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I'd love to work from home but I don't have an idea for a business

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17/09/2008 send to a friend

In the past couple of days I've heard this comment a few times so thought it might be worth re-capping on the best ways to come up with an idea for a home based business. Put your thinking cap on and stick with me!

Eureka!

To come up with an idea for a business to start from home, ask yourself three simple questions:

  • Is there a gap in the market?

Have you tried to buy or find something that's not on the market? If so, others may be looking for it too. This shows a gap in the market that you could fill!

This is what happened to Sue Guerrieri when she went shopping for her young daughter. Sue turned a market opportunity into a business that she's now running full time from home.

  • What do I do well?

Do you have a passion, hobby or skill that could be turned into a way of making a living. Our Young Home Business of the Year had a passion for, and skill in, fashion and design. She's now working on creations for celebrities and the catwalk. Another young entrepreneur who is making money from her favourite past-time is Rebecca Shreeve who makes and sells Quirkles from her parents home in Norwich.

  • Can I do this better?

Are you watching someone else do something and thinking you could do it better? Then give it a go! This is what Julie Bishop did when she started Living Clean. Tune in to our ideas podcast to hear Julie tell her story of how she worked for someone else, knew she could do a better job so quit to do just that.

  • All out of ideas?

If asking yourself these questions doesn't bring anything immediately to mind, why not buy into someone else's idea. There's been a great big increase in the number of people buying into franchises that you can run from home. Companies like My Secret Kitchen, Travel Counsellors, Talking Tots and Pyjama Drama.

We'll be looking at more of these 'home business opportunity' companies over the next few weeks.

In the meantime, may your ideas flow like a rapid and burbling stream! - Emma Jones

 

 

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