by Margaret Shauers

Created on: January 23, 2009

STARTING A NEW BUSINESS TODAY?

You can make some extra bucks working at a home business. And it's tempting when jobs are falling, hours are getting cut drastically for those who have jobs, wage freezes are almost America-wise going into effect for the lucky few whose employers aren't planning layoffs. Forget cost-of-living raises is what I'm hearing on all sides,

There always have been ways to go into business for yourself. Do be warned. Even in prime financial times, at least twice as many new businesses fail as do those that succeed. A lot of those that succeed were begun as part-time businesses while working at a "day job." This means a beginning partial customer-base. Once you begin a business, customers are and will remain your primary concern.

* Then the bad news. You must have at least some capital to provide space, supplies, and equipment.

What do you need for space to run your business? Trust me, kitchen tables don't work. When you go into business, your customer, again, is first if you wish to make money. Which does not work with children's homework or serving up the family dinner.

You must have decent workspace for both productions, too, if you are manufacturing anything. The back bedroom or garage may work in the early days, but if you want to earn a decent income from your business, you'll need space enough to increase production. A good portion of what you earn needs to be put aside so that you have that.

What do you need in the area of supplies? Manufacturing anything needs supplies, and a whole lot more than you think you'll need. Unless you are providing everything you sell online or through email, you need to figure in mailing costs, packing cost, listing fees, fees for links, whatever.

* Then we come to equipment: do you have capital enough to fund the necessary equipment for at least a year's worth of running a business? This includes everything from funding the integral components needed to produce your offering to storage space or the electronics needed to conduct your business.

Electronics are especially important if you are planning to offer your products/services online. You simply will not be able to go far with even a five-year-old computer that doesn't have up-to-date software - or with a new low-grade computer without speed and capability. Your customers must be able to negotiate your website easily and well. You will need to invest in good (not all are good or even useable) software so that the people who would like to buy your product

• 1
• 2
• 3
• Next Page >>