As a mom with young children, you may be thinking about starting a business or side hustle from home. Perhaps you have a great idea that you’re excited about, but you’re not sure if it’s a viable business idea. Before investing your time, money, and energy into your idea, it’s essential to validate it to ensure that it has a chance of success. This is one of the first things I talk about in my book, “How To Become a Mompreneur in 4 Weeks“.
Here are some tips to help you know if your business concept is viable.
Identify Your Offer
When considering starting a side hustle or home based business, it’s important to think about what your product or service could be. This is the core of your business, and it’s what you will be offering to your customers or clients. It can be helpful to brainstorm ideas and consider your interests, skills, and passions.
Think about what problems you can solve for your target market or what needs you can fulfill. Consider what makes your service or product unique and how it stands out from competitors. It’s important to have a clear understanding of what you want to offer your community and who you will be offering it to.
For example, if you’re interested in starting a home-based bakery, your product would be baked goods such as cakes, cookies, and bread. You would need to consider the ingredients you would use, your pricing strategy, and how you would market your products.
You could also think about what makes your baked goods unique, such as using locally-sourced ingredients or offering custom designs.
If you’re interested in providing a service, such as social media management, your service would be managing social media accounts for businesses. You would need to consider your pricing structure, what platforms you would specialize in, and how you would communicate with your clients. You could also think about what makes your service stand out, such as offering personalized content creation or providing in-depth analytics reports.
Overall, it’s important to have a clear vision of what your service or product will be when starting a business or side hustle. Consider your interests, skills, and what problems you can solve or needs you can fulfill for your target market. This will help you create a business that is sustainable and provides value to your customers.
Pricing Your Product or Service
Once you have a clear idea of what your product or service will be, it’s essential to consider how it will fit into your overall business model. This will help you make informed decisions about pricing, revenue streams, and the logistics of delivering your offering to your customers.
One important consideration is whether your product or service will be one-time purchases or a recurring subscription. For example, if you are starting a home cleaning service, you may choose to offer one-time cleanings or recurring cleanings on a weekly or monthly basis. This decision will affect your pricing structure and how you market your service to potential customers.
I learned this firsthand while operating my own jewelry business. At first, I was losing money because I didn’t have a solid system in place. I wasn’t keeping track of the supplies I was purchasing, which made it difficult for me to price my pieces accordingly.
Another consideration is whether you will offer different pricing tiers or packages for your product or service. For example, if you are starting a photography business, you may offer different packages for wedding photography or portrait photography. Understanding the different pricing options available to you can help you tailor your offering to different customer segments and increase your revenue streams.
As an Executive Virtual Assistant, I find it much easier to offer my clients packages. This approach allows me to customize the package based on the unique needs of each client. My clients appreciate having the ability to choose a package that fits both their needs and budget, all while receiving quality work that meets their expectations.
Logistics – Delivering Your Offer
In addition to pricing, considering the logistics of delivering your product or service is critical for the success of your business. It is important to identify the resources that you will need to deliver your offering and plan for the launch and growth of your business.
If you are starting a product-based business, you will need to identify the resources required to manufacture, store, and ship your products. For example, if you are selling handmade crafts, you will need to purchase materials and equipment, as well as develop a system for storing and shipping your products.
If you are starting a service-based business, you will need to consider the logistics of delivering your service. This may include identifying the resources you will need, such as equipment or supplies, and any additional staff or outsourcing required to meet demand. For example, if you are starting a home cleaning service, you may need to purchase cleaning supplies and equipment and hire additional staff to manage larger cleaning projects.
Developing a production plan can help you ensure that you can meet demand for your product or service. This may include developing a schedule for manufacturing or delivering your offering, as well as identifying any potential bottlenecks in your production process. By understanding your production process, you can identify opportunities to streamline your operations and reduce costs.
Scaling your operations as your business grows is also an important consideration. This may include increasing your production capacity, expanding your product or service offerings, or hiring additional staff to manage increased demand. By planning for growth from the outset, you can ensure that you are prepared to take advantage of opportunities as they arise.
The Decision Is Yours
Validating your business idea is an important step in starting a successful business or side hustle from home. By carefully considering your product or service, identifying your target market, and understanding your business model, you can make informed decisions about pricing, revenue streams, and logistics. By doing so, you can increase your chances of success and build a business that you are passionate about.
Remember, starting a business is a journey that requires hard work, perseverance, and dedication. However, with careful planning and a solid business idea, you can turn your dreams into a reality. So, if you’re a mom with young children thinking about starting a business or side hustle from home, take the time to validate your idea and make a plan for success. With the right approach, you can build a business that provides financial security, flexibility, and fulfillment.
Now for my moms who are interested in entrepreneurship and building or growing your dream business, I invite you to check out my book, “How To Become a Mompreneur In 4 Weeks“. From developing your idea into a business, to creating a financial plan and establishing your business identity, this book covers all the crucial topics you need to know. In an easy-to-understand, no fluff kind of way. Not to mention it’s great to have as you are on this blog series with me. Use it to write notes, ideas and thoughts that come up week after week.
With this guide, you’ll learn how to develop a strong business mindset, validate your business idea, and ensure you’re compliant with all necessary regulations. You’ll also gain valuable insights into marketing your business and building a virtual business identity that will help you reach customers or clients online.
Whether you’re a stay-at-home mom or a working mom looking to transition to a home-based business, this book is the ultimate resource for making your dreams a reality. Now, if you want to take it a step further, then you want to check out my course that is based on this very book. I take you step by step through the process of building your dream business over the next 4 weeks. Click here to start NOW!
Remember, you don’t have to choose between being a great mom and a successful entrepreneur – with the right mindset and approach, you can have both! Let me know in the comments below, what kind of business or side hustle would you like to start?