Successful home businesses are the stuff that dreams are made of for millions of people. Imagine a life where you are your own boss and there are no Monday morning blues to drive away. It’s not surprising that every minute, six people start a home based business somewhere in the world.
If you want to own one of those successful home businesses, one thing is certain, you need to follow the same strategies that all those owners did before starting up. These include:
Identifying the Right Business: This is the first thing to do when you start a home based business. Ask yourself what kind of product or service you want to offer. Is this something that you’d like to do? Do you want to go it alone, or become a franchisee? There are lots of companies that offer attractive opportunities to home based partners, like www.type-at-home.com or www.PlatinumPartner.com , and they may be worth considering too. Just be sure that your home is an appropriate location to run this type of business.
Identifying The Market: Will you sell in your local area, or can you cater to a wider internet audience? Serving a distributed customer base may have its logistical issues.
Evaluating Skill Sets: Do you have any special skills that can be turned to your advantage? For example, if you speak several foreign languages, have you considered translation services?
Counting Heads: While most people who start a home based business might work alone to start with, they need to grapple with manpower issues as the business grows. You need to plan in advance how many people you might need, say over the next few years, and whether the home business model will be able to sustain this expansion.
Crunching the Numbers: Of course, you have to do the math. Successful home businesses can be very profitable, especially since they involve lower overheads. Nevertheless, you might choose to start a home business that needs a higher start up funding, perhaps for inventory or equipment. Make sure you get the financials right, or ask a qualified professional to advise you on the profitability of your business model.
Tax Issues: check whether a home business can avail of special tax breaks. Sometimes you might be able to set-off some taxes if you lease equipment rather than buy it outright. Be sure to understand the regulations specified by the local tax authorities.
Zoning Laws: Is the business activity permitted to be carried out from residential premises? As your business expands, will the zoning restrictions change? Successful home businesses have to plan for when they expand.
Insurance Requirements: If you’re going to employ people in your home, find out whether you have adequate coverage. Workers’ compensation coverage and other benefits are mandatory in some places.
Occupational Health and Safety Regulations: Your workplace must be a pleasant and safe environment for yourself, your employees and clients. Do ensure that you comply with laws that govern worker safety and related issues.
Think About Your Life: While getting away from an “office” might be a key motivation for you to start a home business, there are plenty of risks in bringing the office into your home. Some questions you need to ask yourself include:
- Are you really the type who will enjoy operating from home?
- Do you have the discipline to chase business goals despite not having the rigors of a formal schedule?
- Can you motivate yourself enough to work alone at most times?
- Will your office intrude upon your personal life more than ever?
Make sure you sit down with your family members before you take that final step.
If you were hoping to discover some ‘hidden’ secrets that all successful home businesses share, you are looking in vain. The above points are not rocket science and would seem quite obvious.
Please understand that the key to making your home business successful is good planning, hard work and a bit of luck. Most unsuccessful entrepreneurs are the ones who ignore this and try to find the ‘quick fix’ solution. Make sure you are not one of them!