Over the past few years, I’ve seen a growing trend in mothers longing to leave the corporate world and start a home business to create a better work-life balance for themselves.
What’s the advantage of starting a home business?
Besides spending more time with the family, running your own small business can be very rewarding because you can be involved in something that interests and excites you. On the other hand, being passionate about an idea doesn’t always mean you have a profitable small business.
So you want to start a home business but don’t have a business idea?
WARNING! It’s best you know this. If you are not excited and truly believe in the product or service you plan to sell (and only see it as a cash cow) chances are you will lose your passion and motivation and it won’t be a success.
How do you come up with a great business idea?
To come up with a business idea, look at what idea fits in with your passions, values, goals, life experiences, strengths, knowledge & skills, resources and your adversity to risk.
I’ve read many inspiring stories of mums that have started small businesses from their hobbies and passions like cake decorating, bridal consultant, copywriting, blogging, coaching, gift basket, personal training, graphic design, media consultant, card illustration, catering, virtual assistant, house cleaning and pet services just to name a few.
Ideas can pop up at the most unlikely times, like taking a bath or going for a run so keep a notebook or iphone handy to jot down or voice record your ideas for later exploration.
Don’t forget competitive analysis!
What is competitive analysis? The goal of competitor analysis is to compare your business with others in your chosen industry for you to find who your competitors are. Doing some competitive analysis will help you to find the advantage your product or service has over your competitors and to better understand your target market. I’d be looking at what strategies other players are using and how competitors might react to your actions.
If you think you have an idea, you will need to research, research and research your idea by gathering as much information you can about the demand for your product or service, about your competitors, and about the needs and wants of your prospective customers. Survey monkey is a great tool to help you accomplish this.
Is Your Business One Of A Kind?
Is your idea truly original or has someone else commercialised on it?
One great way to create a business is from identifying a gap or it solves a problem in the market place. Researching your idea will tell you this and more. NB. capturing a niche market can make your business more profitable than competing with others to sell the same thing. I can remember returning from Japan in 1985 and wishing there were sushi train restaurants for a quick & easy lunchtime meal. That’s identifying a gap!
The same goes for identifying a problem, so again brainstorm and think of as many solutions as possible. Write down all your thoughts or draw a mind map and soon you’ll probably come up with an original idea. Then keep moulding your idea and perfecting it in your mind into something that you think people will buy.
You will be surprised where your creativity takes you.
Don’t force your ideas to come.
Just take a break and be patient.
Don’t expect miracles the first time around.
Just going through this process will move you forward and eventually to your goal.
Join a small business start up group or talk to me about my business mentoring package which offers support, and help in drawing out your business ideas and signature products and services.
Fiona Craig is a work-life balance coach, business mentor, writer, speaker and buy mum who loves helping women become better at juggling career and family life or to create a better work-life balance by starting a business. Email Fiona at email@example.com or call 0405 433 217 for a FREE 20 minute, Rapid Results Coaching Session.