Criteria for a business idea

Looking for an idea
Looking for an idea

As I spoke about in yesterday’s post, I am looking for a business idea to give us some additional income, and some flexibility.

When thinking about ideas, I have come up with the following criteria for an idea that will suit me and my family. These include:

  • Something that won’t require a lot of work during traditional office hours – during those hours I’m at work, so I need something I can do mostly in evenings or weekends
  • Something we can all be involved with – I have two boys age 12 and 14, so it would be great if we can work on a business together
  • Something that has to do with my passion – this is books and reading, if we can do something that involves books and reading, that would be awesome. Or cubes… my 14 year old solves the Rubik’s Cube really, really fast!
  • Something web based – as a single Mum, trying to get out when the kids are home is challenging
  • Something with low start up costs – I don’t have a lot of spare cash lying around, so we need something that doesn’t require a lot of start up capital

These are the main things we needed. Ideally the business would also involve something that has a recurring income, so that when we get customers who love what we do, they will come back again.

For us, these are important to fit with our current life. Quitting work to start a business is not an option, but we do need something to earn some additional income.

We have looked at a number of different business models and idea, and we think we may have found something… we are just looking at how it would work and the best model so we can make some money!

One of the funniest things with this is I used to come up with business ideas for WAHMs all the time! I had a series of ideas on my blog… I’m struggling to find an idea for myself!