Different business models require different types of resources. Before jumping into a business, it’s good to evaluate what resources you’ll need for the business of your choice and compare that to what you have in place or can get when it’s needed. Consider the questions below and use them to help you decide what business model would work best for you.
Consider Your time and schedule
How much time can you put into your business? Do you have time for these key aspects of your business including:
- The actual work of your business (coaching if you’re a coach, selling if you’re in sales, writing if you’re a writer, etc.)?
- Learning to build and market your business?
- Networking (building relationships with potential customers as well as peers)?
When are you available?
Do you need something that is completely flexible in terms of time (like you need to work when the kids are asleep) or can you commit to being available at specific times (like with direct sales or needing to keep phone appointments)?
Does it need to be done completely from home?
Or is it the opposite, does it need to provide an opportunity to get out of the house on occasion?
What about Money to invest?
How much can you invest upfront to get started?
Are you able to continue to invest in your business out of your family budget (if necessary) until you are generating a profit? If so, how much?
What Tools do you have/ will you need?
Do you have a reliable computer, access to high-speed internet, and some kind of office space?
Do you have someone who can care for your children while you do some focused work? (Don’t overlook your teenage children who need to earn some spending money)
Taking the time to consider your resources now will save you stress later. If the business model you’re considering requires a resource you just can not get, then you might need to consider a different business idea. Better to know that now than after you’ve invested time, money and emotional energy. Maybe you’ll need a resource that you don’t have, but with a little imagination, work, and prayer, you could find a way to get it. Thinking about this now will help you get those wheels into motion and get those resources lined up before you need them.
- Get out your journal and title the next page “My available resources”
- Go through the points above and note what resources you have or can have access to if needed.
- Note the resources that you feel that you’ll need but do not have.
- Begin to brainstorm which type of business you can do with your available resources and ideas on how the get the resources you’ll need. (Don’t forget to ask God!)
- If you’re not sure what business model would work with your available resources, be sure to come back next week. We’ll be exploring several different business models. Among other things, we’ll look at the resources needed for each.