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How to Start your Home Based Business

Aug 17, 2007
Many people love the idea of working from home. Wouldn't it be nice to choose your own hours and be your own boss? To do something you really enjoy? To feel that you were making a difference? The trouble is that most people don't know where to start.

Giving up a secure job, even one you don't like, is a frightening prospect. When you start running your own business, it may take a while for money to come in, and getting by in the meantime could be a struggle. This is why it's important not to take that step until you have a firm plan for what you're going to do. If you can, save up some money first so that you have something to tide you over. With some savings and a well worked-out idea, there's no reason why you shouldn't succeed.

Starting your new life with your own business can make the first few months a lot easier. Although your income may go down, your expenses don't need to rise by very much. You already have your business premises, and you won't be paying much more than usual for things like electricity. What's more, you may be able to write off some of these expenses against tax. You won't have the cost of the commute to worry about anymore, and this will also save you a lot of time which you can dedicate to getting your business up and running. You will need to put in a lot of time and hard work, but you'll have the satisfaction of knowing that, as you do this, you are continually improving your own situation.

To work out how to turn your idea into a workable home based business, you'll need a business plan. Fortunately, there's lots of free advice on the internet about how to construct one of these, and you may also be able to get help from your local library. This plan will help you to work out how viable your project is, how much you can expect to make from it and how that will balance out against your costs. You can also take this opportunity to find out what your competitors are doing and work out a strategy to enable you to deal with them. How much are they charging for their products or services? How are they advertising? How can you advertise to make sure you get yourself noticed?

Being home based gives you two major options - you can get a good internet connection and work in the open market, or you can focus on providing a product or service based on the needs of people in your local area. You'll probably need a home computer to help you keep track of your accounts anyway. If your business seems likely to benefit your home area, you may find that there are locality-based government grants and low-rate loans available to help cover your start-up costs. This will be particularly useful if you have special software to buy for your computer or if you intend to do work based around small scale manufacturing.

A home based business doesn't mean an unambitious business. Although you're starting small, if you do well you may in future be able to expand and take on contractors or employees. Your local tax office can advise on the costs and benefits of this. They can provide you with information packs to help you get started. You should also be able to get advice from your bank, though you should shop around - even if you get good service as a private customer, there may be better deals out there for business customers. You should take the same approach when you need the services of an accountant or a solicitor.

This may sound like a lot to consider, but once you get started, you'll find that it's really quite simple. What you need is drive, dedication and determination, and soon you can be working from home the way you've always wanted to.
About the Author
Dassana Jayalath is the editor of WebSuperTips newsletter. Visit http://www.WebSuperTips.com to access free ecourse : Newbie's Guide To Profitable Internet Home Business
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