Starting a Home Business: Do You Have What it Takes?
There is a growing trend among people tired of the stress and anxieties of the business world: home businesses. Starting up a home business appears to have many advantages. Being your own boss, setting your own hours, working in your jammies, and the list goes on and on. But, do you have what it takes to run your own home business? Below are some things to consider before answering that question.
A Business Plan
You have a great idea for a home business. You are certain it will work, and provide you a good living once it takes off. However, before you start, you must have a workable business plan. The first step in starting your business should be writing up a detailed business plan. This is especially important if you are planning to borrow money from a bank, or other lender to get you started.
Do you have cash to start your business? Or, will you be applying for a loan, such as a small business loan, to cover your start-up costs? Either way, according to your business plan, you must make sure you will have enough funds to cover your business and personal expenses for approximately six months, unless you have other income to rely on.
The Office Space
Whether you will have an office at home, a doggy daycare, or a furniture re-finishing business, you need to have the appropriate place to do business, and room for your workspace and supplies. If it is an office you need, an extra bedroom will do, along with a desk, office furniture and computer. Depending on the business, there may be other items you will need room for. On the other end of the spectrum, a doggy daycare will require a yard, kennels, supplies and some type of office space for receiving pets, and doing billing and other tasks. Whatever you need, make sure you have the right set-up, and space available for your needs.
To run a successful home business, you must have the attitude that this is a business, and it is up to you to keep it running. It is important to have a routine, goals and a good work ethic in order to be successful. It won’t work well if you use your down-time to watch TV, or go out with friends. Any down-time should be spent thinking of ways to make your business better, and working on new advertising techniques, or your website.
Your home business may not get off the ground if you do not have the savvy to advertise well. There are many opportunities for successful advertising. A few of these include: Newspapers (new business section), websites, flyers, business cards and Facebook. Take advantage of every opportunity to promote your business.
Can You Separate Business From Pleasure?
To be successful, you need to be able to separate your work hours from other activities, such as noisy children, household chores and TV or Video games. Set aside work hours, and stick to them. Of course, there will be times you will need to be flexible, but your business will run smoothly if you can spend your work hours concentrating on it, and only it.
As you can see, there are many things to consider before you decide to open a home business. However, with the right plan, a great attitude, a good set-up and some awesome advertising, you will have a head start toward making your home business a success!