I thought I would make a blog post to help moms brainstorm business ideas, and ways that they can make money from home. I've been seeing a lot of business groups that I'm in, and also some of the responses to the questions that I asked when people asked to join this group. “What can I do to make money from home?”, or “What business could I start, I want to start my own business from home, but I have no idea what I could do, or how I can make some money from home.”
So, here are some simple steps that you can follow to figure out what business you could start.
1. The first step is basically just a complete brain dump. I suggest just taking good old pen and paper and writing out all your interests, passions, hobbies, skills, talents, just anything that you can think of, just jot that down on paper. And, so that you can have a good number of options to choose from.
2. Next step, you should consider your lifestyle factors. What I mean by that is, let's say one of your hobbies is refinishing furniture…but your brand new mom, and you have a very young baby at home. So, that may not be the best business option for you at that time of your life, to start up something that's so hands on. You can start eliminating some of those options on your list, just based on your lifestyle factors, what would and would not work for you, right now, at this time in your life for whatever reason. That's one way you can start a strategic process of elimination.
3. Another thing to consider is what industry you're going to start your business in. The three core markets just generally in business are health, wealth, and relationships. Those are the three markets that generally generate the most revenue and that are the most profitable. It's just basically because those three industries cover most of our actual needs and wants. And they are generally areas that people are very passionate about, and therefore willing to spend money on.
Have a look through your list and see which ones fit into one of those three categories…those would be the ones that you should try and focus on next, anything that falls into those three categories. What you can do after that is sort of try and niche down even further. So, within each market, there's also a sub-market, or many sub-markets, so you can niche down even further…to serve a specific group within a specific sub-market.
For example, if you want to start a business in health, then you can start a business as a health coach or as a yoga practitioner…those could be some sub-markets to consider. Have a look through your list and see which options might fit into one of those three categories and you can also consider what submarket you would want to start your business in, and how you could niche down as far as possible. So, let's say you wanted to start a yoga practice you wanted to become a yoga practitioner. Then do you want to be a yoga practitioner just for moms, or just for kids, or something like that? Basically, that's what you should look at next.
4. Another thing to look at is how you're going to deliver your business…like how are you going to actually make the income? What business delivery are you going to choose? One thing you should do, or try to do as much as possible, is to focus on recurring or passive income strategies. For example, there's a lot of talk lately about membership sites, subscription programs, courses, and other digital products. And the reason for that is because they're very lucrative, so they're a great option to create a business around. They’re fairly simple to put together, they don't require a whole lot of effort or cost on your end. So these options are definitely worth thinking about, to see how you could deliver your business services in one of those ways.
5. Another thing to look at would be start-up costs for your potential business. Along with start-up costs, you would also look at profit potential for whatever that industry and your and your niche is, and also what the level of difficulty would be for you to start that particular business. Those are the next things that you should really assess when trying to figure out what business you could start. So, once you have your list, these are all the things that you should focus on and try and analyze. Analyzing these will help you eliminate most of what's on your list until you can identify one or maybe two possible business options.
Like anything else in life, there are many ways to assess what business option would be the right one for you. But this is a method that is simple and incorporates the key things that you should look at when trying to figure out what business to start from home.
I go into more detail about starting a business from home, and making money from home, in my free Facebook group called Sell At Home Moms.
To learn more about how can moms make money from home, join Sell At Home Moms here. >> http://bit.ly/SellAtHomeMoms
I'm a mom, wife, MBA student, and student of life...serial entrepreneur, dreamer, and goal-setter. My mission is to empower moms to start their own businesses from home.