By Norberto Mercado
A larger number of businesses on the radar today are home businesses and many more jump on the bandwagon daily. Home businesses can be operated full-time or part-time depending on the home business ideas you choose. If you’ve always wanted to quit your boring 9-5 job in favor of a home business, here is a step-by-step guide to get started. It is a roadmap to success.
- You can start your small business from a hobby such as jewelry making or cooking. You can also consider something in your area of expertise for instance writing, transcription, administration and real estate. It is essential to do so because it keeps your interest and thereby allows your business to grow.
- When choosing home based business ideas, you also need to consider the amount of time you are willing to dedicate to it. Will you pursue it full-time or part-time? Choose an idea that works with your time commitment.
- Consider the start-up costs that entail different home business ideas. If you are selling self-made products or offering writing and web designing services, you can function independently. However, if you are into event planning or pet care services or delivery services, you will have to consider costs associated with hiring staff, office premise purchase and rentals etc.
- Will the business idea you choose require a separate office premise or can you operate it from your home? If the latter is not an option available to you, you will have to consider if your budget allows you to take up a commercial property.
- After you shortlist a few home business ideas, conduct simple market research into every industry. This feasibility study should clear the following points. First, does your type of business have demand; it does not make sense starting a business that has no takers. Second, how much of money can you make in relationship to your investment of time and money? Third, you need to check the number of competitors already in your industry and how you will probably work around them when you get established.
- You also have to look at the legal aspects associated with a particular business idea. There are zoning, registration, licensing and insurance issues to take care of.
If you are stuck on a limited number of home business ideas, you can conduct an online research to widen your horizons.
After you’ve made the crucial decision, you need to get busy setting up your business. Write a detailed home business plan outlining your goals, your approaches and strategies. Choose a name for your business. It could be your name or anything relevant to the services you offer. Thereafter, you will have to check if there is any other business operating by the same name.
You will then have to get down to registering your business. The registration process will differ based on the state. You will have to get an employee identification number and file for a sales tax license if you sell products. Once you’ve completed these legal procedures, you can start building your brand name. Set up a website so that your customers can reach you conveniently. Get word out about your business either by going door-to-door or using email lists.
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