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So You Want To Start Your Own Business!

People choose to work from home for several reasons including the desire to stay at home with their children, the need for extra income, or simply being dissatisfied with their current job. A home-business will provide you with an exciting way to earn money and be your own boss.

Taking advantage of a work from home business can afford you many benefits. There are not only the monetary benefits, but lifestyle benefits as well. Whether lifestyle or monetary, these benefits can be far greater than the benefits you receive working for an employer.

If you are already working in your own home based business or just entertaining the idea, be sure to evaluate your options and consider the value of the benefits you will receive. A work from home business can provide you with independence and financial freedom if you make smart decisions.

There are many reasons for wanting to start your own business, and most of us get to this point at some time. "Which one of the following applies to you?"

* Freedom from daily routine.
* Doing what I want when I want.
* Improve my living standard.
* I want creative freedom.
* I want to fully use my skills, knowledge and education.
* I have a product/idea/service that people need.
* I’ll have more time with the family.
* I won’t have a dress code.
* There are good tax breaks for business owners.
* I’m a Type B person and work best alone.
* I want to be my own boss.
* I want to make the decisions.

Now granted, every one of the above is a good reason for wanting to start your own business. The rub is, that not many people think the process through – step by step.

There are 7 phases to business planning. They are:

1. Investigation Phase
2. Planning Phase
3. Start-up Phase
4. Operating/Monitoring Phase
5. Problem/Challenge resolution Phases
6. Renewal/Expansion Phase
7. Selling, Transferring, Retirement Phase

We’ll cover all of the above later as a “Business Basics” refresher, but for today let’s take number one.

In the Investigation Phase you take a look at yourself and also your business options. There are options that are suited to personality types, so the first thing you must discern is “Which personality type am I?”

The second part of the Investigating Phase is looking at your business options. When choosing the business you want to start consider the following:

* Do you like to work with your hands or brain, or both?
* Does working indoors or outdoors matter?
* Are you good at math, writing, puzzles, blueprints, installing things or fixing things?
* What interests you? What are your hobbies?
* Do you like to work alone or as part of a team?
* Do you like to plan things, or go to events?
* Do you like machines, computers?
* Do you like to drive or operate equipment?
* Do you like to travel, collect/display things, give/attend shows, or take pictures?
* Are you small, large, strong?

Make a list of your likes and dislikes. Keep a diary of things you do that relate to business and rate each entry from 1 to 5 based on your interest. Then prepare a list of your strengths, weaknesses, opportunities and concerns. After doing all that, you should have a list of candidate businesses that are right for you. Then you can make a list of the “candidate businesses” and rate them from 1 to 5 based on your own chosen criteria.

Some criteria could be is it feasible, low in cost to establish, meets my objectives, will make money, there is a “niche” market of existing customers, or it will produce residual income to name just a few.

By the time you’ve accomplished all that, you should seriously consider investigating what training options are available and develop a solid business plan, the next step we’ll cover the Planning Phase.