Before You Start a Home-Based Business: Part 1

Deciding to start a home-based business can be an exciting time in your life. The very thought of a new adventure can be extremely rewarding emotionally. If you are the creative type this feeling of excitement can also be frightening as well. If your excitement outweighs your good judgement, it can be difficult to make decisions (speaking from experience). For me there were so many things that I was interested in, that it was hard to settle on just one. But the most crucial decision for any entrepreneur is what type of business do you want to have.

We are guilty of seeing someone else start a new business venture and saying to ourselves “I could do that.” But can we really? My immediate answer is – of course we can if there is a plan.

Here are a few tips that I have wished I would have done before I started my home-based business. Instead, I learned from the school of hard knocks.

Before you make a definite decision on the type of home-based business you create, ask yourself some basic questions. Do we have a space in our home or on our homestead to dedicate to strictly business? How many hours can I commit to working at this during the startup? Am I willing to do research or take training to become more knowledgeable in the business area I have chosen? Will my family and friends be supportive? I can honestly say that without the support of my family and friends, my business would still be just a dream in my head.

Stop here and evaluate any negative answers before you move ahead. Work toward solving any issues now. It will be the difference between creating the home-based business you love or a home-based business that has struggles.

So, let us get started on some steps to make your dream a reality. Begin by making three separate lists. List number one will be five or six things that you are passionate about. As you are making the list, do not let “can I make money” enter your thinking. This will just be about your passion – cooking, sewing, photography, wrapping gifts, fishing, woodworking, painting, crafting, hiking, biking, travel, etc.

Let us use fishing as an example for list number one. Here is an example of what your first list might look like:

I enjoy fishing.
I enjoy helping people learn.
I enjoy sharing my fishing expertise with others.
Replace fishing with whatever your passion is.
I could talk about, teach about, or write about fishing (or your passion) all day long.

Right below that, make a second list of your knowledge base. This is where you will be able to narrow your focus. I will be using cooking as my example. You might start with something like this:

I enjoy helping people when I share a recipe with them or show them how to cook something.
My favorite thing to cook is Italian food. I am knowledgeable about all types of Italian spices and pasta. I enjoy taking classes on pasta making. Friends and family are always asking for my recipes.
I like to create new recipes in my “test kitchen.”
I could talk to people all day long about creating recipes and cooking.
I could teach or write about my experiences. By now, you get the idea.

For the next list, ask yourself the following:

Do I have everything I need to test a recipe or teach someone to fish?
Is there anything special to purchase? Is there a budget for startup expenses?
What do you need to document the experience – a computer, a camera or phone that has good video?
How do I want to share my knowledge – YouTube, Facebook, Instagram, email list, blogging?
Where is the dedicated space for my business?
How many hours can I spend doing this? Will I need to keep my day job?

When you are in this phase (or any other step) try not to fall for the comparison trap. It is only natural to want to do something that has worked for someone else, but their passion is different from yours! There is an old saying “never compare your beginning to someone else’s finish.” Through the years, I have learned that God has a specific plan just for me and my business. Comparing my business to others defeats that plan.

Now that you are finalizing your thoughts on what type of business you want to create, you are ready to move into action.

Creating your own home-based business is such a broad topic that I have decided to break this blog post into two parts. In part two we will delve into putting your ideas into action, choosing a name, and so much more. Email me with your comments or questions. Until then, I hope you are creating your good life every day.