A Short list of Points before Starting a Home Based Small Business

Posted on February 07, 2011 by Ken Germann, One of Thousands of Entrepreneurship Coaches on Noomii.

Home based Small Business – An Alternative Career

Starting a home based small business is like living an American dream where money making and living a desired lifestyle is the best of anything.

A small home business does not mean something totally new. We have been doing this job since childhood. Our small jobs included babysitting, delivering newspaper, tutoring, etc. But once we become adults, our aspirations change, dreams change, demands multiply, hence, we have to strategically plan a right kind of home based small business.

We have all been brought up with great corporate dreams. That way we are conditioned and educated – to live a life with corporate benefit packages. Recently, there has been a shift from corporate dreams to having one’s own, may be a small business. Because, freedom of work is as important as the monetary benefits.

Today, we prefer to a proprietor being self-employed. Late hours, official compulsions and job dissatisfactions leads many of us to something on our own. Besides personal difficulties, as adults we have to oblige our family also. We need to be with our spouse, kids, other members of our family, and friends.

Home business industry is booming fast at the rate of 17% annual growth. But, it is not free from scams as majority of home based small businesses run via internet. It is prone to be abused. Recently, safety and security of the online home based businesses are strengthened by various affiliate programs and laws.

Things to Consider before Starting a Small Home Based Business

• Type of Business: Thousand are the ways of life. Which one would you choose? Really difficult. Jot down your likes, dislikes, experience and assets. Rough plan the possible number of small businesses.
• Time Factor: Your own home business definitely provides your flexible timings which is not possible in working in a corporate office. Still you are in the difficulty in choosing one from full-time and part time home businesses. You can schedule your work hours after considering all your household activities and business requirements.
• The Budget: Well, you are going to start a small home based business. But, how small, or for that matter how big is your small business? Nature of your home business and the amount of capital you have, determine your future course. As per your standing, you will plan startup costs, obtain loan or invite a partner.
• Research: Reading this piece of literature shows that you are interested in home businesses, and you have some idea regarding the your kind of business. But the first to investigate and research different home based businesses. You can definitely search internet for that purpose.
• The Plan: Planning is the final sketch. It might consist of the course of actions, description of the service/product, and the volume of business as per your qualification and capabilities.
• Putting into Action: After you have completed your plan. Activating the plan and its success is dependent on foundation of plan. In case you might not act properly, solid plan will save you from potential losses and/or setbacks.