Now that you have your list of ideas for your niche and your business model, next you need to think about your ideal location and working environment.
Most people already have a general idea of the type of location that will fit best with their personality, their list of potential niches, and their list of potential business models. Below are the top three. Which of the following locations makes the most sense for you?
Do you want to work from home? Does your current living situation support that decision? What about your list of potential niches and business models?
The benefits of working from home include lower overhead costs due to no separate lease and utility payments, no commuting costs, and being able to eat at home and instead of grabbing a fast food lunch every day.
However, you must be sure that you have enough space in your home to give yourself a dedicated work area where you will not be distracted or interrupted. Ideally, this would be a completely separate room, but if this is not possible, at least try to carve out a corner for yourself that is not in a high traffic area.
You must have supportive housemates who understand that just because you are at home, that does not mean that they have access to you any time they like, or that they can expect you to take care of non-work related tasks during your working hours. You will need to be very upfront and firm about this condition. If you don’t train them properly right from the start it will be very difficult to retrain them later, as your business grows and you get busier and busier with each passing day.
The CEO mindset comes into play here, big time. You must set the ground rules as if you are already the mega-successful millionaire business owner you someday plan to be. Act as if that day has already come and it will arrive even sooner.
You’ll have to get used to using these Jedi mind tricks on yourself as well. Avoid the temptation to procrastinate in getting to work, in favor of getting a few things done around the house. On the flip side, do not burn yourself out working horrifically long hours because you’ve got “just one last thing to finish up” and can’t seem to pull yourself away. Set office hours and stick to them as closely as possible. Of course, flexibility is one of the perks of owning your own business, especially working from home. But things can quickly get out of hand if you don’t set yourself up for success from the start.
Also keep in mind that some people are just not cut out for being alone for long periods of time. Working alone all day may lead to feelings of isolation and depression, which will greatly affect the way you handle your work.
Finally, your chosen niche and business model must support a home-based working environment. Obviously, you may need to explore other options if you’re planning to do brick-and-mortar retail, or if you’ll need to keep large amounts of inventory in stock. Likewise, if you’ll be meeting with clients, be sure to find out whether there are any zoning laws in your area that preclude you from doing so. In addition, there are usually specific laws about signage and parking in residential areas, so make sure you’re in compliance with all regulations.
…to be continued…
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