Are you thinking of starting your own home-based business? Having trouble deciding on what kind of business is best for you? Or do you already have an idea but don't know where to start? Begin by writing down all the things you think you can do with your skills and talents, then narrow it down to what you truly want to do. Thinking through all aspects of your business ideas will help ensure you start in the right direction. Here are a few questions you may want to ask yourself before investing your energies into building your business:
- Does working on my own suit my personality?
- Am I self-disciplined enough to be motivated, even when business is quiet?
- Can I set boundaries between my personal life and my business role? Will there be interruptions from family and friends?
- Are there any legal or health restrictions that pertain to working out of my residence?
- Is there enough room for any special equipment or extra help?
- Is there room to expand?
Next, consider the following:
- Decide what kind of business you want to have based on your skills and talents. Keep in mind that there is a huge difference between talents and things you enjoy. Just because you enjoy something doesn't mean you will be good at it.
- Know your competition. Do some research to find out if other similar businesses exist in your area.
- Understand the needs of your area. Listen to what people say and need in the area. If something they mention is an interest of yours and you are good at it, you should definitely try it.
- Figure out your profits. To do this you must ask yourself two questions: how much will people pay for my services and can I make a good income off these services?
- Check into any legal barriers for your business. Some areas have certain rules and regulations for home-based businesses, and you need to check into those before investing much time or money in your business.
- Connect with your local insurance agent. Find out if you need any special insurance for your home-based business.
- Create a business plan. This will help you organize the business process and also help you determine what kind of start up costs you are looking at.
- Invest in your business. You will need to advertise and market your business to get customers. Use the local paper and radio stations near your home to promote your services.
- Launch your business. Keep in mind that you will make mistakes but entrepreneurs learn as they go.
For information on a variety of topics related to starting your home-based business check out the following governmental agences:
Still not sure? The library can help! Check out these books, ebooks and DVDs: