Working from home - do you have what it takes?
According to a recent Harris poll, 72% of American households are thinking about starting a small business, home based.
This statistic left me wondering if they have what it takes? So I quickly ran through one or two questions in my mind and decided to set them down. Hopefully you will find some positives.
Which business is right for you? Do you have a real idea of what you want your business to be or are you just seeking a business as an escape from employment?
A vital question which needs positive response.
Capitalising on your natural talents! You are going to use your talents and experience so where ever possible stay with what you know. You will know more than you think!
Right off, how about these business ideas?
Work from home on contract with you previous employer(s). Go on to cultivate new clients using your skills. Acquire additional skills. Cultivate more clients usng these new skills. Bingo youíve got your business!
Use your home PC as a profit generator. You can do this part time, acquire new skills and reach your target market. Hard copy or electronically.
Create a business around a;
Craft, say woodworking, there is great market for traditional rocking horses and they sell at premium prices.
Hobby, flower arranging, I have two friends who are in constant demand for weddings, parties etc.
Vocation, I have friend who is very un-happily employed. He is a superb model maker, e.g. scale models of steam locomotives, and he has all of necessary equipment. He could offer a range of manufacturing services. Despite his employment situation he will not go it alone Ė nor should he if itís not right for him. Nevertheless you get my point? Profession. If you have a profession what is it? Can you offer products or services? Yes if you think about it and you want to.
Decide clearly and without emotion what it is you want to do and do it, focus on it and provided there is a market use innovative methods to bring your goods/services to market. If there isnít a market do not become a missionary. It wonít work Ė no matter how much you would like it to and no matter how hard you try.
That part is only start!
You will have issues;
Setting Up Your Home Based Small Business, have you got room? I have come across an addition to SOHO (small office, home office). How about SOGO Ė small office, garden office. Apparently there is strong demand for garden offices.
I love it, another innovative market opening up; itís all around us. The knack is to see it.
What's in a NAME?
Donít try to flatter yourself by using your name. Your business name should wherever possible describe what your business does because you need your client targets to know with minimum of effort. You only use your name if you have a particular reputation well known in your market. Itís best to be as descriptive as you can.
Creating a budget you can live with.
You wonít start earning immediately so you will need reserves and a Business Plan to project cash demand on your business. This is a big issue and a vital topic.
Carving your NICHE.
You will also need a sales and marketing plan to ensure a steady stream of customers/clients. When you are busy operationally you will be in danger of not marketing and selling. This is real dilemma for all small business owners, so really work out where your regular stream of business will come from and make it a priority. No clients/customers, no business.
Running Your Business.
Administration/accounts can deflect you from developing business. If you can get reliable help Ė spouse? Do it. You work on developing your business. Note expression work on. It is a key objective to stop being employed by yourself working Ďiní business to working Ďoní developing business. Try to have this in mind at all times.