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How to Select a Home Business Idea

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How to Select a Home Business Idea
Nicholas Loran/Getty Images
If you have toyed with the idea of starting a home business, but aren’t sure what you could do, this suggested exercise is sure to get your creative juices flowing to help select which home business idea is right for you.
Difficulty: Average
Time Required: 30 Minutes

Here's How:

  1. Location: Find a quiet room where you can sit down without any disturbances.

  2. Supplies: Get out a pad of paper, a pen and a favorite snack.

  3. Getting in the zone: Take a couple of minutes to clear your head. Give yourself permission to be positive, optimistic and 100% honest with yourself prior to beginning the next steps.

  4. What do you love?: On the first sheet of paper, write a list of all the things you love to do (i.e. hobbies, recreational activities, leisure activities). Don’t stop writing until you have at least 10 items for this category.

  5. What is important to you?: Once you have enough “love to do” items, rank your list by order of importance to you. One being the most important and 10 being the least. For example, if you consider your love for making digital scrapbooks on par with the love for your first born child – that would be a top ranking.

  6. What are you good at?: On another piece of paper, write a list of those areas where you are talented or have expertise (everyone has a talent so don’t use the “but I’m not good at anything” argument). Don’t stop writing until you have at least 10 things on the paper.

  7. What brings you the most joy?: Once you have enough “talents or expertise” items, rank your list by those that are of most interest to you. For example, if you are an incredible piano player, but don’t find much joy in playing, that would rank low.

  8. Your results: Now that your lists are completed and ranked, consider your first two or three items on each list as excellent candidates for a home business direction. Now you are ready to go and research opportunities within each of these areas!

Tips:

  1. Take this opportunity to become your biggest fan. Dote on your ego a bit when listing your talents and areas of expertise.
  2. Be open to whatever pops into your mind. Nothing is a bad idea.
  3. Don’t be afraid to do extra credit by spending more time than the suggested 30 minutes.

What You Need

  • Pad of Paper
  • Pen
  • Quiet Room
  • Favorite Snack or Drink
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