Why do you want a home business? To do what your love? Improve your lifestyle, family life, location? Launch a big business? To make ends meet? To get away from a job you hate? The clearer your reasons, the more likely you are to achieve your goals.
Do you intend to work full- or part-time? Starting part-time is usually safer, but can the business be done in the hours you have available?
Do you want to stay with work you know, so you’ll experience less of a learning curve and have existing contacts? If there is no market for you in your own field or industry, is there another field that needs your skills?
Do you need a change or want to do something more enjoyable? Motivation is the key to persistence, and persistence is the key to success.
FACTORS TO CONSIDER WHEN CHOOSING A BUSINESS
How much you like the work
Income potential
Ease of entry
Market demand for what you offer
Your existing know-how, contacts and reputation
Recession resistance
Start-up costs and overhead
Long-range security
Competition
Hours of work/stress level
Suitability to your personality
FOUR WAYS TO FIND AN OPPORTUNITY
Notice what people complain about
Track demographic and social trends
Capitalize on new technology
Capitalize on new legislation
INDICATIONS TO BUY A BUSINESS (Franchise, Business Opportunity, Direct Sales)
You prefer guidelines already established to creating something from scratch on your own.
You prefer a recipe or blueprint to making up one of your own.
Your primary objective for being in business is to produce and income.
You have no problem following policies developed by others.
You prefer to do something proven rather than start something new.
You prefer turning to others in time of stress instead of keeping things to yourself.
You prefer working within a system to being completely independent. You prefer to follow trends rather than set them.
YOUR POTENTIAL CUSTOMERS - WHAT PEOPLE WILL PAY FOR
Who needs what you will offer?
Talk with existing and potential customers. What are people complaing about? Make a list. From whom, when, what, where do they buy now? Listen and watch for reactions.
Test your product or service through mailings, seminars, exhibits or prototypes.
Can your current employer become your first customer? Almost 1 in 2 new business do.
Can customers or clients from your current work or business ethically become yours?
TEN WAYS OF SPECIALIZING
Geographically – area, climate, populations size, or on your customer’s premises
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