Before you even think about starting a home business, it is important to do some self-evaluation, to make sure that you are on the right track for your business idea. Being brutally honest is part of the process of getting started. Answer the following questions to help you make your decision. Do not hold back, be honest.
1. Are You Self-Motivated? – Are you able to set schedules for yourself, and get things done on time, without having someone else set the schedule for you? When you work for yourself you are going to have to set the schedule to get things get done. Can you handle that? If you are in doubt about that, can you get help from someone like a business coach?
2. Discover Your Why – Figure out why you want to start a business. If it is to be rich, and to be able to sit on the beach all day, or to “have more time”, then you are fooling yourself, and you are better off to find a different type of job. Sure, eventually you may have more control over your time, but when you first start, you will work harder, and often for free, than you have ever imagined you could.
3. Be Realistic – You may not have a boss technically anymore, but depending on what type of business you start, you may suddenly feel like you have many bosses. For example if you become a virtual assistant, you will likely have 8 to 10 clients, who all think they are your boss. You will have to find a way to balance this fact with your expectations.
4. List Your Resources – Before starting a business, list all your current resources, whether it is software and tools, or people who can help you. This list gives you an idea for what you have going for yourself right now, and a resource of people you can call on for help.
5. Do You Play Well with Others? – You might think a home business means you don’t have to deal with anyone else, but more often than not the opposite is true. If you know that you have difficulty with others, you may want to choose a home business where you don’t have to deal with people as much.
6. You will Need to Wear Many Hats – When you start a business you may have to be the book keeper, the laborer, and the candlestick maker. This is how it is, when you own your business, you do what needs to be done, at the moment it needs to be done, even if it is something you hate. Sure, you can outsource, but when that falls through, you must do it.
7. Do You Have Enough Experience? – When you think of the type of business you want to start, are you truly experienced enough to do it, or should you start at a different level to move up to what you really want to do? For example, if you have never had a successful home business, you cannot expect to coach others about it.
8. Do You Have a Good Relationship with Money? – When it comes to making your own money in a home business, you will have to become an expert at money management. Sometimes you will feel as if you are working for free, while other times the money seems to come in on autopilot. But don’t count on that.
9. Do You Understand the Competition? – One aspect of choosing whether you are right for a home business, is to look at your competition. Determine whether or not you can deliver at least as good as them, as fast as them, but incorporating your own twist.
Not everyone is cut out for having a home business. Some people need the structure of a place to go to each day, in order to be successful. It is imperative that you are real, and brutally honest with yourself during your self-evaluation.