The first step to starting a home business is to identify a niche. Next, come up with a business plan, purchase insurance and register your business. Finally, advertise your business.
- Identify a niche
Find a gap in the market, and fill it. Focus on areas that you are passionate and knowledgeable about. Find out what the competition has to offer and where it is falling short.
- Develop a business plan
Write a business plan that indicates your business direction and knowledge of the market. Include capital, expenses and other important information. Present your business plan to investors to secure funding.
- Purchase insurance
Protect your assets by purchasing insurance. Get employers' liability insurance if you are hiring employees.
- Take care of legal paperwork
Find out what licenses are required to run your specific type of business. Consult your rental agreement, if applicable, to determine whether or not you are allowed to run a business on the premises. Check with local authorities if your business generates smells, extra traffic and other possible nuisances.
- Market your business
Use social media to advertise your products or services. Visit events and shows related to your business to reach a wider audience. Create a simple-to-use website where customers can easily purchase your products or services.