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For those of you who do not want to be in a full-time job yet earn money and enjoy flexible work hours, home-based business is the best option. I am sure, most of you, who are already reaping the benefits from your home-based business and enjoying the status of being your own boss, have no regrets in quitting your full-time job! Spending quality time with your family is another added advantage you enjoy working from home.

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There are innumerable options to choose from when you decide to start a home-based business. You can take up freelance projects based on your experience and expertise from your previous job, you can become a consultant, take up small contracts, online jobs, and also get into manufacturing a variety of products you have good knowledge of.

Millions of people are into home-based business worldwide, and have tasted success. Most of them have become successful entrepreneurs as well. According to information published in a leading magazine, more than 40 million people will be looking for a home-based business in the next three to five years.

No doubt, starting a new home-based business sounds easy, but it has its own shortcomings if you don’t plan it well. Consider these five important things before embarking on a new business.

What business I want to do?

First and foremost, decide what kind of business you want to start. Based on the experience you have in certain fields, decide what business suits you best. If you cannot decide alone, seek help from family and friends in making the right decision. Today, Internet gives you all the information you want about the business you have in mind. Do some research and also talk to those who are doing well in a similar business and learn more from their experiences.

Do I have the required financial support?

After you decide on the business you want to do, the next important thing is to organize funds. It is always best to start with a small budget. If you are not sure of the returns, don’t invest heavily. When you are starting a business from home, invest your own savings or borrow from your immediate family and close friends who are willing to support you. This helps you save on the interest you will have to pay when you borrow from banks or moneylenders. Start small and grow big!

Who are my target customers?

Along with planning your business, you have to identify who your customers are. If you are into homemade products business, look for potential buyers. Talk to local stores if they can help you sell your products. This is applicable to services you offer as well. Unless you have a good customer base, you will find it difficult to take off.

How do I advertise my business?

This is another important aspect while setting up a business. When you are into home-based business, publicity is very important for your business. You can advertise about your business in the local dailies, distribute pamphlets in the neighborhood and also seek support of family and friends to spread a word about your business. Make use of social networking sites like Facebook and talk about your business. Have your business listed in various business directories, B2C websites etc.

Do I have the required clearances?

When you decide to set up a business, getting mandatory clearances from the authorities concerned is a must. Get your business registered and obtain necessary certificates. Find out what taxes are applicable for your business. The tax structure differs from state to sate and country to country. Keep in mind to pay taxes regularly in order to avoid any kind of trouble later, which eventually will affect your business. Look for a good auditor who will guide you in maintaining your accounts and pay taxes in time.

In addition to all the above, commitment, dedication and perseverance takes you a long way in achieving success. Who knows, your hard work and strong marketing skills can help you grow from a small business owner to a leading businessperson some day.

If you are a successful entrepreneur, who is into home-based business, feel free to share your success story and tips, which will be of help to those planning to start one.  We look forward to your valuable comments and feedback.

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