So you want to set up a home-based business but have you decided what that business will be? Do you have an idea or are you still floundering in the dark? The way to narrow the search is to address a few key questions:
What do you want to do?
What can you do?
Is there a market for your business?
In this article, we’ll look at what you want to do. Grab a pen and paper and see if you can answer these questions:
What do you like, or love?
What do you like to do in your spare time?
What are your interests?
Do you have any hobbies or passions?
What are your skills?
What do people compliment you on?
What sort of people do you admire?
Have a good look at your answers. Is there a recurring theme? Do the same skills, interests and passions crop up again and again?
Your list and answers should spark some business ideas. For example, the themes that might reoccur are your love of writing and the fact that you love nature and gardening. So how could you make money from those while still working from home?
Perhaps you could write for gardening websites and magazines, or write a gardening blog that you could monetise by using it to host advertising.
Perhaps you could teach gardening through online webinars, or make online tutorials on how to garden. You could run a membership forum for gardeners where people paid a monthly subscription fee to use the forums for advice and information.
Or perhaps you write a book or an eBook about different types of gardening. If the first was successful, you could even write a whole series of books on a similar theme.
Or you could run an online shop selling gardening products or become an affiliate and make money by promoting other people’s products, books and websites.
None of these might make you very much money at first but if you set up several of these businesses, the combined income might add up to something more substantial. As time went on, you could ascertain which of the businesses was the most profitable and concentrate your efforts on that in the future.
Crucially, none of these – with the possible exception of the online shop – will cost you very much money to set up as a business. It’s important to start thinking about budgeting for your business at an early stage, not least because you then have more time to scrape whatever funds you might need together!
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