Biz Start-Up Guide: Step 2 Pick Your Business Determining What Business to Start from Home
Excerpted from: Home Business Magazine’s Home-Based Biz Start-Up Guide:
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So, you want to go into business and you know you want to do this from your home. You may have a great idea and want to run with it. Or you need help in finding the right type of business for you. Also, you may want or need to have a co-owner rather than go it alone. No worries! There are many ways to approach these important matters.
Basics for picking any business
Whatever venue you use to find the best business fit, there are certain questions you need to answer. Doing this will help put you in the right direction.
■ What are your skills, education, and abilities? Make sure that the business you are thinking about going into aligns with what you can do, or can learn to do.
■ What are your goals for being in business? Decide upfront what you want the business to do for you (e.g., provide a living, be a stimulating activity, solve a particular problem, contribute to your community).
■ What is the cost of starting the business and do you have (or can you raise) the necessary funds? This money question will clearly dictate what you can or cannot consider in terms of the type of business to go into. Many home-based businesses have a modest startup cost, but others can be pricey,
■ What is your financial situation? Do you have enough savings (or a significant other or other person to support you) to cover your personal living expenses until the business generates money you can take out for them? What are your existing financial obligations (do you have outstanding student loans, child support payments, a car loan, a mortgage on your home) and how will they be met while you get started? How is your personal credit rating? If you need to borrow money to get started, it’s your FICO score that will control whether you can get a loan and what interest rate you’ll pay.
Start from Scratch
If you have an idea of the type of business you want to run from your
