How To Start A Home Based Business

Posted on Posted in Start A Home Based Business

Running a business needs some careful thought before you go jumping in and quitting your job or spending money on your beautiful ideas.

Take a minute to think this through!

Here is a list of some of the questions you should ask yourself when it comes to starting a home based business:

  1. am I above average at what I am going to do
  2. do I have any contacts to help make sales immediate
  3. how and who am I going to sell to
  4. how soon do I need to make an income from this business, in other words what is the lead time before I will be making a profit
  5. is there a demand for the product or service I will be providing
  6. is my product proved and tested
  7. what competition do I have
  8. are there any skills I need to learn before I start
  9. am I a self-motivated person
  10. what finance do I have available to start this business
  11. can I do it all myself or will I need some extra help (either family or staff)
  12. will I be able to comply with council regulations at home
  13. will I be able to sell online (a growing source of customers)
  14. will I be able to manage a website (we have the resources here at HomeBusinessSuccessIdeas.com to help you with that)

There are more questions, I am sure, that will relate to what you want to do but there are two points I want to expand on and one is No.4 talking about a lead time.

Lead Time

If you are going to start a business that is very one on one customer based, such as a draughtsperson, a dressmaker, a sign maker, then you most likely have some customers to start with and the lead time is quite short.  Whereas if you are going to be a small manufacturer such as a home based candle maker, then you will have a lead in time while you build up your stock and then you most likely have to source customers.

You can see that the lead in time will be quite different for each business and this needs to be understood before starting out.

Selling Online

This is the other point I wanted to talk about.  There are some businesses that are just not suitable for a product to be sold online, such as the dressmaking, but that does not mean that you do not need a website.   In a case such as this the website could be used for selling your services, but also for creating an interest database of potential clients who will seek your services when they want to buy your product.

Selling online is growing faster and faster by the year so it is important that all businesses have a website of some sort.

If you sell products that can be sold online then you must have a website that can display your products and have a payment function.  Customers see something now and they want it tomorrow.

There are very few businesses today that sell products that can survive without selling out of their area.

Business owners of today MUST think globally.

Thinking that your customers just live down the street is a long gone fallacy!

 

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