The most important thing to consider when you are starting a home business is YOU! In order to be successful, your home business has to fit your talents and interests.
Opening a business is like getting married ... you are going to be spending a lot of time with it, so it is important that you be compatible! :-)
The second most important thing to remember is that starting a home business takes time, an investment of money, and lots of marketing to get it going.
You WILL need to make some smart investments in order to get started. Even if you are shy and hesitant to "toot your own horn" :-) you WILL need to learn how to market your business!
Below are some questions to consider when you are starting a home business.
It's important to know when you are starting a home business whether the product or service that you will be selling is in demand.
For a business that will require a large, significiant initial investment, you will want to hire a market research professional to help you answer this question.
If you will be starting a home business that involves community based services like gardening, you can learn about market needs through doing some simple research on your own.
One way to do market research on the internet is to compare supply and demand for websites. See my article on Creating a Search Engine Friendly Website and scroll down to the profitability research paragraph.
Don't think about starting a home business before carefully considering the pay potential.
Think carefully about how much time you have to devote to your business, and keep your goals in line with the realities of your life. For example, if you have 3 young children, don't consider starting a home business that requires 70 hours of work a week!
Think about whether you want to be involved in interacting with your customers, providing services or product assistance.
If you love people you will probably do well in this area. If you don't have the patience for this kind of thing, consider another business model, or make sure you are starting a home business that provides customer service for you!
I personally now spend all my time working on my website and don't personally offer counselling services. That's the best possible way I can help as many people as possible. I don't invite my visitors to get in touch, not because I don't care, but because I get far too many requests. Instead I have an affiliate programme on my site, so that people can reach out if they need to talk to someone.
Think carefully about what you need to know in order to make your home business dream a reality. Do you have the necessary skills?
If you will be starting a home business without the needed knowledge, are you willing and able to learn, or do you have others to help you?
All businesses need a plan for how you will achieve profitability. Many people neglect this aspect of starting a home business because the process is tedious and time consuming to research and write a business plan.
However without proper planning you are walking in the dark, and your business start up risk is much greater. Once you have chosen a business venture, remember that you will be writing a business plan for it. You can hire some help for the process which will cost you a few hundred to a thousand dollars.
If you are working as an affiliate or a distributor for another company, it's very important to make sure you choose a reputable company. Here are a few questions to ask yourself.