Tuesday, April 13, 2010

How Can I Start a Small Business?

These days, home based businesses are thriving. Owe it to the growing complexity of big companies, most people now favor the simple and direct services of a home based business.

Starting a home-based business is not as complicated as you think it is. You just have to follow certain steps to be able to establish one that actually makes money.

The following covers the most important points that you will need to consider as you try your hand in home based business.

1. Create a plan - Most people who venture into home business think that they do not need a plan. They surmise that all they need to have is a good product and people will start buying. I hate to disappoint them but building a home business is not like building a field of dreams - even if you build it, people might not come at all.

It is therefore important to have a plan even if it might be the only one who will ever read it. This document serves as your Bible. It should lay out how you want to achieve your goal and the strategies that you are willing to undertake.

2. Establish your identity - The identity that your business will have depends entirely on the amount of resources that you are willing to infuse. If you can manage it on your own, you can have it all for yourself as in a sole proprietorship.

However, if you need to have a partner or partners, then you can run like a partnership or a corporation. Doing it alone or with partners have its own advantages and disadvantages. You have to carefully study this aspect because this can make or break businesses.

3. Accomplish all legal documents - It is important that you have all the permits and licenses to operate your business. Do not be blasé about this. Some home businesses leave this until after they get in legal problems. Focus on these things up front before even attempting to operate your business.

4. Acquire your equipment - Based on your plan, get the equipment you need. If you are into baking, you can now start looking for your oven, mixer, trays, etc. If you are in the poster printing business, you can look at printers, computers, software programs, etc.

5. Develop your marketing strategy - To sell, people must find out about you. You can do this by using marketing collaterals. You can try the traditional way like poster printing, flyers, brochures or you can explore the power of websites.

The most important thing for you to do is to treat your business as if you are going to the office. You have to stick to a routine, a schedule if you like. Yes, you can doze of an hour or more after a late night.

However, are you going to do this if you are employed in an office setting? Bottom line is to be professional about how you conduct your business at home even if your office is the room beside your bedroom.

By : Kaye_Marks

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