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Home Business Owner Self Assessment

Resource Center :: Self Assessment

Self-Assessment: Finding the Right Home Business Opportunity For You

There are so many home business opportunities out there, and they vary a great deal. How do you find the one that's right for you - one that matches your own particular skill set, experiences, financial situation, and interests? What do you want to find in a franchise? Will the day-to-day of 'work from home' life truly work for you? Getting clear on all of this early on will make the process of finding the right home based business opportunity for you much easier.

We suggest breaking down your self assessment into these categories:

Will a home business opportunity work for you?

First off, why are you drawn to a home based business opportunity? There are many advantages to working at home that inspire different people for different reasons: Being available for children and family; having the comforts and conveniences of home while working; setting your own schedule; no more commuting.

An added benefit to a work at home business opportunity is that start up and operating costs will be less. There is no need to rent a retail or office space. And phone/internet systems will simply be add-ons to what you have at home already.

However, there are challenges to working at home that you will need to consider. Some people find it hard to get motivated on their own, while some find it hard to stop working. Both can make life and working from home difficult.

Some people feel isolated if they were used to working within a group at an office. If your work from home business opportunity means a good deal of time alone, will you feel comfortable with that?

Are you "Franchisee" material?

Working from home successfully requires strong organizational skills, high motivation, and self-discipline. Ask yourself these questions to discover if you have what it takes:
  • Will you set your own schedule and stick to it? It's a good idea to set some sort of a schedule and to work generally the same hours as your clients.
  • Do you have enough focus, or are you easily distracted? When working from home, distractions are pretty much guaranteed. Will you be able to stay on task?
  • Will you be able to know when to stop working? There will always be one more thing you could do, but wasn't one of the reasons you wanted to work from home was to be with the family? And what about time for yourself? Balance is something you will want to achieve to have a healthy work at home experience.
  • Can you set goals and motivate yourself to achieve those goals? Will you lose inspiration without someone telling you to aim for higher goals? With owning a home-based business, you will be your own boss. So you will want to find ways to keep motivated and inspired. There are lots of books and resources to help with this.
  • Can you accomplish a wide variety of tasks? Home based business owners tend to need to do a bit of this and a bit of that trouble-shooting computer issues, hiring employees, purchasing supplies... If variety in your work day is appealing, then a work at home business will be a good fit.
Consider these things, and if you are honest with yourself, you will know whether a work at home business opportunity is right for you.

Matching an industry and a franchise or home business opportunity with your personal skills and goals.

With all the choices out there, how do you find a home-based business opportunity that will keep you interested and inspired? Start again, by looking at yourself.
  • What are your goals?
  • Are you interested in pursuing a particular field?
  • Are you interested in retail sales or performing a service?
  • Have you ever owned or managed a business?
  • What skills, training and formal education do you have?
  • What skills do you want or need to obtain?
  • What are both your strengths and weaknesses that will impact this home business?
  • How many hours are you willing to work?
  • Would you like to be operating the business in 20 years?
  • Will this be a supplementary income or your sole source of income?
  • Do you require a specific level of income?
  • Does this opportunity have the flexability of scheduling you are interested in?
  • How much support will you need and does this home business opportunity provide it?
  • How will this home-business affect your family and life at home?
The more questions you ask, and the more honest you are with your answers, the clearer you will become on what kind of work from home opportunity will really work for you. So, take some time, consider these questions, think of more questions, write down your answers and incorporate them into your decisionmaking process. You can search our list of home-business opportunities and request information from a wide range of companies anytime at Home Business Frontiers.

Exploring Your Financial Situation

Because some home business opportunities, like investing in a franchise system, often require a significant financial commitment, it is important to know your financial situation.

First off, tally your liquid assets by using our Liquid Assets Calculator.

Next, consider the following questions:
  • How much money do you have to invest?
  • How much can you afford to lose?
  • Will you need financing, and where can you obtain it? Click here for ideas on financing your home-business opportunity.
  • Do you have a reasonable credit score?
  • Do you have savings or additional income to live on while starting your franchise?
  • Will you purchase the franchise with partners?

By knowing your financial advantages and limitations, you will prevent yourself from getting in an uncomfortable financial situation. With the high number and wide range of home based business and home franchise opportunities available, there is great likelihood that you will find one that will work for your particular needs.

In Closing:
After spending time answering these questions, you will be much more clear on what will and what will not work for you. Know that you can create your dream. It is challenging to make a career change and start something that may be totally new. Believe in your ability to succeed. As with all of life's journeys, there are bound to be bumps along the way. With persistence and a positive attitude, the possibilities for reward with home based businesses are vast and varied.

You may find:
  • Increased self-confidence
  • Financial independence
  • Freedom to create your own schedule and sculpt each day
  • Pride in seeing results manifest directly from your input and dedication
Believe in yourself, have a clear vision of what you want to accomplish, start on your path, and watch it unfold. Let Home Business Frontiers help find the right home business opportunity for you.

   
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