Step 1: Decide.
You must decide what type of products or services that your business offers and area of expertise. You must also ask yourself if you’re competitive to be successful to survive in the marketplace. Think of the reason for starting the business.
Step 2: Market and Competition.
Who’s the main target for your product or service? How will you promote your business? Can your business compete with other existing business? There are many home businesses out there in the marketplace, you must be competitive and confident to have your business survive and be successful.
Step 3: Before Starting.
There are jobs that you’ve to do most of the time. Are you sure you can do jobs like making appointments, bookkeeping, answering phone calls and others? If you can’t do all these, how are you going to run your business?
Step 4: Space.
Ask yourself if your home has enough space for storage, office use, and family use? If no, what now? Space is very important because you won’t want everything in a mess. You have to decide how big you want your home office to be and where to store your business things, and others.
Step 5: Law and Legal.
This is extremely important. Is your product or service against the law? Check with your community if you can have a home business running from your house. This is to avoid any restrictions; if any. Check if your products or services are subjects to trademarks, patents and copyrights. Please register your business; whether is sole proprietor or partnership or others, and tax declaration.
Step 6: Insurance.
Insurance is to protect you. Types of insurance that may involve are Health Insurance, Auto Insurance and Small Business Insurance. Do check with your insurance company or sales person.
Step 7: Cash Flow.
How much capital are you putting into your business? Do estimate how much you might be spending on specialist such as lawyer, inventory purchase, construction cost, and others. Other than that will be your spending on bills like electrical, water and telephone.
Step 8: Support.
Do you get support from your family or friends? Please don’t let your business interrupt your relationships with them. Don’t get emotional when you’re dealing with business.
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