Choosing the Right Online Business for You

Starting an online business with the ability to work from home is one of the best things I’ve ever done.  I love what I do and I’m so blessed to have the opportunity to be home with my kids while adding to the bank account.  Have you been thinking about starting your own business?

If you have been thinking about ways you can start working from home then I’m sure you realize that there are a bunch of options available to you.  As you start doing research I encourage you to choose something you are good at and will enjoy.  Anything less than that invites discontent, discouragement and disappointment.

My advice is to follow your passion to help people and the money will come.  If you simply search out the “money making” opportunities and it’s something you’re not personally invested in~ it will show.

Of course, the best business choice for you is one where your talents & passions match the money making possibilities.

You will be tempted by promises of money making schemes that say you can make thousands of dollars for doing nothing.

Avoid those promises like the plague.  There is no miracle pill or fast solution.

While incredibly EASY to do, working from home is still WORK!  At times, it’ll be darned hard work but if you choose something that interests you and that you enjoy doing you’re “work” will bring you JOY and with time, hopefully, a lot of cash.

Here are some things for you to consider as you try to figure out the best online business choice for you.

Time

Be honest with yourself about how much time you really have. If you have young children, you’ll need to arrange for childcare, work around their school schedule, or figure out if you are able to work with your kids around.  That’s what I did.

It’s completely doable but if you choose to work with your kids around you you’ll have to train them to play quietly while you’re on a call. You’ll also want to be prepared for slower growth in the beginning and that’s absolutely O.K.

If you only have ten hours a week to put toward your online business then it’s better to go ahead and admit that now rather than bite off more than you can chew.

List Your Skills

Making lists is not always our first instinct, but it’s a good exercise for looking truthfully at your abilities, hopes, dreams, and so forth.

Begin by making a list of your practical skills – these can run the gamut from meal planning to typing to teaching. Don’t forget to add any skills you have from past jobs and don’t discount volunteer positions.  Those count! List everything from the types of computer programs you know how to work to the tasks you had to do to plan the office Christmas party.

Figure out what you love to do most and cross of the things you hate to do – even if you do them well.  You’ll still hate them when you’re doing them for your own business. ;-)

Write Down Your Income Needs

How much money do you need to quit your day job, or to pay the mortgage? List all expenses from groceries to car payments.

Finally, make a list of your goals and dreams for your business. Where do you envision your business going? Are you content working for others (service work like virtual assistant,graphics designer, etc.) or do you want to go into business for yourself? How big is too big, and how small is too small?

Start with a figure that you’d like to earn annually, then divide it out into months, weeks & days so you know exactly how much work (or extra work) you’ll need to do to meet your income goals.

Include in this list your financial goals – maybe you’d like to afford a vacation, a new car, or just the electric bill.

Having these lists will help you determine which online business is the best fit for you. If it doesn’t help you meet your goals, it probably isn’t right for you.

Smart Stuff You Need to Know

Before you make a final choice about the online business you’re going to start I want you to get online and do some research. There are so many options out there for you to choose from.  I’ll be doing some deep diving into my favorite online business ideas over the next few weeks to help you out.

Don’t spend money on anything until you have a good idea of the direction you’re heading in and then talk to people that are where you want to be and ask for recommendations on the tools & resources that you really need to get started.

Join a couple message boards and online communities that offer reputable information about online business opportunities. Here you can ask questions and build relationships for support.  Don’t be afraid to ask questions.

An Investment in Your Business

You will have to invest a bit to get your business started but you don’t have to have a ton of cash on hard.  Here are a couple things that you absolutely need to get your business off the ground.

Domain Name – What are you going to call your website?  Put some thought into this but don’t linger over it so long that you don’t get started.

Domain Hosting – You’ll need somewhere to host your website.  I recommend Mom Webs for both price & customer service.

Self-Hosted WordPress – The platform your blog will be built on.  Your domain host will make this very easy for you to install.

WordPress Theme – I use a premium (paid) theme from StudioPress.com but there are a lot of nice free themes out there for you to start with.

If you don’t want to mess with any of the technical stuff you might consider hiring a site designer to get you  going.

Something Extra

While not absolutely necessary, I would encourage you to consider a  paid membership to a reputable site like SoloMasterminds (I am a lifetime member) for advice, support and networking opportunities.

Additionally, I firmly believe that live events like the NAMS Online Business Workshop are a huge part of my online business success.  The workshops are held twice each year, in February & August, and I’ve only missed 2 since the workshop started.  I’ve learned much of what I know about creating a successful online business from the instructors there and have met people that not only helped me grow my business but have become my deal friends.

I know I’ve given you a lot to think about but now, I’d like you to go do some research and then come back to ask any questions you might have about your choice, how to get started or anything you’re worried about.

For some quick information and insight to the online business ideas available to you check out my What’s A WAHM To Do? series

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