How To Start A Home-Based Business

 

Do you want to be your own boss? You might be surprised to know that it is not as difficult as you think. Establishing a home-based business isn't easy but it isn't impossible to do. Here are a few tips on starting a business for aspiring home-based entrepreneurs:

1. Identify your business idea and do some market research.

This is the first step in starting a home-based business. You need to find out what product or service you would like to offer. Look around you. What kind of problems are not being solved by your competitors? What are the common things that trip you up on a day-to-day basis? Find out what they are. Find out if someone else is doing it. And if no one isn't, find out the reasons why. Finally, make sure that this home-based idea of yours is going to make money!

2. List down the tasks you need to do.

The things you need to do? This is otherwise known as a business plan. A home-based business is a lot of work. Just because you're at home doesn't mean that you can lounge around all day. At the start of this one-man enterprise, you have to do at least the basics of accounting, sales, marketing and secretarial tasks on a daily basis. If you can't do this, considering hiring someone to do some of the tasks for you. If there is just too much to do and you can't afford to hire someone, try establishing joint ventures with people. If you can't afford to pay them in cash, maybe they'll accept payment in kind or having a stake in the company.

3. Make sure you have sufficient capital.

Despite the fact that home-based businesses have lower overhead costs, you still pay your electricity bills on a monthly basis . If this is going to be your sole source of income, make sure you have enough to pay the bills until you become profitable. Obviously, you're not going to be a millionaire overnight. If you don't have sufficient capital, consider doing your business part-time so you can keep your day job and have a stable source of income.

4. Find a working area at home.

The informality of a home-based business may be a luxury but you also don't want your kids messing up your desk or scribbling crayon doodles on important documents. Make sure that your home office is a quiet area and that you don't get disturbed. Discuss your need for privacy with your family to avoid conflict and misunderstanding. Enlist their support.

5. Do a lot of guerilla marketing.

You need to have a good working knowledge of small business marketing concepts. Remember that your resources are somewhat limited and you don't want to bite off more than you can chew.  The first step is to invest in a website as this will become your virtual calling card.  After which, find out where your market is congregating and advertise.  Read a lot on small business marketing to find out how to fine-tune the steps I presented above.  Don't worry, there are a lot of websites that discuss this online.