Start Your Own Home Business

Start Your Own Home Business

So you want to have a home based business, but you are not the network marketing type. You are interested in running your own business, but you don't have the financial resources to buy a home-based franchise. You want to start something yourself, so what do you do?

First off, be introspective. What do you like to do? What experience and skills do you have? Are you willing to spend some time (and possibly money) to further your knowledge in an area that interests you? Some home business opportunities are product based, where you make something and sell it. Others are service based, where you offer a service to your customers. There are countless opportunities for home-based businesses; you just need to find the right match for you.

Product Oriented Businesses

If you are artistic and enjoy creating things, you may want to start your own business based on making and selling things such as jewelry, candles, or soap. If you knit, you can sell sweaters, scarves, hats, or Christmas stockings. If you sew, you can make clothes, pillows, or quilts. You can create customized candy wrappers or wallets made from duct tape. The possibilities are limitless!

If you do not already have the skills required to start up a home business in one of these areas, you can acquire them. Research classes available in your area that will help get you going or increase your skill level. There are also home business start-up kits available. You can purchase a kit and learn how to produce the product you want to sell.

Service Oriented Businesses

Many successful business owners work from home by offering services. And what you do can run the gamut from business consulting to dog grooming. Here are just a few ideas to get you thinking about what work you may be able to do from your home given your knowledge and expertise:

Consulting

If you have business and managerial experience and would like to be your own boss, you may consider being a business consultant. Along the same lines, you may have the skills to be a personal accountant or financial advisor. A growing segment in the consulting arena is life coaching and personal training. Perhaps one of these suits you best. Another up and coming professional field is independent college advising. Many consulting businesses require little our no "face time" with your clients. Most of your work can be done with a computer and telephone.

Freelance

Often when you think of freelance work, writing comes to mind. And that is one type of home based business you can have. If you have the skills and desire, be a freelance writer, journalist, or editor. If you are an artist, you can freelance in graphic design. Computer folks can freelance in programming, online tech support, or internet website design. Any of these are great home based business ideas.

Other Special Services

Some of these opportunities are home-based, but will require some time on-site, out of your home. For example, home inspector or home handy-man. With a business like this you still get many of the benefits of a home-based business, such as setting your own hours and being your own boss. If you have a strong organizational streak, you could be a personal home organizer or an event planner (from small birthday parties, to elaborate weddings, to professional conferences).

If you'd rather your customers come to you, then consider your options in one of the following areas: child care, tutor, massage therapist, seamstress/tailor, hair stylist or manicurist, pet groomer . . . and more.

Things to Do

Whether your home business will be product based or service based, there are many things you will need to do as you get going in your business.

Choose a name

Home franchises and MLM businesses come with a name. But if you are starting your own business from scratch, then you will have to have a name. Here are a few things to keep in mind when naming your new home business. Your name should convey expertise and uniqueness; it should be meaningful and communicate what your business is. The name should be professional sounding and memorable, but not cutesy.

Set up your office

Most home business owners spend a lot of time in their offices, so make sure it is a nice space that works for you. Have good lighting. Windows offer natural light and a view (hopefully), and lamps supplement light during the day and make working after dark an option. You'll need a comfortable chair and a desk big enough to work at. Make sure both are a good height to minimize back strain and fatigue. You'll need a computer and a printer. Laptop computers are very handy for home business owners because you can take them where you need to when you need to. A phone is a must. Consider a hands-free headset if your business requires that you be on the phone a lot. A fax machine and a personal copier may not be necessities, but are nice additions to your home office. And remember a home office dedicated to a business can be deducted on your taxes.

Make a Business Plan

All successful businesses, home-based or otherwise, start with a business plan. There are many ways to build a business plan and numerous websites and publications that can guide you through a comprehensive plan. But if you are not looking for outside investors to help you start up, you may not need a lengthy document. Just make sure you outline how many hours per day or per week you will work and set goals for yourself along the way. Make the goals reasonable and attainable. Brainstorm ideas for marketing in your business plan.

Part of your business plan will require that you set prices or fees for your products or services. Research your field and see what the competition is charging. Be careful not to set your prices too low; that may suggest poor quality to potential customers. But also make sure your prices are not too high or you won't get any business. Find a good starting point for pricing and continually evaluate over your first year of business. You can adjust your prices and fees if they are not working for you.

Get Credentials if Needed

If your type of home business requires some sort of license or certification, make sure you get that. Join associations in your field. There are numerous benefits to membership in professional associations: networking, sharing ideas, sharing resources, education, and socializing. Also, being a member of one or more professional associations lends more credibility to your home business.

Advertising/Marketing

This is a big part of your home business. You will only make money if you have customers to buy your products or services. Depending on what your business is and where you live, there are numerous ways to advertise. If you live in a small town and are only marketing to folks in your area, an advertisement in the local paper and a listing in the yellow pages may be all you need. If you make a product, such as jewelry or soap, you may want to research the crafts fairs and markets in your regional area. They usually do not require a large fee to participate and it's a great way to sell products and get the word out about your home business. You can also take orders if you run out of merchandise. In these days of technology and internet surfing, many home based businesses will benefit from having a website. This is particularly important if you are trying to reach customers beyond your local area.

No matter what your business, make sure to make up business cards. They are inexpensive and a great way to spread the word. Make sure to include all the pertinent information, such as the business name, your name, title, phone, email, website address if applicable, and a logo if you have one. When talking to folks about your business, having a card to hand them helps them remember you. Word of mouth is one of the best and cheapest ways to advertise!

Make sure your marketing pieces look good. The more professional your advertising, the better it will be for your home business.

Accounting

Every business, even a home based one, requires some bookkeeping. If you can do it yourself you will save money. If you can't, you will have to hire someone. Perhaps that person will be able to help with taxes as well. When you own your own business, taxes can get a little more complicated.

Insurance

Depending on your business, you may need additional insurance. Check with your insurance company to see that all your office equipment is covered under your homeowner's or renter's policy. Also ask about professional and personal liability coverage.

Legal Issues

Your home business may have legal issues that you'll have to address. For example, if you decided to run a home day care, you need to find out if the zooming in your area allows it. If any other legal questions arise as you start your business, make sure to contact a lawyer.

Once you decide what you want to do, go with it! Do your homework and build a strong foundation and your new home business will undoubtedly be successful and give you the kind of work environment you are looking for.