How much capital you have - Some businesses (e.g. manufacturing) require relatively large amounts of capital to get started, to pay for such things as special equipment, raw materials, stock, transportation, operating licences, advertising, and so on. Others (e.g. window cleaning) require very little in the way of capital expenditure. Bear in mind, however, that even in a low cost business you will still need to have sufficient funds to cover your needs and those of your family while your business is becoming established.
How much you need to earn - Some (a few) home-based businesses can bring in $100 or more an hour, while in others you will be fortunate to earn this amount in a day If your business is intended to provide a second income - to augment a pension, for example - then earnings may not matter especially to you. In this case you may simply wish to start a business doing what you enjoy, even if it will never bring in a fortune. By contrast, if your business will have to support a family (not to mention a mortgage, car, foreign holidays, school fees and so on) you will need to zero in on those opportunities which offer the best potential for such an income.
Whatever you decide to do, it is important that it meets all your requirements. If you start a business which is unsuitable, for whatever reason, you will not enjoy doing it. And if you cannot do it properly the business is most likely to fail, thus undermining your self-confidence, and perhaps preventing you from doing something else which you could do well.
If You Still Can't Decide...
It may be now that you have come down to a choice between two or three different ideas. Each has its attractions but also its drawbacks, and you really can't decide between them. What more can you do to help reach a decision?
One suggestion - which is a good idea even if you have already decided on a business - is to find out more about what each of your possible businesses would involve in practice. See if you can get part-time or temporary work in a similar field. If this proves impossible, speak to others already doing this type of job or go and watch them at work. Once you have more information, you are very likely to find yourself re-grading your business ideas against your list of requirements.
Depending on your proposed business, perhaps you could even try starting up in a small way yourself, working in your spare time initially without giving up your main job. This can provide an excellent opportunity to see how you enjoy doing the work, and may also give you a better idea of how much demand there is likely to be for your services.
Overall, the more information you can obtain about your proposed business before you decide to proceed, the better is the chance that it will meet your expectations and requirements.
How much you need to earn - Some (a few) home-based businesses can bring in $100 or more an hour, while in others you will be fortunate to earn this amount in a day If your business is intended to provide a second income - to augment a pension, for example - then earnings may not matter especially to you. In this case you may simply wish to start a business doing what you enjoy, even if it will never bring in a fortune. By contrast, if your business will have to support a family (not to mention a mortgage, car, foreign holidays, school fees and so on) you will need to zero in on those opportunities which offer the best potential for such an income.
Whatever you decide to do, it is important that it meets all your requirements. If you start a business which is unsuitable, for whatever reason, you will not enjoy doing it. And if you cannot do it properly the business is most likely to fail, thus undermining your self-confidence, and perhaps preventing you from doing something else which you could do well.
If You Still Can't Decide...
It may be now that you have come down to a choice between two or three different ideas. Each has its attractions but also its drawbacks, and you really can't decide between them. What more can you do to help reach a decision?
One suggestion - which is a good idea even if you have already decided on a business - is to find out more about what each of your possible businesses would involve in practice. See if you can get part-time or temporary work in a similar field. If this proves impossible, speak to others already doing this type of job or go and watch them at work. Once you have more information, you are very likely to find yourself re-grading your business ideas against your list of requirements.
Depending on your proposed business, perhaps you could even try starting up in a small way yourself, working in your spare time initially without giving up your main job. This can provide an excellent opportunity to see how you enjoy doing the work, and may also give you a better idea of how much demand there is likely to be for your services.
Overall, the more information you can obtain about your proposed business before you decide to proceed, the better is the chance that it will meet your expectations and requirements.
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