Starting your own business looks a rosy proposition when you see all those flourishing small businesses doing booming business and growing from strength to strength; in fact, it is a cherished and world’s most prevalent day-time dream that all the have-nots possess in common.

But, then if all the poor people who have this desire gave up their ambitions, the world would not have been replete with the millions of success stories including some rags-to-riches tales of glory.

So, how did they happen? The only thing that we can understand is that, they did something right, or something positive and supportive happened, to lead to the success story.

And, money the first and foremost requirement is not the only important necessity; you should be prepared to believe that you require more than money to make your business click; put simply, it is a combination of quite a few factors that will stand you in good stead to come up trumps.

Planning

One thing that you should remember is that, somewhere or the other you will be in need of lucky breaks or, in common parlance, luck; apart from luck the importance of a good plan can never be undermined.

This plan will have to be considered keeping the limitations of your financial resources in mind and the fact you do not have much o fall back on; for doing that you will have to jot down the following, carefully and honestly while leaving some room for a margin of error or other uncertainties.

Assessment

Assess yourself objectively in terms of:

1. Your personal skills; your qualifications and other skill sets,
2. Technical, scientific or vocational or professional skills,
3. How much money can you raise? This will allow you know the limi of your investment.
4. Your knowledge of one or more industry,
5. If so, what service or product can you comfortably provide?
6. What would be the requirements in terms of manpower, equipment and other accessories and premises and their individual costs? From these mark those which are immediately required and those that can wait; budget them.

The daily running cost of the enterprise like transportation, fuel, material supplies etc. Here too a suitable cushion is a must.

Once you make a true and reasonably accurate evaluation, it will empower you with the means to plan your everyday and periodic goals adequately.

This assessment should be enough to make you arrive at a decision as to which particular service or product you can choose to adopt; once that is done, you have to move to the next step.

There are many avenues for running businesses out of your own home; the advantages are:

• Familiar surroundings,
• Proximity to the family,
• No formal dressing or uniform,
• No extra cost for premises which is always the costliest piece of expenditure,
• You can use all the equipment at your home; it is also a major saving of expenditure; I also entitles you to certain tax exemptions when you convert your mobile, your landline, your computer etc,
• Savings for transporting and moving supplies etc. and
• The break-even point is much lower since commercial space is pretty costly.

There are so many home-based businesses that are quite easy to organize; the very distinct possibility of your enterprise not succeeding should always be kept in mind. As such, if possible start small then consolidate and expand as you gain better knowledge, expertise and first-hand experience.

Computer related online businesses are the best option for home-based operations.

It is always a good idea to keep away from partnerships; apart from the ease of decision-making, its incorporation is also cheaper and involves lesser compliances.

Operation

Once a considered decision has been taken and you begin the operations, it will be a test of all your capabilities and your competence; the basic rule which has to be followed scrupulously is that you must keep a firm control on the overheads, because for every Peso you earn, you have to expend at least 1 or 2 Peso while every Peso spent is draining your resources.

The other tricky point is your purchases which lead to a direct drain of your precious, hard-earned money and result in a lock-up of your running capital; hence, it is better to be prudent in your purchase policy and resort to them through wholesalers to get the benefit of lower cost and consistent quality.

Food and associated options are innumerable; apply your mind and get down to earning your livelihood with a limited budget.

Some of the latest online jobs like data entry jobs, writers and editors and website designing etc are very easily available without investing anything; what is simply required are a few skills and the inclination and , they are home-based jobs.

Author: Umrao Singh

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