13 September 2015
Things to Consider Before Starting Your Small Home Business
Are you considering putting up a small business you can run in the confines of your home? If you do, I am sure you have considered a lot of factors and have put in time and effort to research about the product or services you will offer and how you are going to run the business once in full operations.
Putting up a business does not happen overnight. A considerable amount of time and effort is put in the "thinking" process to be able to come up with a well-thought of, well-planned, well-studied business case so you can actually put that plan into motion.
If you are not sure of how to go through with the process of putting up your small home business, here are tips to help you out:
Tangible or intangible? Know the product or service you want to offer
A lot of business fails, even if their are home-based because most of these businesses are not well-planned and studied. You have to know before hand what type of service or product you want to offer and/or provide. And once you have decided, you build your plan from that point.
Do you have the skills?
You want a business that will revolve around food such as baking, cooking, catering or even, meal-planning. Whatever the case may be, are you the one going to cook or you will employ the assistance of someone who is very good in cooking and baking? Know your skills and use it. That will save you an enormous amount of money especially when you're just starting up. Your skill in cooking, and baking can lead to a baking shop, a meal-delivery service where you will cook specialty food items and even offer catering for small parties.
No matter what your skill is, use it for your advantage and make money out of your passion.
Sole proprietorship or co-own?
It's not bad to have a partner if that is your plan but if you can do things on your own first before you venture to co-ownership, be a sole-entrepreneur for the time being. However, if the business you intend to put up relies with another individual or some people then co-own your start-up business as this will give you enough resources to open a shop or service oriented business.
Do a feasibility study
You know what you can do. You have the right product to offer. Do you have a market? Do a research. Pass survey to your family and friends and even to other people outside your circle and see what they have to say about the product or service to be offered. Don't just jump into opening that dream shop from home. Know your market. Know how much capital you have to have. Do your assignment.
Oftentimes, capital is the issue when opening a small home-based business. I, for one find that capital is a limiting factor especially when I am brimming with ideas. I can't put them into motion because I don't have enough money to do so.
Take into consideration the amount of money you are willing to cash out when you start your business. Think of a business where you only need very small amount of money as a capital with a big return. The food business is a good option to start with. Sewing clothes or other items to sell is another budding business to offer. If you are good in drawing, you can freelance as an illustrator or create your own clipart to sell online. And you don't have to use so much money to be able to provide your service.
Do you have the time to attend to your business at home? Will this be a full-time business or run part time? Decide on this and if you have set the time you can provide to be able to run the business, stick to it and be disciplined. This business is your baby. Take care of it like you would a child and see it prosper.
Given the factors above, are you ready? If not, take some time and study it thoroughly. Remember, this is going to be require your time, effort and finances. Use all of them wisely and to your benefit and advantage. Good luck!