Can a home business work? Yes, for sure. In fact, anyone with determination and initiative can get started its business for as little as a couple of thousands of dollars.
In 2009, a young lady named Anastasia, founded a small enterprise from her home. She did it with a small capital of $1,500, invested in a website www.BestVideoStudio.com and two used recording devices. Today the company employs seven workers, operates out of leased factory space and counts customers all over the US and Canada.
Today Anastasia says: Operating as a home business is in fact a major competitive advantage. Your costs are significantly lower than your competition. Nevertheless, as a home business owner she has to be professional, competent, focused and well organized. All this and much more mean strict business hours, clearly defined work space at home (during the first phase, at least, before you can rent a place) and never be afraid to go out and meet potential customers, however big or small.
The Success Lady formulates 10 steps to start a business with very little capital or no capital at all:
1. Think about products and services you can offer according to your skills and knowledge. Can you compete in the market offering your ideas?
Define what in your offer is different from your competitors and gives you a clear edge. Find out who is going to buy your products and services.
2. Define your start up costs, calculate your break even point and identify the sources of funding available. It is fundamental to your success, especially when your resources are scarce (well, seed capital can come from your savings, borrowings from banks or government grants). See what services or requirements you can outsource to cut down your start up costs.
3. Write a detailed Business Plan. While writing, try to define with clarity your offerings and value proposition, product, market, customers, financial targets, network, supply chain, resources and so on. Do a basic SWOT assessment (Strength, Weakness, Opportunity, Threats).
Every Home business should have a well written, clear and concise Business plan prior to launching operations. The plan dramatically improves your chances of success by bringing in a sense of purpose and a deep focus to the whole business.
4. Choose your legal form of business organisation and register it. In Canada, most registrations can be done online and most home business owners start as a Sole Proprietorship or Partnerships. Later, as your business grows, you can change to an incorporated company.
5. Find a good advice. Many people have done it, been there and know all the networks to gap into and the pitfalls to avoid. May be, someone from your own line of business is preferred, but be open for suggestions from other fields as well.
6. Assess the level of your immediate family’s support. Indeed, members of your family who are living with you will have to make lifestyle adjustments and even sacrifices. Make sure they understand the rigors involved in running a home business. The key is consensus, communication and everybody’s involvement. Don’t forget that any discord at home will affect your performance.
7. Get proper training. Find out the programs where you can get training in various aspects of the business you are going to embark upon.
8. If possible, set up home office in a separate area, away from the living space. See whether you need any addition storage space. Furnish the space comfortably, equip it with proper equipment.
9. Abide by the local laws and regulations. Check out if your paper work, registrations and permissions are in compliance with local regulations. To avoid problems, consult with a tax consultant on the tax implications, find out if you need any extra insurance or professional accreditation from industry regulators. Don’t forget that any violations may invite a fine or other punitive action (and this is not a good way to start).
10. Before starting marketing your products or services, prepare a good information and marketing plan, design and print if necessary your logo, presentations, website, flyers.
Well, the best advice of all: Never give up, believe in yourself and listen to your inner voice. Trust the power of your dreams and work to reach out to your destiny. You deserve success as do your loved ones.
(by Anastasia, BestVideoStudio.com)