If working from home is your cup of tea, running a business from home may be just down your alley. Starting a home based business, though sounds exciting and attractive, involves a lot of hard work and consistent inspiration to make it a success.
Here are 5 steps that would help you to begin and succeed a home based business.
Do a SWOT analysis
Take a pen and a note book and make a list of things that you are good at, your weaknesses, your opportunities, and possible threats to your business.
I have seen a lot of women here at IndusLadies who are extremely good at providing great counselling for children and relationships etc, some are very good at writing content, web designing, while others show unique talent in tailoring, painting, communicating and creative in making frugal decorative things and so on.
Make these talents as the base of your business and think of ventures that can use your special talent.
Note down the answers for questions such as
- What business is related to my talent?
- Are you an expert in that role?
- Would your product be of need to people around you?
- What would be required to begin this business?
- How much time and money would you need to invest?
- What returns could be expected and how long will it take?
- What can possibly go wrong?
- If things go wrong, how will you prepare yourself?
Make the Business Plan
Making a plan for doing a home based business is not as simple as that for businesses based in offices, as you would not be able to do everything as done at an office or a manufacturing unit.
So for a home-based business you not only have to plan for your business you also have to plan your day to day activities too. You have to make a regular schedule for you and your family, as well as one for your work, and follow it diligently.
Your business hours should be kept separate from your family commitments.