Business Planning for Starting a Home Based Business

Introduction

A home based business needs to have a proper plan in place for it to be successful. Working from home is a wonderful option for those of us who cannot, for whatever reason, go to an office for work. Several employment options exist for such home based entrepreneurs, to start a work at home business. However, to take advantage of the offers, you need to be well planned and organized. There are several things that you would have to consider before starting a home based business.

Step One

First things first, you need to know in which area you want to provide work. For that you need to examine your skill sets and qualifications. That should give you a fair idea of which service you are able to provide.

Step Two

Then you need to know your place of work. Obviously, since you are going to be home based, you would be working from your home. But even there, do you have a dedicated work area where you can work peacefully. Finding such an area is the key, especially if you are staying at home because of kids or such responsibilities. You need to find a time and place when and where you would not be disturbed or distracted. You can fix the number of hours that you can devote to your work based on these factors. Your earnings would therefore depend on the number of hours you can spend working, and how fast you can do your work within these restraints.

Step Three

The next thing you need to have is a Business Plan in place. An ideal business plan will outline all of the above mentioned factors in clear cut terms. An analysis of cost factors will determine your cost per hour. Market factors would determine your price per hour. You can thus calculate your projected income based on the number of hours you work.

Step Four

Once you have a plan in place, you need to apply for the necessary licenses and registrations. Check with your local government for the required formalities. It pays to have the paper work in order so as to avoid legal complications at a later date.

Step Five

The next step is, obviously, getting the work. If your work is internet based, then you need to look for websites where you can get such work. There are several wonderful websites where you can get such work on the Internet. However, if your work is not Internet based, then you need to generate work from other sources. Place an Ad in the local newspapers. Throw a launch party for all your friends and family and put the word out there.

Going Further

Let the work come to you. Once you get the work, do it well, so that your clients remember you. Don’t forget to discuss payment terms before the work is done so that there are no misunderstandings later. Word of mouth publicity only works if you work well and deliver on time. As for publicising your work via other media: you need to keep on doing it all the time, so as to generate constant work.

So gear up and get started. Well begun is half done! All the best of luck!

By Madhavi Ghare

careers, Jobs Indonesia, Indonesia Vacancy