In fact I don’t have any data or statistic proof to show that any one particular best business to start. I can only speak from my own experience. That is – for people like you and me who do not have lots of money set aside for business start ups there are a few important factors you need to consider before you take on any entrepreneurial journey. No I’m not suggesting that you should apply for start up business grants from the government.
Although everyone has a different situation, the fundamentals are the same. Here are some principles to find the best home business to start:
1- Something you already have knowledge of or you are passionate about
You can never create a passion, passion will find you. Too often people try to take on businesses that are supposed to be profitable or hot only to end up failing. They have no idea what they are getting into.
As an immigrant to a new country, I had my struggles – financial pressure and family responsibilities made me take on jobs that I didn’t really enjoy. I worked as a cashier, a sales, a freelancer right after I landed in Canada. But I never lost sight of my dream – to start a business that I can apply my language skills to.
Unfortunately being a freelance translator/interpreter did not give me the freedom that I was so hoping for. Instead I was always worried where my next client was coming from and when I would get my next paycheck. It is passion that helped me see through my frustration and hardship. Since I took a different approach, my business has taken off…
If it hadn’t been for my passion, I would have quitted million times already.
2- The best home business to start doesn’t need a lot of cash upfront
Let’s face it – most businesses fail after couple years. You may think you are an exception, but chances are you may just become a part of that statistics. That doesn’t mean you shouldn’t start at all.
It is my belief that as a self employed person, you should always put your family and loved ones first. With that in mind, when you choose the best home business to start you should always focus on how to be profitable right away. You should also do all you can to reduce risks and costs associated with a potential failure.
3- Not simply relying on trading your time for money
There’s nothing wrong with providing a professional service to the market. If you are a rookie translator, that’s probably the only way you get started. But don’t stop there. You have to look at business models that can free you up for creativity and innovation. Without anything unique, you’ll be lost in the crowd.
I see so many experienced translators getting complacent with status quo and they don’t even think about doing business differently.
You may not like it but plenty of clients are willing to sacrifice the quality in exchange for a much lower price tag. And in many cases, that difference in quality is not as big as you might want to believe – at least not to the point that clients are willing to pay a lot more for. Unfortunately you have to adapt to that change.
So think ahead – the best home business to start often allows you to leverage your time and skills. If you are trading your hours for meager pay, you might want to change course or find a way to do things differently.
4- There has to be a real market need
The best home business to start is a business that has a real market need. But just because someone else is doing it and having some success doesn’t mean the same luck will apply to you. You cannot control the market demand, but you can steer into a niche market that has plenty of demand and relatively low supply.
Sometimes you think you’ve chosen the best home business to start but only to find out later that the market demand has changed or even diminished. You’ll have to be intuitive to these market changes and play accordingly.
I’ve noticed some heated discussion on Proz.com Many translators are all up in arms when it comes to the pitiful low-pay translation jobs offered on that site. Some even suggested to put a minimum pay standard on the website.
I hate to break this to you, but this is not going to happen! It’s the new reality that eventually every routine job is going to be shipped to lower-labour-cost countries or areas. This is not a secret anymore.
With everyone watching out their pocket book including large corporations, there are only 2 things you can do – quit this business or create something different and valuable in your business.
Remember it’s not the strongest who survives, rather it’s the most flexible that will survive. In the business world being flexible is extremely important.