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What to Know about Starting a Homebased Business

Things to Consider When Starting a Homebased Business

Lessons learned from entrepreneur by Nikko Marasigan
November 20, 2012
Short URL: http://vator.tv/n/2be0

Working for years upon years to help achieve somebody else’s dreams and following your boss’ every whim and demand can lead to a financially stable life. However, it just cannot be as exciting or as fulfilling as having a business to call your own.

The technologies available today also means you will no longer have to deal with the daily hassles, costs and perils of traveling to an office. You can simply start your business at the comfort of your own home.

 

Why You Should Start a Home-based Business

By having a home-based small business, you open yourself up to a list of great advantages.

1.      You have more flexibility when it comes to working hours. You choose what days and what times you will work. You can easily manage all your other responsibilities at home, and you can connect with customers from across the country and around the world.

 

2.      You can spend more time with your loved ones. Because you set your own schedule, you will be able to allot the appropriate amount of attention to your family and friends. Just having your workspace at your house will bring you closer to the ones dearest to your heart.

 

3.      You no longer have to worry about too many operating expenses.  Since you will be working at home, you don’t have to get a lease for office space or pay for utilities other than your usual house bills. As mentioned earlier, you also won’t be paying for gas or car maintenance.

 

4.      You can take advantage of tax deductions. If your business qualifies, your home expenses such as property taxes, basic utilities and your mortgage interest can be deducted as your business’ operating costs.

 

5.      You can pursue your heart’s desires without much risk. As the boss, what you say goes and you can channel your interests into a money-making venture. Considering the lowered costs of starting a home-based business, you can also try out strategies and methods without putting you at immediate risk of bankruptcy when they fail.

 

Things to Consider When Planning Your Startup Home-based Business

After considering the benefits above, you must be wondering how exactly you can start your own home-based small business. It starts with asking yourself some important questions.

  • What are your skills, talents and level of education? Your core skill set and knowledge will determine your business venture, as you will not be pursuing an idea that you know you cannot achieve.
  • What need/s or market will your business be filling? No matter how good your proposed product or service will be, it will not turn in any profits if it does not serve anyone’s needs.
  • How will you profit from the idea? You need to figure out how exactly you will be making money with that business concept. Will people be willing to pay the price you’ve set? Will your net income (considering all the expenses) be worth the effort?
  • How will your product/service stand out from the rest of the competition? Because you are starting as a small business, you need to offer something different lest you get overwhelmed by more established companies or get lost amidst a sea of similar businesses.
  • Will you be able to handle multi-tasking? In the beginning, it is almost unavoidable that you will be working on your own. You will be arranging your schedule, keeping records, and interacting with customers all by yourself, unless you enlist a partner or two.  You must be able to manage time and stress properly if you truly want to run your own home-based business.

 

Once you’ve already decided on the basics, you can move on to other important considerations. Before actually starting up, you must also make sure to:

 

  • checking local and international regulations about running a home business;
  • research the legal issues of how you will be running the business for taxes (sole proprietorship, partnership, etc.); and
  • draft a business plan that includes your start-up costs (capital, equipment, employees if necessary) and advertising methods (online or traditional advertising such as flyers and brochures).

 

Small Home-based Business Ideas You Can Try

It can be difficult to generate ideas on a good small business that you can operate at home. To help you start your career as an entrepreneur, here are five business ideas that you can try.

 

 1.      Party Organizer

The economic downturn hasn’t completely dampened spirits with people still booking big parties for various occasions. However, they would rather not deal with the hassles of planning the parties themselves, opting instead to hire the services of professionals. You can conduct such a business at home through email, chat or text message correspondence with clients, caterers and location managers.

 

 2.      Baked Goods

One sweet profit-making idea is the selling of a variety of pastries to hungry sugar-craving customers. Whether it’s through turning a part of your house into a brick-and-mortar store or just having them available for delivery or pick-up, there will always be people looking to satisfy their sweet tooth cravings.

 

 3.      App Developer

You can make a name for yourself in the online world even with a rudimentary understanding of coding through developing simple apps for any number of the popular mobile devices in the market. Just put them up on the appropriate online stores, charge for a reasonable fee and you can turn a profit with just a computer and the right tools.

 

 4.      Web Developer

With Internet usage becoming more and more of a necessity in this age, businesses everywhere are becoming more and more willing to pay good sums of money for website developers’ services. Of course, you will need a solid portfolio if you want to attract the big names in the industry. Again, all this requires is a suitable set of skills and a computer with a steady Internet connection.

 

 5.      Blogger

If you believe you have the unmatched expertise in a certain subject and the writing skills to display it, start a blog that focuses on that area you have a true passion for. Create fresh content, and stick to a regular publishing schedule to gather good following and establish credibility. You can also make use of online advertising methods such as Google AdWords or affiliate programs to make money.

There are so many opportunities available now in this wireless world that makes home-based small businesses a much more enticing option for would-be entrepreneurs. Do not be content with working for another person. Liberate yourself so you can pursue your passion and earn money in the process.

 

Nikko Marasigan

Nikko Marasigan writes about blogging, branding, and online marketing. He writes for SEO Visions - a Leading Vancouver SEO Company in Search Engine Optimization and Internet Marketing.