Its new year again, aside from our own new years resolution, some of us are thinking of putting up a small home based business to start the new year right.
Before starting you new income generating endeavor, make sure to consider some of these things :
- Decide What Products Your Business will Offer – Since its just a start up, start with few line of items then as you grow, you can start adding related products.
- Know Your Market and Your Competition – Ask your friends, check for possible dealers where you can consign your products and make a list of possible clients. Also check your competitors outlet and distributors, you may want to send samples to them as well.
- Have proper training and Check your resources – TLRC and DTI are some of the government institutions that provides training on some cottage industries. Make sure you have enough capital and equipment before you start up. Make Sure You Can Do the Tasks Needed Before Starting a Small Business. Determine Your Start up Costs to make sure your business will operate continuously.
- Understand Legal Barriers and Government requirements before Starting Your Business – Is your product patented? Check out if you need to register your own business. Remember some clients requires official receipts and OR’s are not issued by BIR to non registered businesses.
- Assess your Cash Flow – If you are already earning and you think that you can now leave your day job. Check out first if it can really support your needs and if your market is stable. Consider Your Break Even Point, Start buying additional equipment when you think you have already recovered your start up costs.
- Ask support from your Family – Since your business is new and its expensive to hire additional manpower, you may consider asking for help from your family member.
Good Luck and Happy New Year to All!