Entrepreneurship Graduate Group Coaching Call
Introduction-
Over the years I have known literally hundreds of people who have had home businesses. Sadly very few, eve none made any money. That’s pretty sad when you think about it. As I thought about this situation I became curious why that was so. Here are some ideas I came up with.
The need for home businesses-
Today and for decades for that matter the average Joe needs to make more money. We all want more money. People start looking around for a way to earn a few extra bucks. When Amway started all of the sudden people were introduced to the idea that they, meaning the average person could become rich, really rich. There was excitement, hoopla, and some even made some money. You all know the dynamos that drive the luxury car, gives dynamic motivation speeches and sell the dream to all of us. I’ve been there.
The problem with home businesses-
There are several problems with the idea of home businesses.
Business models-
For one, most of them are bad business models and no one can make money doing that.
Lack of training and knowledge-
Second, with our American spirit we think we can do anything and so we take the jump into the new business without knowing anything about it.
Picking the wrong business-
We often get into a business that we get excited about but it really doesn’t fit us very well.
Bad products or service-
Let’s face it. There is a lot of junk out there. Junk products and junk services. Who wants junk?
Well here are some things to consider when choosing a home business:
Consider your situation-
If you are married, have three kids, and you and your spouse both work, your chance of having a successful home business is none. For example: Let’s say you pick up the kids from day care at 6 pm. You get home at 6:30 pm and start dinner. After dinner you have to clean up the kitchen, and then it is time for the kids to read to you for 30 minutes. Before you know it, it’s time for pajamas, prayers, drinks of water, several trips to their bedroom to scare away the boogie man, and finally they are in bed. Well now it’s 10 pm or later and you are both exhausted. Let’s see, when will you have time to do a home business?
Consider your time-
There are different seasons of our lives. Some are better for a home business than others. Consider what season you are in at the moment. If you have a family you have limited time for a home business. If you are an empty nester you have plenty of time for a variety of businesses. Where are you? Be realistic about how much time you have to do a business. Pick something that fits your circumstances.
Consider your skills-
All businesses are about selling. Nothing happens until something is sold. Can you sell? Do you like to sell or hate it? Do you have some skills you can turn into a business? I coached a man a few years ago who made arrows. He loved bow hunting and made custom arrows for himself. I coached him how to market them and he was off and running. What skills do you have?
Consider your experience-
Some of us have more experience than others. What have you done in the past? Make a list of all the jobs you have had and the skills they required. How about hobbies? Do you make arrows? Did you teach cub scouts how to start a fire or create a camp site?
Consider the difficultly level-
Some things are just harder to do than others. I coach people in business from an air conditioned office in a soft chair. My neighbor on he other hand is a carpenter foreman in construction and he is out there slaving away in all kinds of weather. Pick a home business that is easy to do. No door to door selling.
What is the best home business?
Without a doubt the best home business is an Internet business. There are hundreds of ways to make money on the Internet and they are all easy. It costs almost nothing to start an Internet business whether you are selling things on a website or on eBay. It costs almost nothing to run an Internet business. It is relatively easy to create a simple website and there are many products you can sell.
If you have a young family you can do work on the business after the kids go to bed or during lunch at work. If you are retired, you can do an Internet business from a warm comfortable home, with no effort, no investment, and it is fun. E-commerce is the direction of business and you better hook your wagon to it. Do some research. Do Goggle searches for the best Internet business. Read about how people are making money. Will you get rich? NO. But you can earn$30-$50,000 a year if you get the right product and take time to learn about it.
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