FINDING THE RIGHT BUSINESS
Your ideal business idea is one that combines your skills, preferences and financial resources with a solid, reputable company. Each venture is unique, so thoroughly investigate its profit potential and its overall suitability and how it relates to you and your life’s goals. Here are some points to consider:
--Your experience and skills: See what ventures will incorporate your talents and skills gained from previous jobs or education in their operations. Previous experience in an industry increases your likelihood of business success. A good way to see if you will like doing this work on a full-time basis is to get a part-time job in the industry related to your business idea. You will also pick up some practical pointers and make contacts with whom you can network after you launch your business. Enroll in courses if you need certification or to learn new skills and information required to operate.
--Personal preferences: Consider opportunities in which you will be doing work you prefer and if it is feasible to run at this time of your life. Again, there is no avoiding the long hours of running a business, so it makes sense to choose a venture you enjoy.
--Working alone or not: Partnerships sound good in theory, but most break-up due to partners’ conflicting business goals. Can the businesses idea that interests you be operated solo or will it need independent contractors or employees or additional company staff? Will you need assistance in hiring and managing employees?
--Financial capability: Calculate your personal financial statement to determine your borrowing potential. Financial experts can assist you in analyzing your personal finances and assessing business opportunities’ accounts. Paying down your personal debt and having money to invest in your business venture, increases your chances to get a loan. If you cannot start right away, start saving money toward your venture.
--Your available time: New ventures involve many hours. What type of business activities can you fit into your present schedule? Three-quarters of all home-based businesses are started on a part-time basis.
--If you are interested in purchasing a franchise** or business opportunity, ask if they offer financing to qualified buyers; or consider borrowing from friends or family members or independent lenders. Consult with certified financial and legal experts before signing any financial contracts. Franchise consultants and career counselors can evaluate your strengths and weaknesses and provide you with compatible business ideas.
Talk to your bank’s officers to pre-qualify for a business loan and ask if they participate in the U. S. Small Business Administration’s (SBA) Franchise Registry (www.franchiseregistry.com/) that streamlines the loan application and qualification process.
**For important information, read the FTC.gov’s “Buying a Franchise: A Consumer Guide,” and visit the sites of The International Franchise Association www.franchise.org and The Association of Franchisees and Dealers www.aafd.org.
--Write a business plan as it will help you determine if a market exists (potential customers) that will be able to meet your expenses AND produce continual profits.
Choosing the best business idea for you is only the beginning in your quest to having a successful home business. For many, this is as far as it goes. Others go on to the next steps that turn their business ideas into a working reality. Do not be afraid of going forward to the next stages of your business start-up. Millions are doing it every day, and so can you!
Suggested Resources
Book: “Work at Home Now: The No-Nonsense Guide to Finding Your Perfect Home-Based Job, Avoiding Scams, and Making a Great Living” by Christine Durst, Michael Haaren
Twitter: http://Twitter.com/BizIdeasSources
Next: Finding a Unique Business Niche
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