How to Start Up a Home Business By Harish Amilineni
My husband and I dreamt of having a home business for years. We didn’t know the first thing about how to get started. What I came to realize was that very few people do when they first begin.
What we did realize after checking into some 25 to 50 home business opportunities was that the most lucrative and legitimate businesses have some type of start up cost. That initial investment cost into the business can include such things as expenses to run your website, purchases of leads; for those who are interested in running their own home business or ones interested in the product you may be selling.
There are many choices out there to choose from. What we had to do was think of our , objectives, personality, current skills, and passions, . I’m continually reminded that the most successful home businesses are the ones people are truly passionate about and willing to work hard at.
My late stepfather, rest his sole. Always told me in his drafting experience that “You can’t get anywhere unless you know where you’re going“. In essence my dear friends you can’t build a hospital unless you have blueprints. I strongly believe you have to have a business plan. I have been taught by some excellent directors to make those plans and goals for two to five years down the road. I work from a 90 day blueprint at a time and reevaluate it every 90 days. I can see where my strengths and weaknesses are and make the needed changes and adjustments to accomplish my goals.
Part of my blueprint will included my marketing and advertising expenses, other financial and budgeting expenses per month, my growth objectives and potentials, and of course ladies and gentlemen how I will achieve this.
Purchase the essentials for your home business. It’s impossible to do any job well without the proper tools.
Purchase any necessary business licenses that you are required to have by county, city, or state laws as they may pertain. This can save you some problems later. Make sure also there is no laws or regulations against you having a home businesses where you reside.
When you have your own home business be prepared for the taxes to be due. Make plans for how you’ll pay them. Get advice from professionals if you need to. Doing this will keep you out of deep water. Especially when April 15th comes around for those living in the United States.
You need to stop and Figure out the profit angle. You may have a great talent for something and the skills that enable you to express it, but if people aren’t willing to pay you for the product or service, it won’t work as a business. For each home based business idea, I checked into after doing my due diligence of investigating the opportunity, I stopped and asked myself three questions. How much are people willing to pay me for this product or service? Can I make a sufficient income from that? Is this a product that is requested Worldwide?
Suppose that you have a talent you wanted to market. I�?m an artist so I�?ll use that as an example. I sold a 3�? x 4�? painting for $ 1,000.00. The supplies ran me 0.00. The majority of my paintings are 18“ x 24“ and they sell for about 5.00 to 0.00. Depending on whether it’s a watercolor and ink or an acrylic painting.
My average time to do each painting is 2 to 3 weeks. I’m only able to make 1, sometimes 2 paintings per month. The math says that I would have an income of 5.00 to 0.00 per month for 1 painting. And double that for 2 paintings per month. (Actually less, as there will be expenses related to painting products, to deduct from this amount.)
A poor example, isn’t it? Many home-based businesses are started without considering the profit angle. Business is about profit, and without sufficient profit, you’ll never have enough income to even pay the bills, let alone generate wealth.
Assess the profit-making potential of each home business on your list. Cross that idea for starting a home-based business off your list. if the answer to either of the three questions above isn’t satisfactory.
Ultimately you are the one who decides how much income is enough. This can be a part-time home-based businesses that supplements your income. If you are planning to start a home-based business that will provide all of your income please, I beseech you to research the profit-making ability of your business idea very strongly.
I strongly recommend having support from your family and friends. In my home there only resides my husband and I. My children are grown and on their own. I have had to remember my business is in our home. But first and foremost my home is my home. It’s also my husband’s home. I have to remember the home business will affect him as well as myself. And for those with children, you need to keep this in mind as well. It has helped me immensely to have the support of friends and other family members because it’s kept me motivated and excited about starting and running my own home business.
Good Day, until we cross paths again.
I am a 51 year old women residing in Central Washington State. I have my own home business in the 7 trillion dollar travel industry. An industry growing at a 23% rate annually. One thing I’m sure of is that I enjoy what I’m doing.