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How to Start a Home Business

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Home Based Business Ideas, Skills and Knowledge.

Home Based Business Ideas, Skills and Knowledge.

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    How to Start a Home Business How to Start a Home Business Document Transcript

    • Computer Engineering & Statistics AgencyHow to Start a Home BusinessHow do you start a successful home-based business? What needs to be in yourconsideration?Below is a 6-step guide:1. Assess your skills and knowledgeYou need to know what you are good at and what you are not so good at. Identify yourstrong points and your weaknesses. This can help you gauge if you are suitable for embarkon a home business. As a home business owner, you will need to run a lot of tasks on yourown, from planning, business management to the field work. Make sure you can carry outthe tasks needed.2. Generate business ideasStart brainstorming from your interest and passion. Get your family to involve as you will beusing part of their space for your business.3. Test the marketShortlist your ideas so that it contains only those ideas that can work for a home business.Be practical. Think whether people will want to spend money on the kind of products orservices that you can offer, how much and whether this will generate sufficient incomeproportional to your effort. If no, get back to Step 2 for more ideas. Being persistent isimportant at this stage because many people gave up after facing the obstacles.4. Understand the legal barriers.Check if there are any rules or regulations controlling the starting up of a home business inyour state or country. If yes, figure out how you want to get around them.5. Determine your capital.Calculate the amount of money you need to start up your home business. The cost shouldinclude the purchase of any instruments, hire of any professionals (e.g. lawyers) andinsurance. You might not be familiar with all these so take your time to do some pricechecking and bargain.6. Plan your business – break even points.Once you have obtained a clear picture from Step 1 – 5, it is time to lay down your businessplan. Find out your break-even point and how many products you need to sell in order toget back your investments.http://www.cesa-consulting.net Page 1