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Have a pen
and paper handy; how often have you thought of a
great business plan, but when you come to write it
down a few hours later, you've forgotten it? Make
sure that doesn't happen again! Keep a notebook with
you at all times, that way you can jot down ideas as
and when you have them.
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Friends; ask
someone who knows you well for their opinion. What
services are they looking for? What do they think
your strengths are? What areas of business do they
think you should avoid?
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Hobbies;
although it is great to do something you are
passionate about, and there is little doubt this
will keep your enthusiasm for your home based
business at an optimum level, stop and think first.
Are there enough people who share your hobby? Would
they be likely to use the product or service you are
offering? If the answer is no then it's time for a
rethink.
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Longevity;
will your business have year round appeal? If you
are planning to sell deckchairs then you may need to
think of something else to do in the winter months.
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Read; books
and articles about how businesses started out are
always useful. Gather information about how they set
about building their businesses. Even if they are in
different fields, it can still have relevance to
setting up your home based business.
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Look around;
look at the types of local businesses you have in
your area. Your home based business may be
completely different, but thinking about the way
other businesses operate will give you ideas for
yours.
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Walk around;
take a walk around your neighbourhood. What do
people do? What products or services are missing
from your area? Could your home based business plug
the gaps?
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Trade Fairs;
it is worth keeping an eye out for trade fairs in
your local area. Go and visit these. They will
provide you with an opportunity to talk to people
already doing what you want to do. They can provide
you with information about how they started out and
pitfalls to avoid.
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Look at your
experiences; take a look at your cv. Although the
motivation for starting your home based business may
be to move right away from the job you're in at the
moment, it is useful to think about what skills and
training you have at the gained. Could these provide
a starting point for your business?
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Money;
realistically your choice will be influenced by how
much capital you have available. Overstretching
yourself financially is not a good idea. Be
realistic about the type of business you can afford
to have. You can always start small and build as
capital becomes available.