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Jul 13, 2008

Your Own Home Business - Dream or Reality?

This is a question many people have asked themselves, sometimes over and over. Is it possible for the average person to start and run a successful home business? I’m here to say that the answer is a resounding YES!
With that said, there are some specific questions you should answer before starting your business. This list is by no means a complete, comprehensive all-encompassing checklist, but it will give you a good starting place.
What type of business to start?
1) Do I have any knowledge in this area?
2) What skill do I have to run this business?
3) Is this something that I will enjoy doing?
4) How much will it cost to start?
5) Do I have the money this would require?
6) Is there a market for this product/service?
7) How will I promote my business?
8) Am I willing to put in the effort to make it work?
9) Am I dedicated enough to “stick with it”?
10) How much income will this business have to create?
11) How big do I want this business to become?
12) What are the tax implications of owning a business?
13) Are there any regulations (federal/state/local) that I need to be aware of?
14) Am I capable of doing the bookkeeping required or do I need to hire out?
15) What type of insurance will be required?

2 comments:

  1. Interesting post. I'll keep it in mind, because I want to run my own business some day. I've thought about it, and I think I'd like to buy a business instead of starting one from scratch. My only problem is that I'm unsure about the approach. Should I buy a franchise? A non-franchise? Home-based? I'm unsure. Any suggestions or advice? Thanks.

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  2. @D. - I suggest checking what is even available to buy in your area, franchise or not. There are a lot of sites where you can do this. I do know of one called BizTrader.com, which is this online global marketplace where you can buy or sell a business. You can also use it find a lender or broker. I also suggest reading your newspaper for any listings and going to your local small business groups. They should also be available to help and show you what's available.

    Good luck!

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