Thursday, March 20, 2008

Starting Your Home Business

In order to begin your home business you have to make plans to get started. Without a plan you go nowhere or you go in circles accomplishing nothing. In order to begin your business on the right path you should come up with a business plan, a marketing plan and a home plan.  Your business plan is a necessary item that will be needed for loan applications, the hiring of employees, for business affiliates and personal goal setting. You want to have information such as what your business is named and what the mission of your business is. What is your product or service and who is it being made for. Who is your target customer base? What will it cost to make your product and what can you sell it for? What will be your end profit? These key pieces of information are needed especially when you require start up funds. These can be funds from a bank loan or an affiliate who is willing to become a financial backer of your company. Create a binder or portfolio for your business plan. Make copies and keep this accessible for times when it is needed.


Included in your business plan should be a marketing plan or an advertising campaign. How do you plan to provide the consumer public with information about your business, product or service? Will you be renting a billboard, running newspaper advertisements, magazine ads, television, radio and so on? Will you have a website or be running Internet ads such as those sponsored by Google ad sense or Microsoft ad center? What is the cost of each advertisement media? Do you have the funding for these advertising efforts or do you need outside funds? This once again shows any outside parties that you have done the needed research to know how you plan to reach the consumer public for sales. You can also include the percentages or charts that show success of similar advertising campaigns and how well your marketing choices will relate to your business.


A home plan is for the benefit of you and your family while your business takes shape. You have to be realistic in the facts that a business does not become a hit success over night. Money, time and effort are needed before you will see a solid flow of income from your home business. You need to be aware of your household budget per week and month. Be sure that you have at a minimum three months worth of savings to allow for household expenses including utilities, food, gas, hygiene items etc. This will allow you to apply other funds to your business without creating strife in your home. You may also want to maintain a part time job position at your current job or elsewhere. If your spouse works this may not be required. The exact plans for a household will vary on the specific family needs. Preparation is key to a successful business start up as well as successful home life as the transition from an outside job to a home based career take place.

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