How to come up with ideas for a home based business startup
"Are you looking for ideas to start an online business from home, but struggling to think of one that will make money?"
Anyone can make money online. It just takes a bit of creativity and inspiration, and a willingness to adapt and respond to new opportunities.
This article will provide some practical guidance to help you come up with a fantastic idea for your own home based business.
All you need, for now, is a pen and paper to jot down the ideas and inspiration you will find as you go through this 5 step process.
Being a home based entrepreneur
It's important to note that success in business often comes as a result of seizing opportunities that present themselves. Often, a business idea or opportunity will arise from something you are doing already.
Many successful businesses start out as one thing but become something completely different. The important thing is to get started, get out there and start something.
New opportunities come your way when you are already doing stuff that puts you in a position to see them.
How to come up with ideas for a home business startup
Coming up with ideas for an online business can be difficult. Ultimately, the ability to make decent money from a business is what drives most people to make the career, job, and business choices they do.
Making money is vital, but the secret to making money often lies in the passion and determination entrepreneurs are willing to invest in their businesses. In order to put in enough to start getting something out, you need to focus on things you know and love.
Starting your own business should be fun and exciting!
1. Make a list of all the things you love doing or would love to do
The best way to start a new business is to focus on things that you are passionate about, enjoy, or think are cool. It doesn't matter what it is because there are enough people in the world today to make virtually any niche profitable.
Write down up to ten things. It could be absolutely anything. Don't worry about whether or not it's possible or not. Just put everything down on paper.
2. Research each idea
For each of the ideas on your list, do the following:
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- Find a large business that works in this niche
- Find several small business that work in this niche
- Find 3 top blogs that write about this niche
- Find 3 people who are influential about this niche in social media
- Google that niche combined with phrases like "startup success", "small business", "entrepreneur"
The purpose of this is to learn a bit more about who the players are in each of your niche markets. Find out which companies are succeeding, who is talking about it, and generally get a feel for who's who and what's what.
The final point (searching on Google for niche articles about startups and entrepreneurs in this niche) will also give you an idea of how much innovation and creativity exists in this particular niche market.
3. Get inspired
Did you find any exciting information in your research? Are there new startups with great ideas that you hadn't thought of? Alternatively, did you discover that someone is already doing what you had in the back of your mind already?
Look for all the great ideas you can find and jot them down under each idea. Now try add your own great ideas. What do existing companies do badly? What are other entrepreneurs missing?
It doesn't matter if your ideas are radical and way out. Write down any bit of inspiration that comes to mind. The types of questions you should ask yourself probably start with:
- Wouldn't it be cool if...
- I wish I could...
- Is it possible to...
Spend some time gathering cool ideas from the Internet and add your own. Remember, just because someone else is already doing something great, doesn't mean you have to cross it off your list.
You don't have to invent something new, you just have to do something well.
4. Make some executive decisions
For each niche, go through your list of ideas and inspiration and choose all the ideas you think you can start. In other words, any idea that is feasible and within your means to get up and running.
You might have jotted down something like "setting up a colony on Mars", which is fantastic, but probably something you can put on the back-burner until you get set up.
At the end of this stage you should have a smaller subset of ideas that are both fun and exciting, but also possible.
5. Research and get started
For each of your home business possibilities, you need to look at the following:
- What it will take to get up and running
- How big is the market
- What type of products and services you will offer
- How will you market your offering
Now select your top 3 possibilities from the list. The top 3 should be the ones you feel most passionate about, and, based on your research, are most likely to succeed.
Starting your home based business
Check with your local chamber of commerce, or government department to find out if there are any existing incentives for a business like yours. Remember that governments are trying to stimulate their economies and often small business startups can take advantage of tax incentives, grants, and other financial benefits.
It's worth the time and effort it takes to research this.
With this research out of the way it is time to get started. Remember to keep an eye out for new opportunities as they present themselves. You never know. The first contact you make while speaking to someone at your local chamber of commerce might give you new ideas or contacts that lead to new ideas and business opportunities.
If you have started a work at home business, why not share your thoughts and experiences in the comments below. If you have any great tips and advice for home based entrepreneurs, share them here, or join me on Twitter, LinkedIn or Google+ to carry on the conversation.
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