Working at home requires no dress code, no rigid work schedules and no company cultures. Instead, you can work and earn money at your own pace, at the comfort of your home.
This allows you to gain control of your personal life while not losing a source of income – the best of both worlds!
Home business owners need to play many roles at once, from being the CEO, the financial planner, the researcher, the marketing manager and the sales manager. This is especially true for those solo owners who have to learn how to do everything on their own.
As the overhead cost of a home business is low, you can now offer quality products or services at a lower cost, making your products and services more competitive in the market. In addition, small home business is more able to provide clients with personalised services that cater to their specific needs compared to large commercialised businesses.
Home business frequently requires low capital to start up and is also cheaper to maintain. This protects the home business owners from their life-time savings should the business idea fails. It also allows business owners to test out new business ideas before deciding to invest large amount of money in it.
Being able to work from home allows you to plan for both your work and your family. This is especially true for parents of school-age children as they do not need to juggle between work and taking care of their children.
How To Start a Home Business
How do you start a successful home-based business? What needs to be in your consideration? Below is a 6-step guide:
1.Access Your Skills and Knowledge
You need to know what you are good at and what you are not so good at. Identify your strong points and your weaknesses. This can help you gauge if you are suitable for embark on a home business. As a home business owner, you will need to run a lot of tasks on your own, from planning, business management to the field work. Make sure you can carry out the tasks needed.
2.Generate Business Ideas
Start brainstorming from your interest and passion. Get your family to involve as you will be using part of their space for your business.
3.Test The Market
Shortlist your ideas so that it contains only those ideas that can work for a home business. Be practical. Think whether people will want to spend money on the kind of products or services that you can offer, how much and whether this will generate sufficient income proportional to your effort. If no, get back to Step 2 for more ideas. Being persistent is important at this stage because many people gave up after facing the obstacles.
4.Understand The Legal Barriers
Check if there are any rules or regulations controlling the starting up of a home business in your state or country. If yes, figure out how you want to get around them.
5.Determine Your Capital
Calculate the amount of money you need to start up your home business. The cost should include the purchase of any instruments, hire of any professionals (e.g. lawyers) and insurance. You might not be familiar with all these so take your time to do some price checking and bargain.
6.Plan your business – break even points.
Once you have obtained a clear picture from Step 1 – 5, it is time to lay down your business plan. Find out your break-even point and how many products you need to sell in order to get back your investments.