Business & Finance Small Business

Consider Starting a Business From Home

In today's economy, people are no longer guaranteed the same job security that the previous generations have had. Many employees have been laid off from big corporations as well as small businesses. Even for those people who are fortunate to hold on to a job, they might be wondering if it is the right career choice for them. Whether you are unemployed or unhappily employed, now might be the right time to think about starting your own business. Starting a business does not necessarily mean huge start-up costs. The best way to keep costs down is to start a home-based business.

What Are the Advantages of A Home-Based Business?

Home-based businesses are run from home. This means that you would not have to worry about paying deposit and rent for a facility, which is often the biggest cost. You would need a designated working space in your house so that you keep home and business separate, but that could simply mean an office, or a corner of the living room. This makes home-based businesses more low-risk than those run outside of your home. Another reason for considering a home-based business is the amount of flexibility it provides. Because you are working from home, you would not need to commute to your job on a daily basis. You also get to choose your own schedule, unlike a nine to five. This is especially important to people who have children.

What Kind of Home-Based Business Should I Start?

Everyone has different skills, abilities and interests. Start by thinking about what you like to do and what you are good at. See where your interests and your skills intersect. Then think of a service or product that you can provide based on your skills and interests. For example, if you are good at teaching and you like working with children, consider a home-based tutoring service. If you love parties and are good with details and organizing, you can be an event planner.

Coming Up With a Business Plan

Once you have come up with an idea, put your business plan in writing. Having it in writing makes you focus on what exactly it is you are trying to accomplish. You want to be as specific as possible, so that you can best target your services and products to the right clients. This also requires you to think about the resources that you have available to carry out your business. Let's say that you want to start a catering service. You might choose to serve small private dinners under 20 people with a limited Italian menu because that is what you can realistically handle.

Working Out a Budget Before You Start

After writing your business plan, you will need to create a budget before you start. The important thing here is to list any cost that can possibly come up. You will need to factor in all the major equipment and technology costs, marketing and advertising fees, as well as small costs for photocopies and office supplies. After you are done, figure out if you have enough funding for the business. If you don't have enough funding, you can try looking for different sources of funding, including banks, credit cards, small business lenders and family or friends. This is crucial to helping you figure out whether a home-based business is feasible for you at all.

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