I'm excited to introduce you to Cori, a versatile blogger who specializes in giving advice to WAHMs and SAHMs on becoming financially independent. In her latest blog, she focuses on a vital topic... how "mompreneurs" can choose a business they are going to love forever. Over to you Cori! Starting a business is a fun and exciting rush. And why not? You will no longer be working for anyone, there is no timecard to punch and no more traffic to deal with! A lot of folks are ditching the 9 to 5 grind to become their own boss. Did you know that 46% of the U.S. workforce is made up of small businesses? And that number is steadily growing. But on the flip side - 20% of those small businesses fail after their first year. And there are many reasons that play a role. On entrepreneur.com they shared an infographic called Why Do Businesses Fail by Insurance Quotes. Reasons like there being no market for their product, poor customer service and not having the right team made their list. The thing is you don't want those factors to stop you from living your dream of being your own boss. In fact, if you have love and passion for your business, you can get through those tough times. That's why it's important that before starting a home-based business you should take the time to talk things out and ask some serious questions. The last thing you want to do is start a business on a whim because as soon as you come across the bumps in the road, the honeymoon phase is over and it becomes easy to throw in the towel. I've talked to some folks who are struggling with their business. The worst part about that is that after talking with them I see there is no passion for the business. And for that, there is no emotional attachment to it. If it fails, it fails. But what happens to the time and money you put it to get the business going? Do you just give up without a fight? If I had the chance talk to them before they started their business, I would have shared with them what I'm about to share with you today.
Like I mentioned earlier, starting a business is exciting – even more when you're going to run it from the comfort of your own home. Most likely, you're thinking about the perks like setting your own hours, the tax deductions and dreaming about the success you're going to have. And there's nothing wrong with that. But before you register your business and start investing money in it, there is a tiny – but important exercise you should take the time to do. When you're ready to pick the type of home-based business you want, there are several things you should do to make sure that the business you decide to run will be one that you will love forever. Through the good times and the bad.
The first step to take is to talk it out and take notes. Talk about things like what are you passionate about. What kind of skills do you have and can they be a money maker? Now that you've got a list, narrow it down to your top two favorites. The next part of this step is asking questions to weigh the pros and cons. You should give serious thought to questions like:
If you're starting your business on a small budget, this is an important step to take. Figure out how much money it will take to get your business up and running. Take into account: What kind of equipment or tools you'll need to run your business Can you run the business alone or will you need to hire help How long will it take to launch your business Can you run the business from home
This is the final step of this part of the planning phase. Going over the market for your product or service is important because if there's no market for what you are about to sell, no one will buy it. When going over the market, here are a couple of things you can do. Look at the competition. Check out their website to see how they are promoting their product. Also, check to see if there are any reviews about their product and how they are pricing it. Take a look at their social media pages to see what customers are saying. Look over the comments to find out if there's a need your competition isn't offering. Then take note to be sure you offer that need. Do a broader search on the internet. Use keywords about your product or service to find out how many businesses are in your niche and if there is a demand for it.
Remember, when you start your own business that means you wear all the hats. You are customer service, technical support, and management. Do some research to find out how much online support there is for your product or service. Knowing that there are guides and tutorials to help kick-start your business will make it that much easier to get it launched.
Those are the things you should make sure you choose a home-based business you will love forever. I hope you found this post helpful. The good thing about this exercise is that if you were honest with your answers, you will be able to come to a decision about your business knowing you considered all the options and scenarios now with no regrets later. If you have any questions or comments, I'd love to read them! Before you go, please share this post with anyone you know who may be thinking about starting their own business.