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The five W's of Home Based Business
Copyright 2006 I.M.A.G.I.N.E. Consulting Inc.
Times have changed. In my parents day, having a home based business meant you sold Avon or Kirby vacuum cleaners door-to-door! Now, door-to-door has been replaced by "online income opportunities" (Google, 26,400,000 results) and "get rich quick" (Google 35,700,000 results). The technological revolution has changed the way we think of home based business forever and we haven't yet scratched the surface.
Many individuals are frustrated with their jobs, their commute, or the dog-eat-dog world of working for somebody else. The question is however, in the vortex of what home based business has become, what could one possibly DO to start working from home?
The very first thing anyone should focus on is WHY you want to work from home in the first place. Is it because your boss is a jerk? Your kids are young and you want to be home with them? (Both of the above are the top 2 reasons individuals start working from home). Or because you see the tax benefits of using part of your house as an office? Whatever the reason, you need to be clear on your WHY. This is what motivates you to succeed in your venture before it starts. Without a clear definition of what your WHY is, you don't stand much chance of success.
Once you have a clear understanding of WHY you want to go to the trouble (and depending on what the business IS, you could be going to a LOT of trouble), then you need to know the WHAT. When working for yourself, you are either providing goods or services. The next question you need to be asking yourself is not WHAT the goods or services are that you can provide but WHAT is your passion?
Strange as it sounds, your chances of success are multiplied if you pursue something that you are truly interested in. Make a list of what it is you are most interested in, in order, then expand from that. Perhaps you won't find something that is completely within that passion (depending on what it is, the market may be flooded with passionate individuals just like you!) but instead, includes part of that passion in the goods or services that you provide.
In your quest to find out what "niche" fits your passion, you need to research so the next step is to seek out WHO can assist you in developing your venture. There may be more than one WHO in this part of the process. An Accountant or Tax Specialist is a requirement, and perhaps a Business Development Leader to assist you in building a business plan. Any questions that you have in regard to taxes or business planning can definitely be found on the internet however. You should start by developing a business plan. There are some excellent Business Plan Templates (Google 16,700,000 results) to be found if you chose not to go to a Specialist. Depending on the start-up capital required (many legitimate online business can be started for as little as $500) you may have to take that business plan to the Bank!
Figure out WHERE it is you want to set up (yes, obviously in your home, but exactly WHERE in your home?) Do you have a silent space where you can set up your computer, fax machine, photocopier (an all-in-one printer/scanner/fax/photocopier is usually sufficient). Ensure that your space is your own. Make the space condusive to a pleasant working environment and you'll LOVE going to the office everyday!
Time for the WHEN. Most individuals will have to start their business on a very part-time basis then perhaps pull back on their day job hours to increase the time they need to do their business from home until the home based business finally takes over. If you are not in that position, then my best advice is to find a ready-made business that is partially or fully "automated" (there are a number of legitimate partially or fully automated business available online) so you don't have to spend your work day stressing about what it is you might be missing at home.
If you are lucky enough to already be at home full-time, then decide exactly WHEN your hours of operation will be. It can be extremely tricky to work around the schedule of children or housework, so guidelines (for yourself and your family) will have to be in place. Set aside time to work, take breaks, and try to stay focused!
If you have your WHY, WHAT, WHO, WHERE and WHEN in place, then your working from home experience will be an extremely beneficial, successful and gratifying one!
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About the Author:
I.M.A.G.I.N.E. Consulting Inc. www.imagineconsultinginc.com
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Keywords:
business home working need based plan work start want