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    Tuesday
    Feb212012

    MBA Graduate Advice: 10 Ideas for a Home Business 

    A lot of people undertake an MBA degree course because it is their ultimate aim to start their own business. An MBA degree certainly gives you the skills and knowledge with which to do so.  However, you may be at a loss as to what type of business to start up.

    Usually the best first step is to gain a better understanding of what it is that you want out of your life and career specifically. Then, it is a good idea to look at your skills i.e. what you can really do. We recommend using the Identifying your skills workbook to help you to this effectively.

    Once clear on what your skillset is, you can explore your options and get clearer about what kind of business would be most suitable for you to get involved in.

    Some popular home-based business ideas that we've come across are outlined below. These may not be the best options for you but they may help with your options exploration. If you want a structured approach to doing this well, try our Generating Career Options short exercise book.

    Here are 10 ideas for a home businesses:

    Online retail

    In theory, anyone can set up an eBay account and sell a few bits and bobs from their attic here and there. But it takes someone with real business acumen and marketing skills to set up their own website and develop/source their own products to sell on it. Your MBA course will have shown you how to capitalize on your natural acumen and selling ability, so use what you’ve learnt.

    SEO specialist

    A SEO (Search Engine Optimization) specialist or consultant helps websites to appear as high up the page as possible in relevant web search results. With the intelligence, commitment and shrewdness that helped you earn your MBA degree, you should be able to teach yourself SEO techniques such as keyword research, using pay-per-click and optimal use of code, eventually passing on your expertise to others.

    ‘Green’ consultant

    This option is particularly attractive to those of us who did a ‘Green’ MBA and/or are passionate about environmental issues in general. Use your interest in all things green to advise employers and homeowners on the best ways to minimize damage to the environment.

    Financial advisor

    With your business brain and head for numbers, you’re in an ideal position to offer people independent financial advice from the comfort of your own laptop. Simply schedule Skype calls with your clients to discuss and advise upon the issues that they’re having.

    Life coach

    Similarly, if you have plenty of life experience, an innate understanding of and empathy with people and perhaps a relevant qualification other than your MBA, it’s entirely possible to coach someone through Skype and by meeting up with them in person from time to time.

    Tutoring

    For an offline option, have you considered passing your academic knowledge onto others? You can either invite your students round to your home or you can travel to theirs. Not only can you pass down the knowledge accrued from your MBA, you can also teach subjects and topics you did well in at school and in your undergraduate degree.

    Market researcher

    Market research is a crucial element of business and any good MBA course will have covered it in at least a little depth. Take what you learnt about market research during your degree and offer your services as a professional researcher to an organisation that’s trying to get to know its target market.

    Recruitment agent

    You’re probably wondering how someone can work as a recruitment consultant by themselves and at home. In truth, all you need is a good nose for business, an interest in HR and employment, willingness to learn, an aptitude for B2B selling, a fast Internet connection,  a working telephone line or mobile and a list of contacts you’ve actually talked to in the past year.

    Event planning

    As a business graduate, you’ll have great organisational, strategic and time management skills. Put these talents to use by getting paid to plan events such as conferences, product launches, company parties and team-building weekends.

    Management consultant

    If you’re interested in management culture but you don’t want to work for someone else as a manager, why not be a management consultant? You can work for yourself and from home, providing advice, information and support to organisations on issues such as performance management, employee engagement and business growth.

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    If you are keen to start your own business, one key element to this is selling i.e. selling your services. Not only will you need to be aware of how to do this in order to get customers but your team will also need to sell your services as well as you do. Take a look at LDL Sales Training to learn more about ways to train your team in selling your products/services.

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