If you're considering a home-based business, you need to consider your family's tolerance level, as well as your ability to be flexible and put in long hours. Do Your Homework An important way to increase the likelihood of business success is to develop a business plan. To develop a plan, you will need to do some homework. You need to know if there is a demand for your product or service. To find this out, you will have to conduct informal market research.
Many small businesses draw from a single community or neighborhood.
Wholesale or mail order businesses, on the other hand, can serve a large area. Talking with friends, neighbors and others in business and the community can help answer these questions. There are a variety of legal and regulatory issues that you should investigate. You need to know if there are any special licenses, permits, inspections and regulations that you will have to comply with. Check with your town office to see if there are any zoning or local restrictions that would prevent you from establishing a business in your home.