Come up with an idea. You will need an idea for a business before you do anything else. This should be something you are passionate about, since your new business will consume a great deal of your time and money.
Come up with business ideas by identifying things people need and are willing to pay for, that isn’t provided in your area, or which you can provide better than anyone else.
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Consider if it is possible. Before going too far, think about how plausible your idea is. Is it something that people would actually pay for? Will it turn enough of a profit to be worth spending your time to do it? You will also need to be sure that it is possible to put into action. While it would be great to have a computer which makes food magically appear out of thin air, this is simply impossible (unless you’re Patrick Stewart.)
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Be sure it’s unique. Whatever your idea is, be sure it’s as unique as possible. This will help you eliminate or significantly combat competition, which will make your business more successful. Simply putting a small spin on a currently existing product (making blue Red vines or something like that) is not usually enough to build a business on, so push the envelope!
Part 2 of 7: Make A Business Plan
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Determine your cost of operation. You will need a solid business plan to present to any investors and the best place to start would be with determining your basic cost of operations. This will outline and help you determine how much money is needed to produce the product or offer the service you intend to offer or produce. It includes production costs, shipping, taxes, worker’s wages, rent for workspace, etc. [1]
Knowing your cost of operations will be vital to determining if your business will be profitable, since you will need to make more than this baseline in order to remain in business.
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Determine your potential market. Be realistic. How many people will realistically use your business? How much will they pay to use your services? If either number is too small in comparison to how much it will cost you to stay in business, then you should reconsider or change your plans.
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Determine impediments. You will need to plan ahead for all of the problems which can get in the way of running a business.
Evaluate your competition; if their market share or product offering is too strong and stable, then you will have a very hard time breaking into the market. No one will want to buy an equally priced or more expensive version of a perfectly good product or service which already exists.
You will also need to explore the associated regulations and laws, especially regarding taxes. You should ask your local state authorities, as well getting information from the IRS.[2]
Make sure there are no prohibitive costs, such as equipment which is too expensive to make the business profitable. For example, cars didn’t take off until Ford figured out how to make them cheap by building more efficient equipment.
Read more > http://www.wikihow.com/Start-Your-Own-Business
Complete tutorial > http://www.entrepreneur.com/article/238538
6 Home Businesses You Can Start With No Money
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6 Home Businesses You Can Start With No MoneyBy Holly Reisem Hanna
Recently, I received an email from an individual who was desperately seeking a legit, online, work from home business opportunity. This individual had currently moved to a very rural area of town and was unable to commute daily for work. Another obstacle that this individual faced was the issue of needing money ASAP to pay for bills and daily living expenses, but still desired the flexibility and perks of being their own boss.
While this might sound like a hopeless case, it’s not. There are actually quite a few options for individuals who want to run their own business with little or no startup fees.
Here are 6 Home Businesses You Can Start With No Money.
Blogging:
Obviously, I’m a huge advocate for starting your own monetized blog, however it does become a bit tricky when you’re trying do it for free. First you have two options for getting started – you can either use the free WordPress platform or the free version of Blogger. Both have similar features in terms of functionality and design and both can be monetized, but only thorough their respective ad networks. What this means is that you’re able to monetize your blog, but only by using WordPress’ word ads and Blogger’s Adsense ads. So you won’t be able to sell your own direct ads, participate in affiliate marketing, or produce sponsored content.
While this does limit your earning potential, it’s does give you the initial foundation for building an audience. Once you have a little bit of money rolling in, you can easily transfer your blog over to the paid versions of WordPress and Blogger where you will be able to fully monetize your blog and start making some real money.
And when you do, make sure to check out … 44 Ways to Make Money Blogging.
Child Care:
As a preteen and teen babysitting was my bread and butter. I would babysit my father’s co-worker’s children, the neighborhood kids, my siblings, as well as children from the church we attended. It was an easy way to make some money and obviously, I didn’t spend any money on advertising my services. While most of my clients were from word of mouth referrals, I was also able to offer my child care services on the local bulletin board at our church, and I let it be known that I wanted to work.
You too can make good money by offering your services as a nanny or babysitter. If you’re able to gather up some positive referrals from friends and family members and then let it be known that you’re open for business. Places like Facebook, Craigslist, Sitter City and local bulletin boards are great locations to promote your business (not to mention they’re all free) and always remember to personally connect with neighbors, friends and family and let them know about your services. Once you get some money rolling in, you may want to consider offering daily daycare services, if so check out FabJob’s manual for Becoming a Daycare Owner.
