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Home Based Business Planning

Home Based Business Planning Canada

Planning before starting your home based business

In fact running you own home based business is amazing for many people. There is no boss around you; you don’t have to travel on daily basis and most importantly you got flexibility over your working hours. However being as a self-employed or running your own business also comes with some challenges.

Therefore if you are planning to start your own business; you must plan it thoroughly and ask yourself some basic important questions.

Do you have to quit your job?

You don’t have to worry about your job if you are unemployed and planning to start a business. But if you are employed and most probably you are; then you have to figure out how you will going to manage your business?

Some basic question you should think of:

  • How many hours you will be able to spare to manage your business?
  • Are you going to manage your business daily basis or only on weekends?

No doubt in the beginning it might be hard for you to manage you job and business. But once you start and gradually you will learn how to manage your business and job. Moreover once you feel that your business income is reasonable; then you might quit your job and can fully focus on business.

Do you have reasonable place to make an office for business activities?

It is also very important to think ahead for suitable place for your business or business related activities. In fact it is depend on nature of your business that what type of place is required. If your business involved in such activities where you going to use tools or grow plants etc then you might need bigger place such as backyard or garage; or maybe you just need a simple room with desk and computer.

Ask yourself following questions:

  • Am I able to use backyard or garage?
  • Do I have an extra room or quite place in my home?
  • Will I be able to work uninterrupted?
  • Will my business activities cause any disturbance in my home or in the neighborhood?

 

Marketing Planning for business:

In fact marketing is one of the most important parts of your business. After all of your hard work; either you are creating something and selling or providing services. It is important that people know about your business and buy from you. In fact these days there are many tools are available to market your business online such as Facebook, Instagram and other online platforms.

But still you need to plan for following things:

  • Who will run the marketing campaign?
  • Besides business activates; do I have time for marketing?
  • Should I do offline marketing too?
  • What will be marketing cost and is it falls within my budget?

How much money is required?

The most important part of business is finance; in fact in the beginning of any business we spend more money to build business. You might need to buy some basic stuff to run your business; for instance you might need a desk and new laptop; or perhaps you need new tools or equipment to run your business.  Hence it is important to calculate initial expenses and make sure you got enough finance to cover-up.

Some basic finance related questions:

  • Is my initial business expenses are within my budget?
  • Do I have to buy or rent new equipment?
  • What will be cost of any new added equipment?

In conclusion I would say having your own business is really attractive; but planning and running a business is challenging. Hence if you plan properly and plan everything before starting your business; then it will smooth and safe to run your business. In fact proper planning will be key of your business success.

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