So you have a great idea that's been playing around in your
head for some time. You're pretty sure it will work as a home
business and you do want to take the chance at starting a
venture earning money from your own efforts. But is this the
right time? Are you on the right track? Do you have what it
takes? Most of all, are you primed for success? Here are six
questions you should ask yourself before you ever start a home
business:
Do I have a product to sell?
Dreaming of having a home business is fine but do you have
something that people will spend money to buy? One look at
aspiring businessmen joining the reality TV show 'American
Inventor' will tell you that good intentions aren't always
enough to build a business. In fact, there are plenty of ideas
out there that might never fly or are just downright ridiculous.
To keep things real, ask yourself if the product you have in
mind truly has a market. Look for general needs you can meet or
a niche market you can service.
Am I trained for this business and do I have the knowhow?
A good understanding of your business is essential to surviving
and ultimately succeeding in your industry. Training and/or
experience will go a long way in a home business. The family of
Ed and Elisa Lupin, for example, owns a coffee plantation based
in Panama. Since the product was something they were very
familiar with, they started CafÈ Elisa, which offers specialty
coffee.
Do I have the right network?
A network of contacts is important because this is your source
of information, updates, referrals and sales. A strong contact
base can help you build a potentially lucrative home business.
If you start a home business as a wedding planner, for example,
mainly because you love weddings and have a creative eye, you
can't very well hope to succeed if you don't have the right
contacts.
Do I have the capital?
It's nearly impossible to go into a home business without
spending for something, whether to add to your capital or to use
for promotional materials. Do you have enough to cover for these
expenses? Are you ready for other expenses that might emerge?
Would you have enough to sustain your business until the profits
start pouring in?
Are there requirements or laws that I should comply with?
There are home businesses that will require you to apply for
certain permits and licenses. In some jobs, you'll also need to
complete certain certifications. Check with local agencies and
associations if there are laws and standards you need to conform
with. If you want to offer quality products and services or at
least operate a home business that will not violate any laws,
you need to know what these requirements are.
Am I equipped to start a home business?
Think of all your interests and preferences. If you want to
start a home business, it has to be something you like,
something you truly understand. It could be a hobby you've had
for years or related to the job you used to do. Do you have the
personality that the job requires? If the business requires
selling, do you have the ability to make a convincing pitch? If
the home business requires you to do mass production, do you
have the means with which to obtain equipment and materials?
As you can see, starting a home business is not as easy as it
seems. However, if you have the persistence, the drive and the
necessary qualifications, it could be one of the best things
you'd have done in your life.
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