Starting a Home Business – The Initial Steps

Starting a home business is easy if you follow a few easy steps. Your success is dependent on completing three essential steps right up front. These steps are first to evaluate your desire and determination, then to find the business opportunity perfect for YOU, and finally to write a good business plan.

Desire and Determination

To be successful in starting a home business, you must have a real burning desire to have your own business. If you think “it will be nice” to have your own business, you most probably don’t have enough desire and determination, yet!

Starting a home business is very exciting. If you have the delusion of “start a business and get rich quick”, you will be disappointed. Starting a business takes a lot of work and perseverance. Maybe that is why there are so many business failures. But by Joe, if you get it right, it will be one of the most exciting things you ever did!

Well lucky for you, I have been there before. In fact I have started a number of businesses, and know what it is like. Be willing to spend time and effort, follow the steps outlined on my website, exhibit some patience, and you will be rewarded.

The Business Idea or Opportunity

Getting into the “right” business is most probably the most difficult part of starting a home business. Keep your eyes and ears pealed for ideas. Opportunities knock in different ways. If you are not tuned into the receptive mode your home business opportunity will pass you by.

Here is a good example of what I mean. A friend had to buy a new battery for his mobile phone. He got a buying order from the company he worked at and purchased his battery. He came to me and said “Do you know how much I paid for my battery? 1/3 of the price they charge at …”

Aha! Starting a home business, with low overhead costs, would mean that I could make a handsome profit and still be way cheaper than the shops. Batteries Direct was born!

Another way of getting your business idea is to deliberately put your mind to it and find it now! Everybody has some talent, skill or experience that could be turned into a business opportunity.

My dear wife is a qualified garden designer. We did some market research and identified a niche. We put together a unique mix of products and services, marketed it, and had another successful business from home!

The Business Plan

Write your business plan before starting a home business. Such drudgery, yet the most important document you will write. You don’t need to be an expert to write a business plan. A good business plan is possible using your wisdom and common sense. A little guidance doesn’t hurt either.

A business plan will cover all aspects of your business. It should include a description of the product, skill or service you will be selling. It will provide answers to all the questions, why, where, at what price, who is the customer? How am I distributing it? What packaging will I use? How are my customers going to find me? How do I promote the business? Who will be my bankers, accountant, etc?

A good business plan will show you if the business is feasible. It will give you the confidence to take that first step. The step where you are going to risk something, make commitments and get going.

Your bankers will also want to see your business plan before giving you finance. Taking time to complete a good business plan is well worth the effort. Well don’t just sit there, starting a home business doesn’t happen on its own; get going!!

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