Your own home business - Dream or Reality?

By Craig Binkley
Posted Thursday, September 9, 2004

This is a question many people have asked themselves, sometimes over and over. Is it possible for the average person to start and run a successful home business? I'm here to say that the answer is a resounding YES!

With that said, there are some specific questions you should answer before starting your business. This list is by no means a complete, comprehensive all-encompassing checklist, but it will give you a good starting place.

What type of business to start?

1) Do I have any knowledge in this area?
2) What skill do I have to run this business?
3) Is this something that I will enjoy doing?
4) How much will it cost to start?
5) Do I have the money this would require?
6) Is there a market for this product/service?
7) How will I promote my business?
8) Am I willing to put in the effort to make it work?
9) Am I dedicated enough to "stick with it"?
10) How much income will this business have to create?
11) How big do I want this business to become?
12) What are the tax implications of owning a business?
13) Are there any regulations (federal/state/local) that I need to be aware of?
14) Am I capable of doing the bookkeeping required or do I need to hire out?
15) What type of insurance will be required?

There are numerous resources online to help you answer some of these questions. Here are a few of the sites I recommend.

(http://www.sba.gov)
(http://www.bcentral.com)

Of course, some of these questions can only be answered by you. Be honest with yourself. A successful home business is a wonderful thing, but a failed business can be a hard pill to swallow. Honestly answering these questions (and others) will help direct you on the path to success.

About the Author
Craig Binkley, husband and father assisting in the restoration of the "traditional" family through home business ownership.
(http://www.bornagainbargains.com)