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Work-From-Home Business | The Plan

Updated on July 24, 2013

Don't know where to start? Find out here

Work from home business, like any business, needs planning. Not just any plan, you need a really good one in order to survive bad economy like the current recession.

Work from home business is now a high demand item, especially with the late massive layoffs by giant corporations, like the estimated half a million layoffs in the automotive industry.

Anyway, you are here to learn about planning a work from home business. And this is exactly what you'll learn in this lens.

This lens will give you a general work from home business plan. It includes the basics that apply to any work from home business. In other lenses I'll explain some more detailed plans for specific work from home business models. I hope you'll benefit form my work and head to your financial freedom.

[Image Source: Scott Hower's Blog]

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Evaluate yourself

Estimate your strong points

To plan for a work from home business you need to start with yourself. This is the number one reason the vast majority of work from home business ventures fail. An extreme example would be a mute telemarketer or a uni-lingual interpreter. You need to have what it takes to succeed in any thing, especially in work from home business.

In the corporate world if you don't have the proper education or experience would you get the job? You might not make it to the interview. Even at the entry level, you'll be provided the proper training before you start doing your job. And guess what, at work from home businesses there is no one to train you (unless you pay a big buck). You are on your own here.

So, first you need to estimate your skills, experience, and resources. And please do that on a piece of paper that you'll post in front of you above your home desk so that you don't need to think about it every time you have an idea. You might also divide it into three sections, one for each category. Also please leave a blank space at the end because you'll be adding to it all the time. Let's call this piece of paper: "self estimation sheet".

Your skills could be selling skills, writing skills, convincing skills, programing skills, social skills ... any type of skills that you might have gained in the past counts. So please don't leave anything out. Write it all on that piece of paper.

In the experience section wright down everything you have done in the past, including, summer jobs, corporate jobs, hobbies, social activities, even your driving experiences counts.

About the resources, you'll be surprised how much resources you have. First of all you have the time, please wright down how many hours you are available for this business everyday, and set fixed working hours. Take it serious and it will pay at the end. How much money can you invest in this business is the second most important of your resources. Also include any connections you have with bankers, investors, organizations, previous work places, your doctor, your accountant, your lawyer, your non profit organization, even your religious institute. Everything counts.

Find The Suitable Work From Home Business Model

Refer to your self-estimation sheet

Now that you know yourself it's time to find what work from home business model fits you. There are several models of work at home business, and every model is so unique and so distinguished that only certain people can succeed in it.

In your preliminary search you'll be exposed to different ones. Before you do anything about any particular work from home business please find out first what it takes to succeed in this business model.

Ask yourself some questions. For example: Am I going to be cold-calling people? Am I going to deal with kids, pets, or people with special needs? Am I going to be convincing anyone with anything? Am I going to talk to people from door to door? How much money do I need to invest? How long do I need to work on it? Is there anyone around who have done it so that I can ask for information? Am I going to lie? Am I going to rip people off? Am I going to be in trouble with the law if I pursue this business model?

Except for the last 3 questions, refer to the self estimation sheet that you have posted above your desk. If you find what it takes to succeed in this business model listed in your list, don't delay and move to the next step immediately. If you dont' find it, may be you have it but you don't know. Ask your close friends or spouse if they see that skill in you. If you don't have it, check with your resources section for someone you can outsource that particular task to.

If you don't have what it takes, just don't do it. Plain simple.

One Project at a Time

Don't dillute yourself

You might find more than one business model that fits your self estimation sheet. In that case please don't do this lethal mistake of starting in two or more projects. You can make a notebook or a file on your computer for the ideas that come to your mind. After you wright them down put them on hold and get back to the one and single project that you are working on.

Let's do some math to bring the idea close to your mind. Lets say you take 1 month to bring a project to life from scratch. If you stick to that project until it's up and running, after one month you have a source of income and some time to spare with another project, go ahead with it. After another month you have 2 streams of income and maybe some more time for third project, go ahead with it. After 3 months you have 3 streams of income.

On the other hand, say after you started the first project you found another better idea. You put the first one on hold and start doing the new one. A better idea comes to your mind while you are still working on the second one, so you put it on hold and start with the new one. After three months you might get done with the 3 projects, but for three months you had no income!

That was a theoretical scenario. In reality if you start jumping from one project to the other you keep jumping and never come back to the first one. After 6 months you have a bunch of unfinished project and NO INCOME!!!

In a Nutshell

Know yourself and what you can do, find the suitable business model that best fits you, and do one project at a time.

Have a Question? - Let me know what you think my next lens should be about

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