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The idea of being your own boss and working from home is certainly an appealing one; however, it may not be as simple as you think. Before setting up your desk in your living room, think things through first.
Write a good business plan, which is as important for small businesses as it is for larger ones. Whether or not you are looking to get investments from other individuals or companies, you should treat your home business as you would any other, with goals that are specific, measurable, attainable, realistic and time-specific.
Have a clearly thought-out financial plan by trying to save as much as possible before starting. It is better to pay for unexpected costs with savings rather than loans or credit cards.
Find your niche before you quit your job. Check if there is a market for your business and the product or service that you want to provide. Focus on what there is a need for rather than what you would like to.
Speak to other home businesses in similar or even different fields. Find out what problems they faced when they were setting up and during the first years of trading to help you overcome them. Many will be happy to share their experiences with you and the knowledge they provide can prove invaluable to your own success.
Set up a specific workstation within your home and try to keep it as free from distractions as possible. You will need the support of your family if your business is going to be a success, so explain that you are not to be disturbed.
• Develop a good business plan for your company
• Set up realistic, attainable and measurable goals
• Create a clearly defined work area in your home
Click on Getting funds to get a better idea on starting a business of your own
Source: Nicholas Baker, Special to Classifieds
The writer is a freelancer