Why should you consider starting a business from home? Well, for one thing, doing business at home only requires a small start-up capital. Do not spend too much for a posh office and expensive equipment or hire staff. Not yet. Household members can be counted to help or alternate anytime and on short notice often without need to compensate them overtime or holiday pay.
Being able to generate an income at the same time managing the family is no longer a dream. It is totally achievable. An appropriate home business idea is the solution. However, it might be difficult to put your own thoughts to this, so here are several proven home based business ideas to learn so you can start promptly without spending a big amount of money.
- Settle what kind of home business you want to start.
Remember, there is a difference between ability and doing things you enjoy but it doesn't mean you will be competent at it. If you love to cook and are a whiz at planning events, you could put up a catering business.
- Know your competition.
Are there other caterers in the area? If there are, how will your business gain leverage? Perhaps you could invest in software for catering companies so you can encourage potential clients to place catering orders online. That convenience can be a big come-on for your business.
- Figure out your profits.
Estimate how much you can receive for your service. Can this be a good income for you? The prices of catering services differ depending on the event and the number of guests you will be feeding. You also need to add services charges for the servers, cook, and attendants. For instance, you could charge $20 per person for a 150-person party. That would net you $3000. However, that's merely for the buffet, linens, plates, service charge, and taxes. If the people hosting the event request add-ons like alcohol, you could add a few more dollars to the per person cost. You have to decide what works for you because you still want to take home a handsome profit at the end of the day.
- Inquire the legal requirements for your business.
Some areas have rules and regulations for home based businesses. Check at the city hall before investing much time or money. You may be required to apply for a business license only and nothing else. There might be other regulations involve in catering management in your area, so inquiring is always a good idea.
- Visit your local insurance agent to know if you need any special insurance.
Once you start a home based business, you are exposing everybody to different risks and just to be definite you are covered before it is too late.
- Have a business plan.
It helps to think of things that had not crossed your mind regarding business. This also assists you determine what kind of start-up costs you are looking at.
- Put interests in your home based business.
Advertise and market your business to attract customers. Advertise in the local papers or on the local radio station. Invest in software for catering to make it easier for you to run the operations of the business.
All these tips can help you come up with home based business ideas to start.