Pick the Right Home Business

 


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There is a sure-fire way to know if you have a good business idea. It's called the “Three M Test". A successful home business has three components: management, market and motivation - the three M's. A business idea must have all three of these qualities to be successful and satisfying.

Management is the set of skills and knowledge it takes to run your business. This is the easiest of the M's to deal with because the world is full of help, support and education opportunities for people who want to start their own business. If your research shows you your home business idea has a strong market and you are really excited about the opportunity of spending your time on it, you have a workable combination. Go out and get some training. Read some books, enroll in some courses, find a business coach. You can do it.

Market, of course, is essential for success. Market alone, however, is insufficient. If you love what you want to do as a business and know how to do it, but can't find a market, you have a hobby not a business. There are hundreds of thousands of people making just enough money to pay the expenses of their hobby and are happy with that. A business requires profit, and profit requires a market for your product or service.

Motivation is often overlooked. We fool ourselves into believing that a proven market and the right set of skills are enough. We're adults, after all and business is business. Sounds good, but human emotions seldom follow such a practical path. Financial reward alone, without an adequate emotional payoff, is the cornerstone of burnout.

If your research tells you there is a definite market for your home business concept, but the idea doesn't excite you, you are unlikely to be successful. The world is full of struggling businesses or stories of people who tried operating a home business and didn't like it. If you start your home business only because you know there is a market for the product, and you have the necessary skills to pull it off your commitment will always be less than total.

There it is. The acid test of any home business idea. If you have all three M's in your home business formula your success is assured.

Jess Huffman is a Business Consultant and Coach in Calgary, Alberta. http://www.home-business-and-entrepreneur-tools.com

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