Many of us come up with many ideas about a new home business. But how do we differentiate between a whimsical idea and a viable one.
How do we identify when it is the right time to action that idea? Or is it the right step for us?
It is critical to learn to screen and evaluate opportunities effectively in this certificate 3 (tafe level) online course.
This is a snippet from this practical online home business course.
In this section we look at whether your personal circumstances and attributes suit progressing your small or micro business or home business venture.
Your Personal Commitment Level to Your Home Business Idea
Running a home business is hard work and starting one from scratch is hard work and time consuming.
So you need to have a realistic expectation about the work load and time involved and the commitment to see it through.
Commitment involves: having stamina when things get tough; patience when problems arise; and perseverance to see it through.
If you are passionate about your home business idea and enjoy the type of work you will be undertaking it is easier to stay committed. If however, you don’t like the type of work (notwithstanding your idea might be a great one), maybe it’s not for you, as you may struggle staying committed.
Home and Life Commitments vs Home Business Demands
You may have the business idea, and the commitment, but in some cases your home and life commitments may prevent you focussing on your home business.
Be realistic about the impact of the time requirements (and stress) on your “real” life. You don’t want to end up with a business but have lost your friends and family along the way.
Be mindful that if problems crop up in your home and personal life they will impact your ability to see your business idea through.
Be Realistic about the Skills Needed to Run a Business from Home
Not everyone can be great at everything!
And not everyone realises their own weaknesses.
Consider your home business idea in the realistic context of your strengths AND weaknesses.
If you don’t have the skills, or worse, have some weaknesses that put the implementation of the idea into threat – review your thinking.
That doesn’t always mean giving up the home business idea, but it certainly does mean that you need to have a plan for the way to overcome these issues.
Will the Rewards of a Home Business Meet Your Needs
Let’s face it – almost everyone you talk to dreams of being their own boss.
Assume your business will be successful. Will it give you the financial reward you need (to pay your mortgage for example) and the lifestyle goals you are seeking?
Many ideas about home and micro-business ventures are to allow the home owner to spend more time at home. Consider if this will really give you more “home time” or simply will be more work time, being done from home.
The Disadvantages of Working from Home
Notice we said disadvantages. Most people see the advantages but don’t realistically consider the other side of the coin.
- temptation to never stop working (or never start)
Nor do they appreciate the:
- focus needed to Not clean the house or do the gardening instead of working on your business venture
- lack of work team interaction and support
Learn More in our Online Home Business Course
These are not reasons to give up your home business idea, but they are factors you need to consider and weigh up.
As part of BSB30315 Certificate III in Micro Business Operations you are helped to fully explore these practical issues so that you are in the position to make informed decisions and so that you can identify the many resources out there to help you succeed as a home business entrepreneur.