The very first step towards a successful home based business is some self introspection. What are your skills and talents? You may possess good communication skills in which promotion and sales of consumer products would be god for you. Writing or mathematical skills all serve as a good base for being a self employed professional. Chalk out all your skills and make a list of the possibilities when starting a home based business.Various business possibilities to start from home
Free lance chartered accountancy
Home based cosmetic and consumer sales and consultancy
Tax consultancy
Web Content specialist
Business organization and training
Cookery classes and catering
Interior designing
Computer hardware or software specialist
Factors and pitfalls that influence home businessOnce you have your list narrowed down to the best possibilities you should work out the infrastructure and financial aspects necessary that will support the possibility of the business. Working out the business logistics that comply with your home is a matter of great importance. The factors that are going to determine your business are,Location: you cannot start a bakery in a crowded domestic neighborhood waking people in early hours of the morning. Avoid running a business in a crowded domestic neighborhoodSpace: you will need a certain amount of space dedicated to the running and functioning of your office. Space would include a storage area depending on the product. Cluttering your home space with supplies and goods will lead to chaos. Always take your available home space into account.Finance: one must consider the amount of finance required for various businesses. Starting something that requires exorbitant amount of money like franchise fees may not be feasible. Avoid getting into debts which will incur a loss rather than a profit. Make out a projected statement of accounts to see how much of a loan can be incorporated within the business income.Documentation. Every Home based business requires minimum government documentation like a trade license. For documentation required to start a business you can visit your local authorities for further information. Do not start a business that requires complex documentation and verification.Once the main aspects to be considered are done you should start on working out the number of employees you may require for assistance. Starting a home based business may require just a couple of senior level employees. An office and secretarial assistant and in the case of consumer products, one or two delivery men. Where accountancy and tax consultation services are concerned these may require a maximum of two assistants and a clerk to help with all the documentation and clerical work.Once you have got around to starting a home based business, you need to motivate yourself in order to keep it running efficiently and grow as well. Structure a good working routine which will not allow you to be distracted. Working from home may lead to certain distractions which could hamper the business. Therefore learn to incorporate family time within or after business hours to ensure a smooth operation of the same. Hire a babysitter if necessary if you have a young child at home.Promotion and advertising are important factors that determine the success of your business. Self promotion through word of mouth is a good way to help your business gain popularity. Advertising costs are expensive, the best possible way is to be as efficient as possible so that recommendations keep coming your way. Follow these important guidelines to assure a successful home based business