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?

1 comment:

  1. @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!

    ReplyDelete

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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 succ...