10 Steps to Deciding on a Home & Online Business

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     A home business can provide you with the opportunity to explore the same field or a different field from your training. It can be an exciting experience filled with challenges and variety so you can explore what makes you feel the most comfortable. However, it can be disappointing if you do not take the time to explore what your really want in a home/online business. Here are some things to consider:  

  1. Determine the type of business you would like. It should be based on your knowledge, skills, education, employment history, hobbies, and/or passions.
  2. Read magazine articles, web articles, and newpapers about various industries (ex. finance/publishing) to learn about the most rewarding businesses/careers. Also, you may want to take a personality test. It helps you learn if you perfer working alone or in a group, working with data, paperwork, and/or people, and the best business for you.
  3. Make a list of businesses. Divide the list into 1)types of industries, 2)jobs/businesses within the industry, 3)duties for each business, 4)needed experience/education/training, and 5)the average fees/rates for each business.
  4. Contact at least 3 individuals per business. This will provide you with a first hand account/day in the life to help you determine if this business is for you. No need to spend two years or more training for a unsuitable business/career.
  5. Once you have finalized your business, you should address areas such as financing, scheduling, hiring, and operating. Also, set aside one day per week for bookkeeping, marketing, and networking. If you have a website/estore, review your web statistics to determine area for improvement.
  6. Review your business plan regularly. You may decide to review it quarterly, semiannually, or yearly. Some of the best times are 1)once you add/delete products and/or services, 2)hire an additional employee, 3)seek a source of financing, 4)form a new partnership, and 5)experience a personal lifestyle change such as marriage, divorce, or new baby.
  7. Review and revise your business plan with your partner/significant other to prevent possible jealously/resentment.
  8. Establish an advisory board (ex. banker/business coach/insurance planner/lawyer).
  9. Maintain your expertise with updated courses, seminars, training, and workshops. It is important to spend time each year updating your skill level.
  10. Never lose track of your business plan/model and never leave everything to professionals. You are the best judge for your business so always find time to manage it.

     By taking the time to consider what business you desire and would enjoy you can save time and money from having choosing an unsuitable business.


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