How do you find a business to start that is right for you? Consider your talents, your skills and your passions. If you are good at numbers, and enjoy being detailed-oriented, you could start a freelance bookkeeping service. Love the outdoors and gardening? How about a landscaping enterprise? Do you play an instrument? You could teach classes to kids or give individual lessons in their home. If you love crafts and enjoy making quilts or scrap booking, could you teach this talent to others?
Now you must consider whether or not your idea will work as a home-based business. If you love baseball and want to set up a batting cage, do you have the space? Is your property zoned to take on vehicles driving up and parking all over your street? You can’t start a manufacturing venture in a residential neighborhood. If you are thinking of baking bread and selling it to restaurants, make sure you call your county clerk’s office and find out if you need to get a “food handler’s license.” Requirements vary in each state so make sure you check it out!
Can you make a profit with the type of business you’ve selected?
If you want to start a pet-sitting business, for example, make sure your region has a client base to support your small business. Will people be willing to pay you for what you are selling? Next, ask yourself how much are people willing to pay for this product or service, and will you be able to make a sufficient income from that?
Write a business plan for your home-based business. There are many templates available online that you can use as a basis for your document. It can be 2 pages or 20 pages, but what the plan will do is help you answer all the questions you might have about your small business before you even launch the company.
The business plan is absolutely essential if you want to borrow money, so prepare the document. It will give you a great sense of security knowing that you understand every aspect of your venture.
PICK A BUSINESS YOU LOVE: In searching for the right business to start make sure you choose something that you love to do. You will be spending a lot of time making the business work, so you must enjoy what you do. There are probably business ideas that will occur to you that would do well in your community, but if you don’t love that particular type of business, skip that idea and keep thinking. Find something you love to do and how to get paid to do it.