Business Marketing & Finance Resources

Home based business is fast becoming the new way to make money, what with the economic downturn pushing people out of jobs and the rising cost of childcare forcing mums to stay at home. Starting a home business can be a challenge, especially for those who have always worked for someone else.

There are several things you need in order to start a successful home based business, some of which are more about your mindset, others based in the physical world. You may not be able to achieve them all straight away, but if you keep working at them, you’ll find success a lot quicker.

Essential #1 Become a business owner – not an employee

You no longer have a boss looking over your shoulder, telling you what to do next. There is nobody else looking after all the aspects of the business that you may not have been involved in at previous jobs. With a home based business, you are your own boss – which may sound great but in reality be a little frightening. You must motivate yourself, plan and implement strategies for your business, and work every day at building a successful home based business.

Essential #2 Creating goals and plans to achieve them

While you may not need a 50 page business plan to present to investors, a business plan of some sort is essential. You need to clearly state your goals for your home business, and the steps you need to take to achieve them. Make a long term plan (about 5 years) and a short term one – for the next year or so. Break your action plan down into monthly goals, and put a time schedule to them so you can keep track of your progress.

Essential #3 Get the equipment you need

You probably don’t need a fully equipped office with copiers and color printers and fancy office furniture to begin with – and your budget may not be able to supply that anyway. You will need a computer with an internet connection, a phone, a desk or table and chair, and basic stationery. You can get by with the bare minimum until you start making some money to upgrade as you go along.

Essential #4 Get dressed for work

Depending on your business, you may not be dealing with people face to face or going to call on clients every day. Internet marketing businesses are often advertised as the ideal work from home job that you can do in your pyjamas. Don’t do it! You need to have a professional, business-like attitude, which you are unlikely to have if you’re in your pyjamas all day. You don’t have to put a suit on, but you should get dressed in something smart casual, brush your hair and put some make up on. You’ll feel more business-like – sound more business-like on the telephone – and work better.

Essential #5 Keep track of your working hours

Initially, you may be tempted to take some time off to catch up on life – watch the kids play sport, do a bit of spring-cleaning, catch up with some friends – but you need to be disciplined in terms of your working hours in a home business too. If your business is to succeed, you will need to put in at least an 8 hour day – maybe more in the beginning. If you work four of those hours at night when your kids have gone to bed, that’s fine, but make sure that you are giving your business the attention it deserves.

Running a home business has to be taken seriously, or it will not succeed. You need to focus on your goals, put your plans into action, and work at it – every day.

Commuting to and from work everyday can take its toll on every person who may have spent five or ten years of his life waking up every morning and dreading the traffic, the pollution and the now-familiar faces of his officemates. Because of this, working at home has always been an attracted option for almost everyone.

But not everyone can start a home based business from scratch. A home based business, no matter how simple, will require capital and resources. But the twenty four dollar question being asked by most people is “would it be possible to start a home based business with minimal capital?”

A home based business is generally cheaper to establish compared to a regular business primarily because the former will require minimal overhead. A big part of capitalization needed for a regular business will go to the initial and monthly rent expenses but this is not necessary for a home based business.

Household facilities like telephones and refrigerators, computers and other office equipment can also be used for the home based business so there is no need to put up additional capital for these. The only capital you have to put up is for marketing although you can be creative and still use existing materials for this.

There are plenty of home based business ideas to choose from depending on your hobbies, interests and experiences. If you are good in cooking and budgeting you can start with a catering business. You do not need to buy anything else except your raw ingredients and perhaps some basic professional dishes for catering. You can start with the business using the ordinary kitchen utensils you have and you can invest on more professional equipment as you earn from the business.

If you own a computer and a printer you can already start a printing and computer home based business even with minimum capital. Among those you need to buy includes extra ink for your printer, and perhaps bond and specialty papers. This home based business will require your creativity and computer experience so no need to invest more than what is necessary if you are still starting the business.

Another cheap home based business is photography and photo editing. If you have a digital camera and a computer plus you have the basic knowledge in photography and digital photo editing and storing then you can already start the business. You can start a home based photography shop, taking advantage of the fact that most people are too busy to go to malls or photo shops to have their pictures taken. Most clients would need photos for job and passport applications.

You can also offer photo restoration or transfer of their existing photos to CD.
There are other home based businesses that requires little o no capital at all depending on the resources you already have. It is a matter for researching and taking stock of what you know, what you have and what you intent to put up as a business venture.