Turning Uncertainty Into Opportunity: Creating A Home-Based Business
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Pasha Carter was voted one of The Top 25 Women In Business. She is one of the world's top Marketing and Branding Experts.
We are currently in the midst of trying and uncertain times — the likes of which most of us have never seen before. In addition to the global pandemic affecting the health of so many people around the world, the global economy is under an incredible strain. People are losing their jobs, being furloughed or being told to work from home for the first time. In my experience, one of the best ways to deal with uncertainty is to keep a positive mindset. I believe that now is the time to be more resourceful than skeptical and to look for opportunities to make the best out of trying times. Here is one opportunity that I’m seeing presenting itself as a result of the pandemic.
Creating A Home-Based Business For many people who are now unemployed or have been unhappy or underemployed in their current job, this time of social distancing and self-isolation may provide an opportunity to plan for the future. Under normal circumstances, many people don’t have time to explore new business opportunities, but now, a lot of us are finding ourselves with a lot of excess time on our hands. Whether it is an opportunity or a necessity, now is the perfect time to think about how to make money from home.
Working from home was already a major growing trend before any of this happened. According to 2018 American Community Survey data, more than 8 million people in the U.S. work completely from home (I’m one of them), and Gallup found that the number of employees who occasionally work remotely increased from 39% in 2012 to 43% in 2016. When things return to normal, the work-from-home revolution will likely speed up dramatically. Businesses and employees will have systems in place to allow for easier telecommuting due to the current situation, and both sides will likely be eager to reap the benefits of working remotely. Working from home is not a passing trend; I believe it is here to stay.
How To Identify The Best Home-Based Business Opportunities Here are a few things to consider when looking for the best home-based business for you and your current situation.
1. What do you do well? The first step in identifying a home business that could work for you is to take an inventory of your skills and interests. Entrepreneurs are successful when they match something they are passionate about with something they are good at. Think about what industries or types of work you are most interested in and what skills you have that translate to that area. Neither has to be related to your current job but should highlight what you do best.
2. Where is there an opportunity? Most successful businesses fill a need that is not currently being met. Once you decide on the area you want to pursue, look at what businesses are out there and what these businesses do and don’t do. When you can identify an unmet need, you will be able to see where your best opportunity lies.
3. What tools are available to help? There are many tools available for little to no cost that can help you start your own home business. For instance, there are websites that help connect you with companies that outsource tasks such as sales and marketing. Finding a resource that takes care of a major aspect of your new home business — such as finding clients — so you can focus on what you do best can be the key to success.
Steps To Starting Your Home-Based Business Here are a few steps you can take now, while you have the time, toward starting your home business. 1. Identify the best home business for you. 2. Do market research. 3. Write a business plan. 4. Create a funding plan. 5. Start using tools or partnering with companies that can help you start and grow your business.
Conclusion The global pandemic will eventually pass, and life will likely go back to normal. It is up to you to decide whether you want to go back to life as you knew it before all this happened or start creating a new normal for yourself. If you want to take your professional and financial future into your own hands, now is the time to start taking steps to change your path. Figure out whether a home business is right for you, and if it is, start working on a plan to create that business now. Pasha Carter is a leadership development expert who helps entrepreneurs, corporations, and organizations build leaders from the inside out