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even more vital, as it proves to the bank (or whoever you wish to borrow from) that you have thought things through and have done your sums.

PERSONAL QUESTIONS

Why are you doing this?

Once you have decided that you have a good idea for a product or service, then look hard at your motivation. If you think it's going to be an easy way to make money, allowing you more time to spend with the kids, play golf or whatever, then you are probably going to fail. Running your home business is hard work, tiring and, at least initially, poorly paid. If you are not prepared for that, then don't even think of doing it.

On the other hand, if you want to run a business from home because you have an idea about which you are passionate; because you want to have the choice of working long and hard (or not) for yourself and your family, rather than having to work long and hard for someone else's benefit, then you have a chance of succeeding.

How will you manage the rest of your life?

If you are working hard at setting up the business, then other things will slip, at least to start with. Housework, gardening, shopping - all will become unnecessary distractions. You can't afford to worry about these things. Either ignore them or make sure there is someone else who can take care of them for the time being.

Can you handle the isolation?

Unless you employ someone (and that's not likely at the start), you will probably be spending much of the day on your own. For some people, that is a joy and one of the great benefits of working for yourself from home. If you are not that type of person, then make sure you have contingency plans. Make a point of seeing friends and family in the evenings or at weekends. Develop a network of contacts that you can tap into if you are feeling down or lonely. Just knowing they are there is often enough.

CONCLUSION

Setting up a business from home is hard work, tiring, frustrating and scary but if it succeeds it is exhilarating, exciting and great fun. If you ask yourself all the above questions, plus any others you can think of, and answer them honestly, you have a much better chance of succeeding.

Learn more about this author, Elizabeth Ducie.
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