Q:

What are some tips for starting a home-based small business?

A:

Quick Answer

To start a small home-based business, determine the type of business desired, create a business plan and determine a target customer base, suggests ABC News. Determine pricing for services or products, find start-up money and look for customers.

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Full Answer

Determining the type of business to start is the first step in creating a home-based business, advises ABC News. Base the business on existing expertise and interests, and look for business ideas that cater to a need. Create a simple business plan outlining how much money is needed to start the business and how much money the business can anticipate to make within a particular time frame.

Determine the customer target base for the business, and pinpoint the clients to which the business can sell products or services. Determine price points for the business, taking into account the factors that are associated with producing the product or offering the service. Seek out start-up money, and cut costs where possible by bartering for services. Tap into personal savings or look into crowd funding.

Create a marketing plan to get customers for the business. Focus on attracting people to the products and services offered, and then convert interested people into customers for the business.

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