Planning to work from home to build a small business? Better do your homework!
Here’s a start at a work from home, small business readiness checklist for entrepreneurs:
1. How will you market your home based business offering(s)? Before people will buy what you’re selling, they need to be made aware of it, and be convinced of the reasons they should buy (features and benefits).
A small business that is a home based business won’t have a shingle outside to grab even a few curious passersby. Remember the marketing continuum: Awareness – Interest – Trial – Loyalty.
2. What will you sell? Home based businesses have the luxury of being a micro small business with low overheard, but with web sites and internet marketing, they don’t have to look like bedroom businesses. But, you still have to determine what will your small business sell. Options for any business, whether a home based business, a franchise or any small business will basically be:
• Stuff you make
• Stuff you buy to resell at a profit
• YOU- your services.
3. Is there demand for what your small business is selling? How can you tell? One good tool to use is Google’s keyword planning tool.
4. How many hours per week will be required to be successful? How do you know?
5. How much startup capital do you need to finance your home based business? Are small business loans available?
6. What are your ongoing operating business expenses? What are your variable costs? What are your fixed costs? What is your breakeven revenue number? Small businesses and entrepreneurs may be more sales and marketing oriented than focused on accounting. And, especially for a home based business where the owner wears all hats, paying attention to the numbers is critical.
7. Will your small business have any support? A home based business often depends on the owner wearing most hats. What are your weaknesses? Will there be support for those areas?
8. Are there any particular tax benefits you can take advantage of with your specific home based business? For example, franchise fees are not deductible like equipment purchases are. See Section 179 of the tax code.
9. Is the home based business scalable? Can you start small and grow? What are the determinants? Costs? Employees?
10. Are there success stories? Is anyone else doing this business? If you will pioneer a new business idea, have you assessed potential demand for your new business idea?
11. Does this small business require employees?
Outpost Retail Systems sells Movie & Game Rental Kiosks as full business systems. Owner-Operators can be retail store owners, entrepreneurs, existing small businesses and new home based business startups. There are no fees like franchise fees, no royalties, and the equipment purchases are tax deductible (talk with your accountant). Full training is provided. Owners may brand the kiosks any way they’d like and can succeed working as little as 1 hour per week. Worst case scenario- If a location the Owner-Operator selects doesn’t hit revenue goals, the kiosk is easily moved to a new location. We believe that we provide the safety people associate with franchising, just without the expense and risk.
Movie and Game Rental Kiosks measure up very favorably against this small business checklist.