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Creating a Home Business

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					How To Create A Successful Home Business
Is a home business right for me?
Before embarking upon any home business you need to firstly ask yourself a simple
question is a home business right for me? People incorrectly believe that working from
home is a dream job and associate home working with a more relaxed lifestyle. In reality
this confuses the boundaries between social, home and business life and whilst the ideal
of rolling out of bed in the morning at 10am and commencing work from your study in
your pyjamas is appealing, the reality is that creating a home business can be very
stressful if boundaries aren’t defined.

I have prepared some useful guidance that may be beneficial in helping you create a
successful business.

1. Designate a room as your office

This is perhaps the most important starting point. Having a room in which the door can
be closed at the end of the day is important. Many home businesses fail because the
owner is unable to separate work life from home life and they become distant from
family members as they are unable to switch off from work.

Medical research also suggests that home workers can often suffer from sleep disorders
as they often work, eat, sleep and drink in the same room and therefore find it difficult to
separate work and family commitments, which can leave them stressed and anxious at
night.

2. Set strict boundaries

Often the nature of home businesses means that other family members are at home and it
is essential to sit down with them and agree a timetable of when you are at work and
when you are in family mode, so as not to distract you from the day to day development
of your business and ultimately your income source.

3. Research your market thoroughly

Most businesses fail because of poor, inadequate or non existent research. Don’t presume
that your product or service will be instantly appealing to your customers. Market
research is essential and this can take a variety of forms from questionnaires in which you
ask potential customers a series of questions to gather their preferences through to
researching similar products and there appeal to customers.

The Internet is an invaluable source of information which can be utilised to gather
important details. If you are on a limited budget, look to sign up for free chat rooms with
a specialism in your chosen market and start speaking to people, try MySpace, Bebo or
Facebook for example.

4. How easy is your business concept to copy?

Working from home can encompass a wide variety of disciplines but before you invest
think about how easy your business concept is to copy. If your concept is easily copied
by others then this may prove detrimental as other competitors can easily muscle in on
your market. Consider copyrighting or patenting a really good concept.

There is a great example of a woman who wanted to set up her own home business to free
up her time with her family. She came up with the idea of selling attachable gloves for
prams (aka strollers) as her detailed research had revealed that in winter parents often got
cold hands from pushing prams but often forgot to take a pair of gloves with them. These
gloves stay attached to the pram and the person can quickly and easily slip their hands in
and out of them.

The home business owner realised that her concept could be easily copied by larger firms
once her product had been introduced to the market and successfully obtained a patent
that protect the concept of attaching gloves to a pram, push chair or buggy. This was a
winning idea and meant that her business could be easily developed without fear of other
competitors muscling in on her market share, therefore creating her own niche.

Summary

In conclusion, be clear about whether creating a home business is right for you and be
disciplined in setting boundaries dividing up work from social time. Good research leads
to a successful and thriving home business as it sets a good foundation from which to
develop. Remember that creating a successful home business requires patience,
determination and single mindedness.