Find Your Home Based Business Idea

It is easy to find a home based business idea. But it is not what most people think. 

Over the years, I have scribbled down dozens of ideas. And most of them lie in my cupboards dormant and never made it to a home based business start up.

Some have come to life.

The biggest difference? I took action. So any home based business idea is only valuable with the right action.

But there is more.

Different Starting Points for Ideas

Most of my ideas stem from what I can do, rather than from what others might need. Occasionally, I also use one of my own needs as the basis for an idea, but I used to underestimate the need for research.

Actually, I did not underestimate it; I just did not know how to do it.

My first real research was for the idea of a serviced office for creative people. That was not really a home based business idea, but it was serving the market of home based business people.

There were about 60 creatives (graphic designers, web designer, etc.) in the town I live in. Many met with their clients in coffee shop, so I thought a professional meeting place that would provide additional services would be great.

My research consisted of calling most of these 60 and asking what they felt about it. Almost all said: “Great, what a fantastic idea, just what our town needs.” But when I asked whether they would use it, they declined, explaining why they were quite alright.

The lesson did not really hit home until 18 months later: It does not matter what people need, understanding what they want is the key.

So now my ideas go through these research stages:

• What is the perceived problem a lot of people share?
• Where can I access these people?
• How can I provide a solution?

A perceived problem is important, because that links in the emotional want of people to have it “fixed”. Obviously the more people share this problem, the more likely that a solution will be profitable.

The access to the people (or target market) is probably the most essential ingredient. In most home based businesses marketing is the greatest expense. The easier and quicker the target market can be reached, the more profitable the home based business idea will be.

Providing the solution is often the easiest part. That is if you have researched in a field that your are passionate and knowledgeable about.

I have to admit that I still get excited about ideas that just pop into my head and do not satisfy any of these criteria. But I have become more professional and disciplined and stopped running after all those ideas.

Conclusion

Home based business ideas need to satisfy a perceived problem, rather than just your interest.

Easy (and cheap) access to the target market needs to exist.

And you need to be able to provide a suitable solution that fits with your passion and vision.

Find your successful business idea in 5 exercises.

Find Your Successful Business Idea
in 5 Exercises.