What are some great ideas for a home based business?

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Answered by: Shauntae, An Expert in the Ideas for Home Business Category
If you have been browsing the web recently, you have probably seen many advertisements claiming to show you how easy it is to make money from home. One can usually find these types of advertisements on Facebook, Twitter, or Instagram. Often times, after seeing these advertisements, you may find yourself looking for some great ideas for your own home based business. However, finding great ideas for a home based business will require time, creativity, and often times a monetary investment. Before embarking on this journey, you should evaluate a few things.

How much time can you allocate to starting the business?

If you are employed full-time (working 40+ hours a week), then you might have to become a weekend warrior. What's a Weekend Warrior you ask? This is someone who has committed their days off to achieving their dream and purpose. Most people have the weekends off, hence the name Weekend Warrior, but that does not necessarily have to be the case. With this approach, you should keep your time constraints at the top of your mind when searching for great ideas for a home based business. If you have already determined how much time you have to dedicate to your next business venture let's discuss creativity.

Steve Jobs, co-founder of Apple, once said "creativity is just connecting things". Apple's massive success under Jobs, centered around creativity and design, is a testament to how amazing Apple products are and how their products relate to each other. A great way to discover great ideas is to think about how to improve upon products that are already popular. You can do this by researching different products and looking at their capabilities and limitations. Researching reviews of those products can be useful as well. Often times people may recommend a feature that they wish was available on a specific product within their reviews. For example, on Amazon there is a product called the DCOU Premium Zinc Alloy Herb Grinder. In one of the latest reviews a customer states "It would be cool if it was flipped and gave more space". That statement lets you know what the consumer is looking for and how you may be able to provide a solution.

At this point, you should have determined how much time you are able to allocate to your next business venture and should also have a few ideas from a quick brainstorming session. Now, its time to decide how you will fund these great ideas. To determine this you should ask yourself the following questions:

Do I have access to any savings, retirement funds, trust funds, or stocks? What does my credit look like? Do I know anyone that can perhaps fund my ideas?

These are important questions to ask yourself and the potential answers should be identified in your business plan. If you have access to personal savings or know someone who can fund your idea then you're half way there. If you don't have your own savings then you might want to evaluate your credit score to determine if you can qualify for a small business loan.

There are many home based business that exist. Some are credible and some are questionable. The key to finding great home based business ideas is to know how much time you are willing to sacrifice, how creative you are, and how you will fund those ideas. If you follow the tips in this article, then you may be well on your way to establishing a great home based business.

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