The first place to start is to think about what you want from your business. Do you want to work entirely from home? If so maybe think about setting up an online business. Do you have a particular skill and passion you would like to work around? For example; are you a qualified hairdresser and would like to own your own salon, or to allow for more flexibility you could be a mobile hairdresser. Do you particularly want a huge company with lots of staff? Or is it a small local business you’d prefer?
Think about how difficult that particular type of business might be to set up. Think about the costs involved in setting up and how you could fund it. Would you need to acquire investment?
There are people who will say do what you know, when it comes to choosing a particular type of business. I disagree with this completely.
I knew nothing at all about starting an online business when I decided to first start one. I knew nothing about building a service business when I first started Spik ‘n’ Span (in fact I didn’t know a fat lot about cleaning either). I knew nothing about owning or building a national corporation when I decided to start my personal injury claims company.
What does matter is that you love what you do. Otherwise you’ll just quit when the going gets tough. And it will.
Right now if possible, or as soon as you can. Get a pen and paper and draw 3 columns, labelled; YES, NO and MAYBE.
Simply put different types of businesses into each column, depending on whether it is something you think you’d like to do, wouldn’t like to do or you’re not sure.Try and get as many different options into these lists as possible.
Leave the list for the night and tomorrow get it back out look at it again and see if there’s any other types of business you hadn’t thought of at the time that you can put on the list. Then write a new list of just the YES and MAYBE business types. Look at that list and see what stands out as something you’d like to do. Over a couple of days keep narrowing down the list to the things you are most attracted to doing.
The reason you need to do it over a few days is because with fresh eyes on a new day you may find that something that you first thought you might like to do, now actually isn’t as appealing. So you can cross that off the list.
After a few days you should have a shortlist. Then it’s time to do a bit of research on the ins and outs of setting up and running that type of business.
Spend a couple of days looking into what you need to do to set those businesses up, costs etc. And whether it is a business that will fit around your children. Or whether there are any obstacles you may face. Hopefully by the end of this (which should have taken no more than a week altogether) you will have one type of business that stands out.
If you are like me and have a million different business types, niches or ideas you want to start, then just pick the one that is the most realistic and obtainable at this point, based on your situation, abilities, skills and passions.