The cost of child care and the desire to achieve a better home/work life balance is causing more and more women and some men to consider setting-up a home based business. This may be something you are starting to think about or maybe you've already taken the first steps? Whatever stage of development your home business is currently at these are a few useful points to consider:
Is there a market for your product or service?
No doubt you'll already have a firm idea of what you want to do. It may be a alternative version of what you do already such as telesales, book keeping or writing. Alternatively, you may have a talent or particular skill for making things that you want to take to the next level? Whatever your business idea you'll need to establish whether there is sufficient demand and how you will compete with those already offering a similar service.
Where your customers will come from?
So having a great product or offering an invaluable service is one thing but where will your potential customers come from? Friends and family are often the first port of call but to become a sustainable business will involve finding new customers on a daily basis. Think about ways of selling your service through advertising, social media, direct selling, employing sales people, affiliate schemes and so on.
Turning an idea into an actual business
Once you've answered the questions above you'll need to transform your ideas into an actual working business. Do you need to raise capital, will you need premises, an office or can you work from home? Will you work alone or will you need a partner or staff? What about when you start to get a lot of orders, does your original arrangement have the flexibility to cope with a sudden upsurge in demand?
What about the legalities of employing people and operating a business from home - will you need extra insurances and so on?
Money
Have you considered how much to charge for your product and service and does this allow for all the costs involved. Even if you are working from home your everyday expenses such as phone calls and utility bills will be certainly increase. Allow some budget for marketing costs, stock and contingencies. Also allow for the fact that often people will not pay you on time and sometimes not at all - being prepared for the inevitable will save a lot of problems later down the line.
Home and Family Life
If you have a family then can your work life fit around the needs of bringing up children? Is your spouse or partner going to involved in the business and are you certain of their support?
Once you have considered all of the above then you should by now have a realistic idea of whether or not your business can become successful. Write down how you will do all of this in the form of a business plan. If the idea makes sense on paper then your chances of success are much greater.
Now all you need to do is make a start - take those first few steps into the world of running your own business and before you know it you'll be well on your way.
Is there a market for your product or service?
No doubt you'll already have a firm idea of what you want to do. It may be a alternative version of what you do already such as telesales, book keeping or writing. Alternatively, you may have a talent or particular skill for making things that you want to take to the next level? Whatever your business idea you'll need to establish whether there is sufficient demand and how you will compete with those already offering a similar service.
Where your customers will come from?
So having a great product or offering an invaluable service is one thing but where will your potential customers come from? Friends and family are often the first port of call but to become a sustainable business will involve finding new customers on a daily basis. Think about ways of selling your service through advertising, social media, direct selling, employing sales people, affiliate schemes and so on.
Turning an idea into an actual business
Once you've answered the questions above you'll need to transform your ideas into an actual working business. Do you need to raise capital, will you need premises, an office or can you work from home? Will you work alone or will you need a partner or staff? What about when you start to get a lot of orders, does your original arrangement have the flexibility to cope with a sudden upsurge in demand?
What about the legalities of employing people and operating a business from home - will you need extra insurances and so on?
Money
Have you considered how much to charge for your product and service and does this allow for all the costs involved. Even if you are working from home your everyday expenses such as phone calls and utility bills will be certainly increase. Allow some budget for marketing costs, stock and contingencies. Also allow for the fact that often people will not pay you on time and sometimes not at all - being prepared for the inevitable will save a lot of problems later down the line.
Home and Family Life
If you have a family then can your work life fit around the needs of bringing up children? Is your spouse or partner going to involved in the business and are you certain of their support?
Once you have considered all of the above then you should by now have a realistic idea of whether or not your business can become successful. Write down how you will do all of this in the form of a business plan. If the idea makes sense on paper then your chances of success are much greater.
Now all you need to do is make a start - take those first few steps into the world of running your own business and before you know it you'll be well on your way.
Whatever kind of home business you decide to start, whether it's a children's furniture website, an affiliate website or secretarial service, we wish you the best of luck and good fortune with it. For more support and advice for people running a child or baby themed business visit our website for useful advice, support and ideas: http://www.childrensbusiness.co.uk
Article Source: http://EzineArticles.com/?expert=Helen_X_Davies
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