HOME BASED BUSINESS

 If Rent is one of your biggest problem, I suggest you start a #Home_based_BUSINESS, Reasons for this are:-  

1. Instead of choosing the first business that comes to mind, take time to explore various options. Check out other business ideas! Read books providing ideas for possible home-based or small business, and trade magazine articles on trends and market demands. With the phenomenal growth of the Internet, information is now literally at the tip of your fingertips. Write every idea down on a note book since you may forget some ideas if not written down. Always have/move with a pen and a notebook so as to note down every new idea you develop in your mind.

2. Find out what type of business appeals to you most.  Determine your goals, interests, wants and capabilities. You can turn your fascination for miniature shoes into a business; or your skill and expertise in designing graphics into a fledging business enterprise. The important thing is that you must enjoy your business. The most successful entrepreneurs feel passionate about what they are doing. You cannot feel passionate (and hence more driven) about your business if you do not like it! Choose a business that most interests you and which you enjoy and feel proud doing.

3. Choose a business that will be personally satisfying as well as profitable. While you may have passion for your hobby or craft, always consider its business potentials. Do you think there is a demand for it? Will it bring you recurring income? How saturated is the market? Are there barriers to entry? Will you have economies of scale? Start a business that you think has a solid potential to be profitable. You will need to do a lot of pencil pushing and calculating to determine the financial viability of a business. This will entail analyzing your market and conducting a break-even analysis, a preliminary financial projection that shows you the amount of revenue you'll need to bring in to cover your expenses. 

4. Think whether you can and want to handle every aspect of the business. When you start your new small business, you may not have the luxury of a full-time staff complement to help out in some aspects of the business. Instead of simply focusing on the strategic direction of the business, you may be required to collect receivables, track expenses, cold call customers, and do thousands of other tasks. Be aware of the other tasks that you have to do in your business. Find out if you will need assistance of other people or if you will have to work alone, in fact predetermine the number of employees you will need.

5. Draw a layout of your intended work area to see how it will fit into its allotted space into your home. Remember, you are starting a business at home to save on overhead costs, so make use of every possible nook and cranny that you can use in your house. If you want to start a cake decorating business, you need to have a large kitchen. Forget about starting a dance instruction class if you live in a studio apartment! Consider the space you have in relation to the business type you intend to set up.

6. Make sure the business meets high safety standards, especially if you have children at home. This is particularly essential if your business deals and uses chemicals and other harmful substances. For instance, keep all the chemicals used for a carpet or upholstery cleaning business in a safe place in the garage beyond the reach of children. Also poisonous items could be labeled and marked or kept in separate safe apartment.

7. Check with an insurance agent to determine the kind of insurance coverage the business is going to need. It is good planning to determine what insurance is necessary to minimize your risks and protect your business. General categories of insurance include property, licensing, liability, health, disability, workers' compensation, and life insurance. 

8. Ensure compliance with zoning laws and ordinances in your area. Visit your city hall or the planning office to see whether zoning regulations would prevent you from selecting a specific location. Carefully note the regulations governing business signs and types of businesses that are allowed at different locations. You do not want the city hall folks to come knocking down at your door asking you to cease operations after you have spent thousands decorating and equipping your business! Set up your business in accepted locations for example certain streets may may be for specific types of businesses while limiting others.

9. Select a business whose organizational characteristics are compatible with yourself or your family. You should select a business that fits well with the schedule of your family. If you have a newborn baby in the house and your husband works full time, you should look for a business that would allow you to take care of your baby. Businesses that would compel you to actively seek clients out like a real estate endeavor may not be suited for you at this point. 

10. Get your family members involved in the business and have fun together working for its success! Every telecommuter dreams of merging home and office, career and family into a symbiotic blend of harmonious bliss. It is not always easy, but one way will be to involve your family in your home business. During summer, you can ask your kids to help in the packing of your product. Or your teen son can help design your Web site. Your spouse can help in negotiating with your clients. The most important thing, though, is that everyone in your family enjoys working in your business...