5 Questions to Ask Before Starting a Home-Based Business1 min read
Before you quit your day job to run a business out of your home, take some time to fully investigate the pluses, minuses and ramifications. Consider the five questions below:
- Is there a market for your product or service? Don’t assume everyone will be excited about your new business idea just because your friends or relatives rave about it. Without a brick-and-mortar location to increase customer interest within your community, you will need to rely heavily on a variety of marketing tactics to get the word out about your business.
- Are you excited about your business idea? In order to be successful, you’ll need to dedicate yourself to your business every day. You may find it difficult to deal with the ups and downs if you aren’t enthusiastic deep down about your firm’s product or service.
- Is it a good fit for you? A retail business may not be a good fit if you don’t care to work with the public. On the other hand, if you enjoy the face-to-face interaction with other people, you won’t want to start a business that requires hours and hours at home working on the computer.
- How will you allocate time for the business? Home-based businesses often begin as a part-time venture. When things start to pick up and require more time, do you have the discipline to stick to a work schedule? Keep work life and home life separated by allocating a specific room in your home just for your business.
- How will you finance startup costs? It is critical to have an adequate financial buffer, so you don’t find yourself spending unproductive hours keeping the business going. Generally, you should have funds set aside to cover at least six months of your home-based operating expenses.
A home-based business can provide great satisfaction if you are willing to take the plunge. However, you will want to do your homework as with any business venture. Contact our office with any questions about your home-based business.
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