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Home Businesses - Google adsense

How to start your own Home Business

1. Identify a need.  i.e Find a niche. Like many entrepreneurs in major cities, you must decide who is your target market. For example, you may choose to provide computer software for a specific fraternity. Look for an underserved niche--one in which there's no too much competition--and then do some research to determine if it represents a viable market for you. If there is too much competition, it will be your job to place your business against them and create your own unique style with an innovative business concept.

2. Follow your passion. Consider engaging in a business you would do for little or know pay.  What kind of structure do you want for the business.   A home business is more informal compared to a white collar job.

3.Cost: How much do you have to invest in the business.  The less you have, the more creative you will need to be.

Whether you decide to start a business part time or full time depends on how much you hope to get from the business.

Both part-time and full-time commitments have their advantages and disadvantages. For example, starting a part-time business might mean less risk but it will most likely take a bit longer to get your business going. On the other hand, starting full time will most likely accelerate your progress and eventual success, but it will require a higher level of commitment from you since more of your time will be focused on its success. There is also a huge element of risk as you are putting your eggs in one basket!

It really depends on how comfortable you are with the different aspects that should be considered. For example, if you view health insurance and a regular paycheck as nonnegotiable items, you might be more comfortable working part time while maintaining a normal full-time job. This strategy might mean less pressure than working full time on a fledgling project and could be less stress-inducing until your business gets properly underway.

Your choice of working full time or part time is also dependent on the prospects of your business. If you think it will take time to establish and run the business before raking in some profit then it might be advisable to start part-time. For example, is your business going to be an instant hit, or is it the type where you need to build networks? If you think you've already developed a good customer base to sustain the business, then full time might be the way to go. If you haven't, then perhaps it's safer to start part time. You definitely need a back-up for the in-between pay checks as is common in any business start-up.

No matter which option you decide on, be flexible. Business is very dynamic. What works today may be obsolete tomorrow. This is particularly true in the information technology sector.


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