How To Start A Home-Based Business

Author: Carrie Wallis May 2015, Updated Jan 2022

The best home business that you can start is one which you start on your own!

But remember one important thing, as you decide to start a business, it's important not to stop halfway through the selection process!

What if you are not sure what sort of business to start?

Maybe you hate your job and would love to have a business.

Maybe, after working from home during the Covid-19 lockdowns you want to work from home with the freedom that brings, but simply do not know what to do.

The following six steps will guide you to a decision and help you get started with a business which is not only home-based but is also successful.

Step 1: Figure out your talents

Decide on what you are really good at, your talents, and your flairs. They can even be some inborn characteristics, for e.g. you may be good at talking or a very hardworking person.

The basic foundation for any good business venture is your talents, what you excel at, and what gives you energy!

Step 2. Look over your skills

These are things that you can actually do! Don't get confused between talents and skills; talents are inborn and skills are those which you learn.

For example, someone creative might have excellent poetry writing skills or fictional story writing skills. A person who is very attentive to detail may have good argumentative or organizational skills.

Step 3. Sum up your talents and skills and bring them together

So now that you know the talents and skills that you have, think about what type of business you can start. Keep your skills and talents in mind, and draw up a list of possible business options for yourself.

Don't worry about whether they are feasible or not at this stage. Just write them down, you can cross out any ideas you don't like later on.

Step 4. Run your ideas through the home-based business test

Now that you have a list, you have to realize that not all businesses are suited for the "home-based" category.

For example, you can start manufacturing dolls if you are living in a small apartment or you can have a consultation business if you are living in a big household. Now take your time go back to your list and cross out any unsuitable ideas!

5. Estimate the profit angle

Remember if people aren't willing to buy your product or service, your business isn't going to work.

Ask yourself these two questions:

• How much will people give me for this product or service?
• Will I get enough income from this business to live in the manner I want?
  

Go back to your list and assess how much profit you can get from each business and keep it on your list only if you have satisfactory answers to both the above questions.

Step 6. Draw up a business plan to assess the viability of your new home-based business

Prepare a business plan to make sure that your business idea will be successful.

Research and think through your plan from all angles. Play the what-if game to assess the impact of changes in the economy or market demand.

Keep working on such a plan until you find one that suits you the best.

It's rare that people find the right business for them before drawing up at least three plans. Don't give up and keep drawing up business plans for all the ideas on your list until you pick the best one.

Good luck! and remember help is always at hand - connect with me to brainstorm ideas or for help developing your plan, book a time to chat, click here.