Article 101 Home Business Opportunities Are Many, But Do These First

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Home business opportunities abound. There are hundreds of them both online and offline, but to ensure you get the right match, there are things that you must do first. Most people ask as to what business they should start without thinking of their work experience, their skills and their passions.

Starting a business for which you had no experience before could become a disaster in the making. You have to have some knowledge of what you are embarking on or the business could die even before you actually begin. Without this knowledge, there will be road blocks along the way that will be difficult to maneuver around.

Then you should also have at least some skills in what you are planning to do. Say you want to build a website on all about golf. This will need some writing skills on your part. Even though you have the money to outsource this, you should still have some skill to assess whether the person you hire is doing a good job or not.

Then there is the passion. Without a passion for the business you are planning on building, you will not be motivated enough to carry it through completion. Every day will be a drag. Compare that to doing something you love; working on eight hours a day on it will seem like child play.

So do not expect a straightforward answer to the question as to which of the home business opportunities you will choose. You have to do some homework and figure out what best fits you. There is no one else who can decide for you. If you want to do a quick way around this, you might just get scammed.

As you go through the process of deciding, there is some help on things to do before actually making the final decision as to which home business opportunities to pick. Here are some concerns to consider that will help pave the way into the right business that will best fit your knowledge, experience, skills and passion:

  • 1. Determine what product or service your business will offer. Do you have the knowledge and skills for this? Do you have the energy to go through building the business?
  • 2. Find out if you will get support from the family. Have a meeting with the family and discuss how your plans may affect them. Ask for their support instead of demand it. Try to understand their situation as they may have to make some sacrifice.
  • 3. Know your market and who your competitors are. What traits do your potential customers have? What is your value proposition, that is, the unique value you can offer your customers so they will want to do business with you? What can your company do better than your competition? This will be your competitive advantage.
  • 4. Anticipate and understand the legal barriers to your potential business. Find out the zoning laws and check for other restrictions. You may not be allowed to have customers come to your home. Is there a need for a license? Are your products subject to copyrights and trademarks?
  • 5. Will you be able to handle all the tasks needed like ordering supplies, filing, marketing your products, answering the phone and emails, and bookkeeping properly? Will you be able to pay someone to help you?
  • 6. Know the benefits and risks of the different forms of business. Are you going to operate it as a sole proprietorship, a partnership, a limited liability company, an S corporation or a C corporation? The IRS will be able to provide information on this for you.
  • 7. What kind of insurance will the one you pick among the home business opportunities need? Find this out as you will be exposed to risks. How about health insurance and liability insurance? If you will carry an inventory, you will need to insure them against the possibility of loss.
  • 8. What preparations do you need to do so your home will be ready for your business? Do you have an extra room where you can operate your business or do you have to add a room? What equipment do you need?
  • 9. Find out how much you will need to start your business. Determine the estimate as to how much it will take to start it and to get it going. Will you need furniture or equipment? Do you need an accountant or a lawyer? How much will it cost you to have supplies on hand at the start? Check to see how you can lower the expenses. Will you have enough money until your business starts earning income and reaches the break even point which is when the revenue equals expenses? Where will you get the money while you wait for this?

There you have all the things you need to do first before embarking on this exciting journey. Once you have done all the preparation needed in order to succeed, then and only then will you be ready to dive in to make the final decision as to which to pick among all those home business opportunities.

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