It requires both skills in a service or product area and acquisition of management and attitudinal competencies. The purpose of this guide is to help you take stock of your interests, aptitudes and skills. Many people have good business ideas but not everyone has what it takes to succeed. If you are convinced that a profitable home business is attainable, this guide will provide step by step guidance in development of the basic written business plan. While the reasons for the rapid growth of home based business operations may vary from the need to supplement family income with few hundred dollars all the way to a sophisticated technical consulting service billing hundreds of thousands of dollars, there are many common characteristics and challenges to be considered in launching most home based businesses, regardless of size.
Some tasks are universal to all small business startups, while others are unique to a home base.
Careful planning, based on interviews with dozens of home based operators over the past decade indicate that special planning is required to research legal and tax issues, proper space utilization and to establish time management discipline. Inadequate or careless attention to development of a detailed business plan can be costly for you and your family in terms of lost time, wasted talent and disappearing dollars. Perhaps you have already decided what your home based business will be. You know how you will serve your market and with what. If not, but you are determined to establish a home based source of income, then you need to decide exactly what business you will enter.