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Outline Your Future When choosing a home business there are many factors to consider. You need to ask yourself questions that will be important to the success of your business. Follow the Home Business Outline below to see if you and your business are compatible?
1. What type of business do I want to own? a. What experience do I have? b. What challenges or limitations do I have? c. What hours or days can I devote to my business? d. Do I enjoy performing this activity?
2. What will I need to get started? a. Do I have knowledge or skills that are transferable? (Refer to your answer in A-1) b. What are the start-up costs? c. What tools or equipment do I need? d. What support is available to me? Friends, Relatives, Mentors?
3. Who will my customers be? a. Who will use my products or services? Individuals, groups, professionals, homeowners, business owners? b. What do I know about my customers? Buying habits, what’s important to them, their dislikes? c. What is my motto or attitude toward my customers? The customer’s always right, go beyond their expectations, no question unanswered?
4. How much should I charge? a. What is my primary product or service? b. What is the average cost for my product or service in my area? c. How much time is required to produce my product or perform my service? d. What does it cost to produce my product or perform my service? e. What is my competition charging?
5. How much will I make? a. What am I charging for my product or service? b. What are my overhead expenses? Office supplies, telephone, computer, materials for production? c. What will I reinvest in my business?
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