Small Business Ideas

1. Recession Proof

You don't want to find yourself building a new small business which is full of risk, only to see it diminished or eliminated by a recession. Although no business is guaranteed to survive hard economic crises, there are some businesses that do fine and others that flourish during an economic downturn. While you shouldn't choose a business on this basis alone, it's worth considering.

2. It Adds Value

A business adds value to clients, but a scam robs people of their hard earned money. Adding value makes your business viable because people will do business with those who improve their living standards. As you look for home business ideas, stay away from get rich quick schemes that only add value to those selling you their "system." Go with ideas that serve others with products or services that are useful.

3. There is a Way Out

Otherwise known as an "exit strategy," make sure you will be able to sell or successfully close any small business you're considering.?  As you consider each idea, make a note of the ways that you can leave each business in a way that makes it financially worth it to start in the first place. 

4. It's Expandable

You may be satisfied with working alone now, but you should still keep your options open for possible expansion in the future. This doesn't mean that you'll no longer work at home. You can still grow your business from home, using all sorts of outsourced help. A small business idea should allow for growth and expansion, even if you never actually do expand.

5. Choose Sound Business Strategy

You want to consider businesses that have a sound business strategy and business model. multi-level marketing programs are not based on a sound business strategy, because you'll have to recruit sellers rather than sell directly to customers and clients only. . 

6. Not Risky

There's some risk involved with any business you start. You don't want to get wiped out financially by a business that's just too risky. A viable home business idea should not have you breaking the bank. Low start-up costs are one of the reasons why people work from home in the first place. Also, stay away from small business ideas that require you to pay them for the privilege of doing business.