Tips to Get You Started with a Home-Based Business

Photo Credit to: Chron

Why should you consider starting a home-based business? Presently, the economic slowdown has led to employee benefits being cut. With the frantic pace of life, many people are considering putting up a home-based business, with no boss and no working schedule to beat, to augment their income.

There is no need to use all your savings or whatever severance pay you would receive in the event that you leave your job. Doing business at home only requires a small startup capital. There is no need to spend too much on lavish office interiors, high-end equipment, or staff yet. You can count on members of the household to help anytime and on short notice, often without the need to compensate them.

Today, generating an income and managing the family at the same time is no longer an inconceivable idea. It is achievable, as long as you have a foolproof home business idea. Of course, everything would seem easier said than done. Hence, here are several proven home-based business tips to help you start promptly, without spending a big amount of money:

1. Have a clear idea of the type of home business you want to start. Are you good with organization? Do you enjoy planning events and assisting people? Then you could probably start a small personal assistance firm or become an organizer of different events. Do you love to cook? Then perhaps you’d want to put up a catering business.
2. Know your competition since they can make or break your business operations. It wouldn’t hurt to do a background check on each of your business rivals to check their strong and weak points. Obviously, you can use the knowledge you would glean from your research to be a step ahead of the competition.
3. Understand the needs of your area. Pay attention to what people want and need in the area. If they mention something that interests you and you happen to be good at it, try it. Some people are adept at more than one skill, so by all means, try them all. There is no existing law that stops you from doing so.
4. Figure out your profits. Estimate how much you will be receiving for your service. Is it a feasible income for you? A perfect example of this is if you make specialty cakes. Because of the complicated designs, sizes, and special flavors of most cakes, people are willing to pay as much as $350 per cake. However, with the very detailed work that goes into making specialty cakes, you need to decide how many cakes you can work on per week. Keep in mind that the profits you will be making will go towards ingredients and supplies. Eventually, you will need to invest on equipment such as a commercial fridge to keep your cakes fresh. Incidentally, you can browse commercial fridges online. That way, you can choose the one that gives you the best value for your money.
5. Inquire about the licensing requirements for your home-based business. Some cities enforce rules and regulations for home-based businesses. Check at the city hall before investing much time or money. In some cases, you may be required to apply for a business license only and nothing else.
6. Visit your local insurance agent to know if you need any special insurance. Once you start a home-based business, you will be exposing your home and family members to different risks. Hence, you need to make sure you are covered before it is too late.
7. Have a business plan. Not only will it help you list down things you may have overlooked while cooking up the idea in your head but it will also help you determine what kind of start up costs you are looking at.
8. Invest time and effort on advertising and marketing campaigns for your business. You don’t need to spend money. You can create simple fliers or brochures on your computer and have your kids hand these out to your neighbors. It’s a simple yet effective marketing strategy.

Hopefully, these tips will guide you as you try to come up with a foolproof and feasible plan for your home-based business.

3 Restaurant Options for Investors and Entrepreneurs

Image credit: Matthias Rhomberg (flickr.com)

Are you planning to open a restaurant in the near future? One thing you should know beforehand is that you actually have a lot of choices and concepts to play around with when you go for this type of food business. 

Naturally, various factors should influence you as you strive to come up with the right decision. For example, some of the first things that you have to consider include the money you are willing to invest, the market you are planning to target, plus the kind of food you intend to offer.

Here are the three general categories you can choose from as you explore the industry:

Fine Dining

While “fine dining” definitions may vary from one person to another, the term usually refers to a formal dining experience. This means that the clients get the highest quality of food, atmosphere, and service when they dine in such a setting. You need to implement high standards if you are planning to open this type of restaurant. You have to hire the best chefs, dress your waiters in formal attire, and purchase classy furniture.   

Fast Food 

As the name implies, fast food gives heavy emphasis on providing fast service for customers. Fries burgers, and pizzas are often served in these restaurants. As opposed to fine dining, ordering the food is typically done in the counter not on the table. Drive-through and take-out systems are also implemented here for the convenience of customers. Food carts and stalls also belong in this category.    

Casual Dining

The name is likewise a giveaway. Casual dining refers to restaurants that serve food in a casual setting. Prices are usually moderate and table service is provided – except for restaurants that offer buffet meals. Casual dining falls in the middle between fine dining and fast food.  

Conclusion

As mentioned above, you have to honestly assess your strengths and capabilities, especially in terms of finances. You have to be properly informed about the required investments. Do some research ahead of time so you have an idea about what to expect. Purchasing the needed equipment is also essential. Browse the market for the best deals as you buy a fridge freezer, ice maker machine, and others. Likewise, you have to look for a good location that suits the type of restaurant you have in mind. Finally, food pricing and hiring enough number of employees (cooks and waiters) should also guide you in decision making.