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Business ideas

How do you pick the “best” home business idea for you? You need to find the idea which fits your needs and personality best.

That means you have to define your needs as well as researching ideas, and make sure you come up with LOTS of ideas to pick from. This article will show you ways of defining your needs and comparing them to home business ideas.

First, before you can pick the best business idea, you need to define what “BEST” means for you. You’ll need to consider what you need to get out of the business, how you want to work, and what kind of a person you are – because the best business idea will fit your personality. The answers to these questions will help you sort out what matters most for you:

  • How much income do you need? (pocket change, pay the mortgage, support the family, live like a millionaire)
  • How much time do you want to spend working in and on your business? (a few hours, evenings all week, part time, full time, overtime, workaholic)
  • How many people will be involved? (just you, a few partners, a dozen employees)
  • How big a future growth potential do you want? (stay at home, small office, a few branches, national reach, international franchising)
  • Are you an extrovert or an introvert? (gains energy or loses it from being around people)
  • Are you a morning or night person? (will you need to co-ordinate times with others, or can you work whenever you like at any hour?)
  • Are you more logical-rational or more emotional-intuitive, more detail oriented or big-picture? If you are firmly one way or another, you’ll need a business idea that fits, or maybe a partner that complements your strengths with theirs.

Is the best home business online or out in the “real world”?

Most “home business” information on the internet is about making money online. But most people who have home businesses are “offline” – making products or providing “real world” services, not doing internet marketing or filling out surveys for pennies.

Research The Business Idea

You need to know how your proposed business idea stacks up against the needs you’ve identified. The most direct way to find out is to find someone doing what you want to do, and ask them! You might think that they would be reluctant to talk to potential competition, but that’s not necessarily true – if you’re in a different geographic or demographic market you may not really be competition at all.

You can also choose people to talk to who are in your business area of interest, but not using the same business model and thus not direct competition. And people just like to talk about their businesses. To find someone to talk to, look for forums or discussion groups in the business area, industry associations, magazines and newsletters etc, and make personal contact with people who interest or inspire you. Especially if you tell them what interests or inspires you about them, they will often be happy to chat.

Actual facts and figures are often available from government or industry organizations who publish statistics. You should be able to find these for your country and industry of interest online, or via your library.