some are decades old, others are newcomers. Your deliberations need to factor in how established the product is in the marketplace. If the business opportunity has been around forever, it may have reached a saturation point that will make growth problematic. If it's brand new and hardly anybody's ever heard of it, you need to be prepared to do some heavy lifting to get your business off the ground.
o Franchise - This type of business requires very little ground-breaking because a good franchise opportunity brings solid brand recognition (or a built-in strategy to develop it)
o Freelance - You're on your own here. If you have a following that you can bring from you corporate world job, you've got a significant leg up.
o Online business - If you are intent on achieving a large income from your business (I'm talking 6-figures), building a business online is probably the best home business model for you.This business type requires true pioneer spirit. Be prepared to learn, learn more, and keep on learning. And while you're learning, be prepared to test, test more, and keep on testing.
o Auction businesses - you'll start from scratch, especially if you're building online.
Use this Personality Test to Help Choose the Business that's Right for You....
Learn more about choosing the best home business. Go to 'The Best Network Marketing Opportunities'.