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How to Prepare Yourself to Start a Small Home Based Business

BY: S Edwin | Category: Careers | Submitted: 2010-06-18 06:02:27
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Article Summary: "A home based business is a very important career. Here are some smart tips to help you survive the business. This will also help you prepare for starting a home based business..."

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Following are a few tips that will help you in starting a home based business.

Know what you are getting yourself in
A wise man once said, never judge a book by its cover. This rings true when you are starting a small home business. Be it simple like the starting of a hydroponic farming business to a tailoring service, a home based business follows the same law as any other businesses in the market. Firstly, one should check the business, from the background, legality, potential and even required modes to begin the business. Pros and cons should also be weighed. Check whether a business is well accepted within the population of your desired area. For example, catering pork and other non-Halal foods in a residential area which consists mainly of Muslim occupants can be a real recipe for disaster.

Apply for legal papers
After knowing what you would like to start, comes the legality of the business. Apply for license, permits and certificates in relation to the business you would like to start. Some businesses such as leech farming and mushroom farming can be considered illegal in some area as it poses many biological threats both to the nearby residents and wildlife. Certain certificates of competency are also required to begin businesses, after all, no one would like to cater party foods from any random Tom, Dick and Harry, right? Application of such licenses and permits will also prevent the law enforcers from barging into your homes and other such complications.

Be well prepared, financially

Financial planning can be tricky for a small home business as the margin between loss and profit can be minimal, so a proper planning beforehand is required before beginning the business. This is where an accountant or a knowledgeable friend would come in handy. Get the full paper work on the accounts and potential loss or profit from the business. Know where money flows and exits in the business. Do not be afraid in spending a little money here and there to improve the business as well.

Starting the business; The tips and tricks to get customers

After all the planning and straining in getting everything ready, comes the fun part, the grand opening. Even though the term 'grand opening' has declined nowadays, one should never underestimate the importance of a well organized opening. It can even be the difference between the number of customers a business has and the lack of it. Depending on the size of your business, you can organize a simple opening party either on the lawn or the living room of your business premises. Tell friends beforehand on the opening of the business. Harness the power of free advertisement through viral marketing, after all, potential customers know that the best products are recommended from friends.

Reviewing your business

After all the hype of the opening and the first profit has come in, it is now time for you to review your business. A good time to review the business is during the monthly tallying of monthly profit at the end of each month. Review which products or services are in demand and come up with fresh new ideas to incorporate into the business to concentrate more on that product. This will ensure a continuous growth in your business.

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