7 Questions To Answer Before You Fail In Your Home Based Business
The following is a set of 7 questions which you should be asking yourself to determine the type of home based business you truly desire and worth putting your focus and effort in.
1. How much startup capital am I willing to invest in my home based business?
Budgeting is very important, and you should always set aside an amount of cash flow for emergencies.
When determining the investment, it should be an amount you are comfortable with to start your home based business. It does not necessary mean that you have to invest the full amount, but rather as gauge to filter out high costing home based business ideas.
Since you will be working from home, you need not pay the high cost of rental for office space and depending on the business you are in, possibly no management of employees and salary required. Most of your investment will most likely go into purchase of raw materials, services and marketing.
There are other on-going variable costs you need keep track such as bills, purchase of raw materials and etc. And you should be splitting your household expenses and that for work related for tax purposes.
2. What is the Risk level of the home based business I'm comfortable with?
Home based businesses vary in risk levels, and you should determine the amount of risk you're willing to take. Risk can be due to return on investment, product fulfillment, natural disaster and more…
Higher risk business not necessary will always give you a better return. There are home based businesses that are low cost and risk level but still make you tons of money.
3. Do I want to deal with physical or digital products?
Product fulfillment is very important in a business. It determines the customers' trust on your home based business and how much you can be making. You have to be prepared for cases where the product failed to deliver, product damaged during delivery and refund request.
Thus, you have to decide whether you want to deal with physical products that needs to be delivered, or digital products that can be downloaded from the website directly after payment.
4. Do I want to target global or local customers?
Depending on the type of product or services you are providing, you can be targeting either local or global customers. Of course, this will also depend on how you handle payment and product fulfillment. Should you be leveraging on the Internet to target global customers, you need a website that accepts credit card payments. On top of that, you must be ready to handle larger orders.
5. Do I have the knowledge or experiences in this industry?
You need not be an expert, but at least some knowledge is preferred before you jump into an industry. Always do your research to find what is in demand before you waste all your money, time and effort.
Keep a lookout for partners or mentors who are more experience, whom you can leverage on to guide and assist you towards your success in your home based business.
6. How much time am I willing to spend on this home based business?
Time management is important, especially when you are your own boss. There are home based businesses that require a lot of your time, and those that requires lesser time but giving same result.
If having more time freedom is one of the reasons you want to start your home based business, then you should be looking at home based businesses where you can outsource most of the work and put it into automation.
7. Do I want to get paid once or many times per sale?
If you are dealing with membership or subscription types of businesses, then you would have a ready customer base that will purchase from you regularly from your one time marketing effort.
Alternatively, you could also be in a home based business that you market frequently and make money on every sale made.
Related Tags: home based business, home based businesses, home based business ideas, starting home based business
Vern Lai is a Home based business Expert who is receiving passive residual income every month from his Internet business.
For a FREE report on how you can be making over $4k in 90 days by giving out FREE education, visit http://www.Online-Business-Success.com/free-report
For more resources, check out his blog at http://www.VernLai.com
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- Advantages Of A Grind And Brew Coffee Maker
Should you really invest in a Grind and Brew Espresso maker? The answer is yes, having a Grind and B - Monitium. A Paradigm Shift In Network Marketing
As you may have heard, Monitium is representing a huge paradigm shift in Network Marketing. It is in - 55+ And Scared. The First In A Series On Making A Second Income
You've worked all these years looking forward to the day when you could retire. Now you are able to - Considering Starting A Home Based Business On The Internet?
I'm someone who has trouble working for someone else. I really hate long periods of routine and I ha - Is Herbalife Network Marketing Business A Scam?
You are on this site because you are thinking if Herbalife is a scam or not. Well you have come to t - So Why Are People Calling Herbalife Mlm Venture A Gimmick?
The people calling Herbalife a scam are usually the folks that were involve in the business before b - Mlm Training - Free Mlm Training Courses
We'll begin by dealing with the old saying "You get what you pay for". This implies that free things - Mlm Training - What Mlm Training Do You Really Need?
MLM and Network Marketing can be a very confusing business. That's mostly because there are low entr - The Top Mlm Recruiting Strategy: Mlm Recruiting For Top Earners - Mlm Recruiting Success
When it comes to MLM recruiting, there's a right way and a wrong way. But, most people only know the - Adzzoo Review - How Could This Improve The Page Rank Of Small Entrepreneurs?
There are so many network marketing companies online and let us see about one of them and their prod
Most viewed articles in this category:
- Work at Home Mom - How to Find Time for Your Business
Any work-at-home-mom will confess that owing her own business is as challenging as it gets. While th - Is A Home Daycare The Answer For You?
In America today, it takes two incomes in most cases to live a regular middle class lifestyle. This - MLM Online Tips and Tricks on the Internet MLM Trade
Copyright © Jagraj Gill http://www.payitforward4profits.com/jaggiegill There are two main th - How Do You Win At Home-Based Business? Hit The Floor Running
Every morning in Africa, a gazelle wakes up. It knows it must run faster than the fastest lion... or - MySpace Just for Fun
There are many who take advantage of the MySpace community for business purposes such as advertising - Gone Phishing and your the fish!
Believe it or not, there are rascals inhabiting this very planet, their consequence emanates from un - Is A Home Business Right For You?
You should have motivation if you want to succeed as an entrepreneur. Motivation comes naturally to - How to Promote your Network Marketing Home Based Business
Copyright © Jagraj Gill http://www.payitforward4profits.com/jaggiegill The key to any networ - The Tax Grind
As an owner of a home based business, a person is also responsible for keeping track of everything t - Meeting People on MySpace
The process of meeting people on MySpace is extremely easy. MySpace is an online community which enc