10 Tips on Choosing Your Home Business

| February 2, 2010 | 2 Comments

Choosing the right home-based business is the foundation of your success. It is not an easy step, and for many, will require a lot of introspection and thinking. I’ve even met an entrepreneur who said it took him six months to identify the right business for him, after narrowing down his likes and dislikes and finding the business that will fit into what he wants.

Select the wrong business, and you’d be in a tough position. Your resources on hand may not be enough to sustain the business, and you’ll find yourself neck-deep in debt. Or you may choose a business that you did not foresee the inventory requirements, and your family room has now turned into a storage room after your garage has been filled to the brim with your products. You may also find yourself way into your head with what the business needs.

Here are 10 tips on choosing the right home-based business for you:

1. Instead of choosing the first business that comes to mind, take time to explore various options.
2. Find out what type of business appeals to you most.
3. Choose a business that will be profitable.
4. Think whether you can, and want to handle every aspect of the business.
5. Draw a layout of your intended work area to see how it will fit into its allotted space into your home.
6. Make sure the business meets high safety standards, esp. if you have children at home.
7. Check with an insurance agent to determine the kind of insurance coverage the business is going to need.
8. Ensure compliance with zoning laws and ordinances in your area.
9. Select a business whose requirements are compatible with yourself and your family.
10. Get your family members involved in the business, and have fun together working for its success.

Read the full article 10 Tips on Choosing a Home Business

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Category: Success Tips, Briefs

About the Author ()

Isabel Isidro is the editor of WomenHomeBusiness.com. She also writes for PowerHomeBiz.com and Learning from Big Boys .

Comments (2)

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  1. Sian says:

    This is some great advice Isabel. My husband and I have a small business and one thing we did to help was go to the auctions for our office equipment. First though we bought a book about auctions. It is from Amazon and by Oliver Phipps, about three or four dollars. Anyway this helps a lot when money is tight. Thanks again for the great article. I will be looking here for more great info.

    Here is the book we bought in case the readers are interested.


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  2. Hi Sian … thanks for dropping by. That’s great info you just shared. When you’re starting a business and you’re on a shoestring budget, auctions (including eBay) can be a great source of low cost equipment. If you’re lucky, you can even find items that are almost new, if not totally new.

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