HOME BASED BUSINESS IDEA
HOME BASED BUSINESS IDEA
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How to Start a Home Business
How do you start a successful home-based business? What needs to be in your consideration?
Below is a 6-step guide:
1. Assess your skills and knowledge
You need to know what you are good at and what you are not
so good at. Identify your strong points and your weaknesses. This can help you
gauge if you are suitable for embark on a home business. As a home business
owner, you will need to run a lot of tasks on your own, from planning, business
management to the field work. Make sure you can carry out the tasks needed.
2. Generate business ideas
Start brainstorming from your interest and passion. Get your
family to involve as you will be using part of their space for your business.
3. Test the market
Shortlist your ideas so that it contains only those ideas
that can work for a home business. Be practical. Think whether people will want
to spend money on the kind of products or services that you can offer, how much
and whether this will generate sufficient income proportional to your effort. If no, get back to Step 2 for more
ideas. Being persistent is important at this stage because many people gave up
after facing the obstacles.
4. Understand the legal barriers.
Check if there are any rules or regulations controlling the
starting up of a home business in your state or country. If yes, figure out how
you want to get around them.
5. Determine your capital.
Calculate the amount of money
you need to start up your home business. The cost should include the purchase
of any instruments, hire of any professionals (e.g. lawyers) and insurance. You
might not be familiar with all these so take your time to do some price
checking and bargain.
6.
Plan
your business – break even points.
Once you have obtained a clear picture from Step 1 – 5, it
is time to lay down your business plan. Find out your break-even point and how
many products you need to sell in order to get back your investments.
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