Why do you want to start a business?
Are you trying to find inspiration for a home based business idea but don’t know where to begin? This article will allow you to streamline your thoughts to find the perfect business model for yourself and your family.
We often hear of entrepreneurs starting businesses for a variety of reasons. Some don’t want to work for the ‘man’, some want the creativity of doing their own thing and some feel the persistent pull of a starting a home based business .(Because with all that effort we put into making our homes pinterest worthy, why not right? ). Others may believe that this is the only way for them to get rich.
For us Mothers, starting a business may not be JUST a way to follow their dreams, but it is also a way for us to spend more time at home to be with our children who just seem to grow up way too fast.
If your desire to become a mompreneur fits one of the categories we mentioned above, these are some things you should consider before starting a business.
A. Explore Business Models
For mothers, starting a business should not ONLY be for the money. You also need to consider the lifestyle aspect. More often than not, mothers would prefer a flexible schedule that allows them to work around their children’s schedule.
For example, if you have school – going children, conducting enrichment classes after school hours might be a way to bring money in but you will be missing out on spending time with your children after school hours. You are better of staring a business that allows you to work when the kids are at school or after they have gone to bed.
Business Models To Consider
- Selling Items on existing sales platforms like Etsy, Ebay, Amazon etc
- Creating and selling courses on Udemy.
- Creating a blog and monetizing it
There are existing services, like Amazon’s FBA which only requires you to manage the sales and marketing ‘storefront’ (they do all the hardwork of ensuring the product gets sent out and delivered).
B. Follow my passion or follow the money?
Ah, the lifelong question of ‘ Do something I am passionate about or do I just focus on something that makes money?’ Some entrepreneurs argue that you should just do what you are passionate about and the money would follow while others stand firm by their belief that a business is only viable if there is market demand.
We take the middle path.
Ask yourself the following questions.
- What do I like and can monetize?
- What skills do I have that I can monetize?
- Are there any technological tools out there that can help ‘ package’ my passion and skills into an educational product that others will find useful?
Bonus info: Start getting familiar with Google Keyword Tools to find out what type of products and services are in demand, and see if you could compete against those already providing the service. (see point 3)
Start getting familiar with Google Keyword Tool in Google Adwords to find out what type of products and services are in demand, and see if you could compete against those already providing the service.
We would be doing tutorials of how to go about doing research. Sign up for our newsletter to be alerted when the tutorial is released.
C. Figure out the Unique selling Proposition (or USP) of your Product/Service
After looking at the demand via the Google keyword tool, do a Google search to study your competition. What are the established brands featured? Are you able to think of a niche, which you can better serve? Are there ways of highlighting the ‘uniqueness’ of your product and service offerings to win over a particular niche?
Don't focus on price. There will always be someone who can drastically reduce the quality and sell it cheaper. Instead look to see if you can compete with existing sellers by ‘branding’ your product and services?
D. Work at home Platforms
If you are not prepared to set up a business and you are just looking for ways to make additional cash from home, you may want to explore opportunities on platforms like Upwork (formerly ELance) or Fiverr. Upwork allows you to bid for a project, whereas Fiverr allows you to offer services for a set price. Your base offer should be USD$5 but you are able to offer add on services for your own set price.