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How do you find the best business to start? If you're looking for balance, the business you select needs the following elements:

• a business you enjoy, have a passion for
• allows you a flexible schedule
• is profitable
• can, for the most part, run itself

Here are further criteria for the best businesses to start:

Projects are well defined

1. Well defined timelines
   You know the start and finish dates. This helps you plan other things in your life and prevents projects from dragging on indefinitely.
   
2. Well defined instructions
   You have specific (written) instructions for how the project will be conducted. Tasks and instructions must be well defined. The last thing you want is confusion on what your client wants versus what you think they want. There should be no ambiguity on either your end or the client's. If there is, often it's the business that takes the blame, leading to a lack of money, if the client refuses to pay, or a loss of time, if you have to do the work over.
3. Well defined client role
   The business should have the least client interference. The client can tell you what they want, not how to do it. You're the expert, and they're paying for your expertise. A client who thinks they've got the same skills as you do can be a time waster. They're also very frustrating to deal with.

No client hand holding

1. This does not mean you withhold or restrict support. You educate the client so that the knowledge can help them become more empowered.
2. If the client needs new support after the project ends, build in a support system where you can show the client how to do it themselves. Do this via a forum, where customers can discuss solutions with each other, videos, CDs or a detailed instruction manual. Monitor that support to ensure that clients are not becoming frustrated or have not given up.
3. Providing support also shows that you accept accountability for your product/service. It shows that you care for your customers beyond just accepting their money.

Potential for repeat business or referrals

Build in systems where your current customers send you their friends who need your offerings. Make your business compelling enough so they recommend you. For service business, where you get one chance at serving the customer, referrals are essential.

For example, I found with GoodBooks, my book design business for self publishers, clients often only have one book in their lifetimes. This was not enough to make a consistent living, so getting new clients wass essential. Constantly finding new clients can be exhausting. Weigh which works better for you when choosing your business – a revolving set of customers, or familiar ones you can build relationships with.

Make your business compelling by:

• Offering tips, solutions, relevant new related to your product service. Do this by blog, newsletter, or a membership site. These can all be sent to friends by the customers themselves.


• Building in products you can upsell. Maybe it's more support. Or, a book based on best practices in your business.


• Offering services at a reduced rate to your current clients, or find other bonus/incentives if they can get their friends to use your service too.

A business where you can package/bundle your services

Your local phone service already knows about this! You get more for a lesser price if you buy their services together. Other strategies for you:

• Offer clients a block of work. If they pay this amount, they get to use you for a certain amount of times
  
• Offer a set rate a day where they can throw everything at you for that day.

A business that is in demand

People must need it enough to want to pay for it. If they can easily do (skills and time) it themselves, they're not likely to want to pay you for it. Your business must do some of the following:

• Save time
• Make clients' lives easier
• Shows clients a way to create more income
• Shows clients a way to save more income
• Provide skills they don't want to learn or do themselves.

What do you think? Send us your comments. Do you agree with this list for the best business to start or do you have more items to add? Let us know!

Recommended Reading

• More self employment ideas for more balanced lifestyle

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