One thing that puts a lot of mums off the idea of starting a business is the fear of failure – and most of the time it is unfounded.
If you have a business idea but are too scared to turn it froma dream to reality, you could be holding yourself back for no good reason. Here are some pointers to help you determine if your business has any chance of success – before you throw in the towel prematurely!
1. Choose a home business that interests you
Better yet, pick something that you are passionate about. If you are not interested or you don’t like it, the work rapidly becomes drudgery and you will likely quit after having invested a lot time and money.
You won’t have enough interest in it to put as much effort as you need to, and when things don’t go as well as you had planned, it will be much easier for you to give up when you should have carried on.
2. Find out if there is a market for you business
This is important because if there isn’t a market for your home business, you could spend months developing a product or business, wasting a lot of time, money, and potential income.
How do you find out if there is a market for what you want to do?
3. Do some keyword research
Use Google to – the search tool and the keyword tool – to see how many searches are made for your keyword. This is something that members of the Mothers Who Work Club can learn through video tutorials, so if you want to find out more about this, then join today.
4. Check search results
Look at the top 20 returns for your product on the search engines (Google, Yahoo, and Bing – formerly MSN) to see what competition you have. Review your competitors’ sites to see what they are doing well and to see what they are doing poorly. You may be able to see the price they are selling a product or service similar to yours, to help you see if you can match or better their prices and still make a profit.
If you find that there is no competition, you’ll need to do even more research – being the first to offer a product or service has its good points, but if there is no competition, it could also mean that there is no market for what you want to provide, and your research will tell you this if you do it thoroughly.
5. Look at the sponsored ads on search engines
They are usually located above the search results and to the right of the search results. If there are a lot of ads for your search terms, then there is probably a market for your product or service. If there are too many sponsored ads, then the market may be saturated, and will therefore be harder for you to make a good income.
You can use Google’s keyword tool to find out how much each keyword is costing your competitor – if they are paying more than say £1.50 per click, then there may well be a buoyant market for you to tap into.
If there appears to be a lot of activity for your product or service, then go for it!