If you’re looking for a way to spend more time with your family or you just want to be your own boss, starting a home-based business may be a good choice for you. You can choose to continue your career in some form by working from home. Or, you might consider starting something brand new. Begin by deciding if a home business is right for you and your family. Generate ideas for your business by examining your passions and talents and researching customer demand, adjust your lifestyle so you can balance the needs of your business and your family.
Start with a bit of self examination Discover what your passions are, what educational background and any skills or expertise you have. Find out what you most enjoy doing or what you are most talented at; this might suggest what industry or industries you should focus on for your business idea. Jot down your results. Be general, ideas for a business might jump out at you or they may not at this stage. Remember what is important here is to identify a business industry that would fit your talents and interests.
Review your own personal needs or desires within the fields of interest or industries Identify a real need of your own and you may find a relevant need to be filled across the industry. An online outlet to design and order customized skateboards for you might just be something you could pioneer and deliver to the skateboard community for big profits. List anything you can think of that you would pay for within your areas of interest; these results will be the beginnings of concrete business ideas.
Ask your friends, family and co-workers who share the same interests what their needs or wants might be within the industries you are investigating. Find out what they think are the best ways those needs could be filled. Ask them how much they might be willing to pay to have those needs addressed. Make the research conversational and relaxed, and you’ll be surprised at how many ideas you can generate.
Research online business sites, which and offer articles on new business ideas as well as forums to discuss any new ideas you might have. Review the information and interact with other forum participants. Use this opportunity to bounce ideas around, receive feedback and pick the brains of like-minded entrepreneurs.
Use the feedback you’ve gotten through the previous steps to refine your list. Drop ideas that don’t have a large enough market or that may be too costly to start up. Summarize each of your business ideas into a short phrase and research them on the internet. Find out if anyone else has tried to produce your business idea in the past or present. Research and study their successes and failures.
Learn how you can improve on their efforts or if the idea is one that the market is ready for at all. This should help you identify the one or two ideas that are really ready to be pursued.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.