Tips for Choosing the Perfect Home-based Business

Jul - 14
2013

Tips for Choosing the Perfect Home-based Business

Tips for Choosing the Perfect Home-based Business

In a time of layoffs and cutbacks, many people are starting their own businesses. And a great number of these grassroots entrepreneurs are starting small companies right at their kitchen tables. According to the Small Business Administration (SBA), more than one-half of all businesses in the United States are home-based operations.

If you are considering starting a business from your house, you’ll be in great company. Mega entities such as Ford, Mary Kay Cosmetics, Apple, and Hershey’s all started at home. Here are some tips to help you select the perfect type of new business to open from the comfort of your abode.

Small Business Passion Rules the Day

First, select a business you like; one you’re passionate about. For example, if you are artistic and like working with crafts, you may consider a craft making or jewelry making business, which are both in the same vein. They will both permit you to use creative talents and you will be working with small materials and tools to create pieces you can sell to buyers online. You can also set up a table a few days a week (i.e., weekends) at flea markets and/or coordinate house parties in your home, inviting family and friends to sell your goods. Most of your work can be done at your kitchen table — creating product — and at a desk in a designated area (i.e., to build your website, create promotional material, set prices, package goods for delivery to your customers, etc.).

Keeping You Focused

Choosing something you’re passionate about, something you enjoy, will help keep you focused and interested in your business when it’s time to do perhaps mundane tasks like bookkeeping, bill paying, and general administrative chores. Also, during slow periods, you will be creating product (something you enjoy) so you can be better prepared for your busy seasons.

Low Start-up Costs Key

Further, choose a business with low start-up costs. One of the beauties of starting a business from your house is low overhead. You won’t have office or store space rent to pay and you won’t have separate utilities. Your existing home bills, such as electric and internet, may increase slightly, but overall, your overhead for a home office will be nominal compared to expenses you would incur were your new company located outside of the home.

When deciding on the type of operation you want to begin, consider other start-up costs, such as the expense of supplies and equipment to get you going. Consider selecting an idea that will not break the bank.

For example, if you like gardening and lawn projects, perhaps open a small landscaping or lawn maintenance business. If you already work in your own yard, you’ll already have the basic tools, such as a lawn mower, weed eater, blower, edger, trimmer, etc. Your lawn maintenance service can get up and going quickly with the purchase of some car magnets and business cards. If you don’t have a truck to haul your equipment to jobsites, consider renting a trailer you can attach to your existing vehicle from stores like The Home Depot until your service can afford a truck. (See http://www.e-junkie.com/stonecottagebooks/tag/51499/49424/tag.php#Lawn+Maintenance for information about starting a lawn maintenance business.)

Another example of an entity with low start-up costs is a cleaning company. If you love to clean, consider opening a cleaning company. Again, most of your supplies will already be right in your own home. Your overhead and startup costs will be nominal, and this type of evergreen enterprise will always be needed. You can focus on residential cleaning, commercial accounts, or specialize in something like foreclosure cleaning. (See http://www.e-junkie.com/stonecottagebooks for information about starting a foreclosure cleanup business.)

Evergreen Services

Services like lawn maintenance and cleaning businesses are evergreen and will always be needed. Consider choosing a service company that will keep money coming into your coffers for the long haul. This is another key component to choosing a successful start-up.

Grow and Propsper

If you are thinking about starting your own company from your place of residence, keep the above tips in mind. Remember, choose something you love, keep overhead, equipment and start-up costs low, and try to select an evergreen idea. These tips will help get your new business off on the right foot; and when you open your doors, you can look forward to growing and prospering as a successful home-based entrepreneur for a long time.