Decision Making

This will be one of your biggest challenges: Deciding on a home business to start up. With so many options out there, you need to look at your goals, your timeframes, your own family and personal obligations at home, your investment ability (both time and money). It’s also important to believe in the business so you can stand behing the products and/or services. Picking a new to market business offers a lot of potential but also lack of security vs one that has been around a long time. Let’s get you started on points to consider!

First things first – what do you have to invest and can you? Does this home business require you to invest in purchasing products, or websites or have autoshipments? Do you need to make any quotas to remain active? Will you need to buy products and keep them on hand and if so, how much can you realistically afford?

Personal time. Whether you have a family or not, you likely have other obligations in life. How much time can you reasonably comitt to this new venture of yours? Do you plan on working it every day, on weekends, a couple hours a week? Understanding what you can offer will help you set realistic goals.

How much money do you hope to make with this business in 1 year, 2 years, 5 years? With the time you have to invest, do you have reasonable numbers in mind? Are you wanting to work this casually for now and have it set up as a retirement investment, so you will still earn money when you are retired (vs taking RRSPs out?).

Will you be working every day, some days or when you can? Do you want to do markets and events, home parties, direct sales or use the Internet to reach your customers? Depending on the events you are willing to attend, what will be required to do so. For example, doing markets is great and can lead to instant cash, but you will need to possibly buy your own table, or rent one. You will also need to rent the space, buy a tablecloth and signage and, of course, have product to sell!