Home
>
Strategic Planning
>
Questions to Ask Yourself When Starting a New Home Business

Questions to Ask Yourself When Starting a New Home Business

I love the excitement of starting up a new home based business. I enjoy trying out new ideas and approaches with the new venture. I dream the big dreams and hope to obtain some of them (if not all of them). I am sure you have those same feelings as well. Organization is imperative when starting any business. Some say that a well funded business has the best chance to sustain losses until it's profitable. However, if you are on a shoe string budget like me, money management is the key.

The place you need to start with your home business is with the pen and paper or word processing software and a PC. One thing I learned about starting businesses is there are so many variables involved it is not possible to "keep it simple" if you try to run the entire business without some type of plan. Not knowing or not being able to prioritize your needs with your business can result in bad money management and eventually failure.

Writing down what your business is about helps put your business into perspective and helps you define your immediate needs and hold off on spending on items you don't need right away. Most recommend you write a business plan. You can buy software to write a plan and go through a set of questions to write one. You could always research how to write a business plan online.

Whether you use software or not to write a business plan you could always ask yourself the basic questions. Getting to the basics means a lot to me. It provides a foundation to your ever evolving business plan.

If you are starting your own home business, try asking yourself these questions. They may help you in the same manner as they help me:

1. What is your business name?

2. Is your business registered as a "Doing Business As" (DBA) or Corporation? ? This is very important for tax purposes and banking.

2. Explain what you business does in one short paragraph. ? Describing your business in a few sentences helps define the main focus of your business.

3. What products does your business sell? ? List any product your business is selling and any variations of its availability.

4. Who does your business sell to? ? This will help you define your market (if any) Try to describe the personality of the market and why they would want to buy your product. It may provide a starting point for your business's marketing strategy.

5. How do you want prospects and customers to contact you in regards to the product your business is selling? ? You may decide that you don't want prospects to call your home number and you may need a separate phone line or a toll free number. This is part of defining your daily operations and costs.

6. Does your business need a web site? ? If the answer is "Yes", then you will want to think about what type of site you want and how you are going to build it.

7. How is the business to receive money? ? A very important question! Do you have a business checking account to receive checks? Does your business accept Credit Cards? Pay Pal?

8. How does your business make money? ? You should know how you can make a profit on the product you sell. You should know all of your costs to run the business. This way you know how much product you need to sell each month.

9. How much money are you going to spend on marketing? ? Marketing your business should be the priority and you should realize that you will need a budget to market your product. You cannot sell your product if your market does not know about it. Also, you may want to start out with a very small amount and try different methods until you learn how to market your product correctly.

Asking yourself these basic questions may help you shed light on areas of your business that you may have not taken into account. After all, it can be overwhelming running a home based business. Asking basic but tough questions about your business can help you identify the immediate and long term focus of your business and most of all sustain your business until it reaches profitability.

Topher John is a webmaster for http://www.mybenefitsavings.com and http://www.mybenefitsavings.com. He specializes in building internet small businesses. His interests are the healthcare industry, specifically how it relates to the family and physical fitness.

apartment cleaning near Highland Park ..

In The News:

Hyundai AutoEver America suffered a data breach affecting 2,000 current and former employees, exposing names, Social Security numbers and driver's license information.

Washington court rules automated license plate reader images are public records, even when stored by vendors like Flock Safety, setting precedent for transparency.

Fake airline texts claiming flight cancellations are targeting travelers with convincing scams. Learn how cybercriminals steal personal data and credit card info.

Discover how iOS 26's new Adaptive Power feature automatically extends iPhone battery life by learning your usage patterns and adjusting performance intelligently.

New TikTok malware campaign tricks users into running PowerShell commands that download Aura Stealer, which steals credentials and authentication tokens.

Gaia Family offers fixed upfront pricing for IVF cycles with unlimited embryo transfers and financial protection, partnering with over 100 U.S. fertility clinics.

The Jetsons Act aims to position Pennsylvania as a leader in advanced air mobility by establishing regulations for hybrid ground-air vehicles.

Fake Geek Squad invoice emails are targeting users with convincing charges and urgent phone numbers to steal personal information and money.

Fox News Digital's artificial intelligence newsletter digs into a robot in Russia that faceplanted, George Clooney's alarm and OpenAI's rivalry with the New York Times.

Major data breach at Conduent exposes personal information of 10+ million people. Government contractor hit by cyberattack affecting Medicaid, child support systems.

Texas startup Janta Power raises $5.5M for innovative vertical solar towers that generate 50% more energy than traditional panels while using just one-third the land.

NASA's twin ESCAPADE spacecraft launched aboard Blue Origin's New Glenn rocket Thursday afternoon from Cape Canaveral, beginning their journey to Mars with arrival expected in 2027.

Learn how to set email reminders on iPhone and Android so you never forget to reply again. Simple built-in features help you stay organized and on top of messages.

Discover how Apple's passkeys revolutionize Mac security by replacing vulnerable passwords with biometric authentication and encryption for ultimate protection.

New survey reveals 78% of parents fear AI scams targeting their kids, yet nearly half haven't discussed these threats. Learn why this dangerous gap exists.

Chrome now autofills passport and driver's license info automatically. Google's latest browser update adds official document support with encryption and user control.

Scammers impersonate Department of Veterans Affairs employees claiming veterans owe money, but real VA communications only direct to VA.gov or official channels.

The AltoVolo Sigma hybrid-electric aircraft flies 500 miles at 220 mph while operating 80% quieter than helicopters, featuring safety systems and compact design.

Google search scam alert: fake customer service numbers can give scammers remote control of your phone. Learn how to spot these traps and protect yourself.

Electric vehicles overtake gas cars in total CO2 savings after just two years of driving, with emissions benefits growing over time as power grids get cleaner.

Louvre Museum reportedly used "Louvre" as password for surveillance system during $100M jewel heist. Learn how weak passwords put even famous institutions at risk.

Bipartisan AI jobs bill from Sens. Hawley and Warner would require companies to report AI-related layoffs and hiring to Department of Labor quarterly.

Joe A. from Shelton, Connecticut, lost $228,000 to a ZAP Solutions cryptocurrency investment scam after his divorce, highlighting rising online fraud.

AI-powered autonomous trucks from Waabi and Volvo target U.S. freight driver shortage with Level 4 self-driving technology and NVIDIA computing platform integration.

Survive flight disruptions with expert travel tips: Book early morning flights, download airline apps and know your refund rights during service cuts.

Questions to Ask Yourself When Starting a New Home Business

Strategic Planning