7 ways to start a home business

You don’t necessarily need to go corporate to be in business. Sometimes, a little bit of space at home is all you need to run a successful home business.

By Craig Falck for Africa Report.

1. Choose your products and services carefully: Research the market and see if there is, in fact, opportunity for you to sell your products or services. No market = no sales = no income.

2. Know your competitors: Find out who your competitors are (big and small) and assess their threats, opportunities, weaknesses and strengths.

3. Follow the steps: Run through the steps that you need to do to start business – this includes registering your business name, designing a uniform, setting up a website and email system, sourcing products and hiring staff.

4. Business format: Assess the business format you’re going to choose. Each business type (close corporation, private company, partnership, etc.) has its pros and cons. You will need to carefully choose which is going to best suit your business needs.

5. Business plan: Draw up your documents, including a business plan filled with all the details of your business. This will allow you to calculate your costs, work out your expenses, determine the need for funding and start-up costs. In other words, the amount of money it will take you to initially get up and running, after which you will hope that the business pays for itself.

6. Consult your family: Ask your family their thoughts on having the business at home. Since you’re technically working in their space, they need to be comfortable with it. If they aren’t, you now have the opportunity to sort out any problems and come up with a solution that will allow you to go forward.

7. Open your business doors and start operating.Having a home business needs a different type of planning to starting any other business. However, if you cover your bases and plan properly, you should be able to get up and running with few hassles.