Personally, I experimented with several different types of home businesses before settling on affiliate marketing. I tried freelance writing, website development, and business consulting before realizing that none of those options met my personal criteria as well as an affiliate marketing business.
In this post, I’ll outline the key aspects you need to know in order to choose the online opportunity that will fit your needs, both from a lifestyle and monetary perspective. This post is the first in a series of how to choose the home business that’s right for you.
How Much Time Are You Willing To Put In?
The first factor to consider is how much time you’re willing to put in to your business? Are you looking for a part time or full time job?
I encourage you to write down a specific number of hours you’re willing to commit to per week. Knowing up front how much time you have available will help you weed out opportunities that are too time intensive, as well as those that fit the schedule you’re looking for.
Do You Have Any Capital To Invest?
The next question to consider is whether or not you have any captail you’re willing to invest.
If so, how much? Can you invest it all up front or are you willing to invest piecewise on a month to month basis. Regardless of how much you can invest, it’s important to set a figure and then stick to it.
There’s nothing worse than planning on investing money you can’t really afford to lose, and then chickening out half way through. Committing to an entire amount (and limiting yourself to that amount) helps you define clear boundaries for your business.
How Much Money Do You Need To Earn?
Thirdly, it’s important to ask how much you need to earn before you choose your home business online opportunity.
I want to note that need, is very different than want.
This is the bare minimum you need to make ends meet. That includes paying the mortgage and putting food on the table, but not that new pair of shoes you’ve been eyeing or the trip to Paris you’ve been wanting to take for years.
How Much Money Would You Like To Earn?
Once you know how much you need to earn, it’s time to determine how much you want to earn.
This question is a little more fun to answer, but don’t get carried away. You shouldn’t say you want $5 million a year. Of course you do. So do I, but that’s not a realistic expectation for your business.
Want includes your minimum needs plus enough extra spending to money to make you feel comfortable. A good rule of thumb I use is to increase your minimum need number by 50-100%.
So, if you need $50,000 a year, you might say you want $75,000-$100,000. Once you hit those goals you can always increase it, but to start out, anything more than twice your need is usually wishful thinking.
When Do You Absolutely Need That Money?
Finally, it’s time to set a timeline for your business.
By asking yourself when you need that money, you help narrow down your set of possibilities.
If you absolutely need to start earning $5,000/month next month, then a business like affiliate marketing, which takes a few months to see results, isn’t right for you. Instead you should consider a more direct revenue source, such as a freelance consulting opportunity.
Making The Decision
When you’ve answered all of the above questions, it’s time to put them to work and make your decision to start your business.