5 questions to consider, before starting your home based business
1. What skills do you have that others want to pay you for?
This is the most important question to answer before starting your home based business. You should either be in a field of work that has skills in high demand, or one where there is potential for growth and wealth-building. For example, if you have exceptional graphic design skills (or know someone who does), then it may be worth considering starting your own design/consulting firm or small agency. If you're especially skilled at cooking fancy gourmet cuisine but nobody else is willing to cook for their family's dinner parties, then consider making "special occasion" meal kits and selling them on Etsy or Amazon Marketplace.
2. What costs would prohibit you from operating your business?
Everything from health issues, to child care and transportation costs, to the cost of materials are all things that may factor into whether or not you can afford this venture. Make sure you find out if there are any outstanding debts, obligations or expenses that would require your attention. This is especially important when you're looking at starting a business. Think about what steps you will have to take to ensure you have enough income to cover the necessary costs plus make a profit.
3. What time do you have available?
Will you have to give up some time with your family to have time to run your home based business? Will you feel rushed during the day, since the business is running in the background of your home life? Will it be difficult to separate from the business when it's necessary (like for holidays, weddings and vacations)? Make a list of all of your activities, and try to factor in how much extra time you're willing to put towards them. This will also help you determine how much additional income is needed for each activity.
4.
Conclusion