Small Home-Based Businesses

Home-based business is best suited for an individual who wish to avoid commuting. It is also specially suited for wives with kids who want to help their husbands at the same time take care of their kids. If you are one of those people then you may want to take a look and read some of my listed small home-based business that you can start with only small capital.

- One of the popular small home-based business if you are living in the Philippines is the retail store or variety store (sari-sari store in Tagalog). This small home-based business is easy to start. You can just open your window and put the goodies on it. You can hang some of the goods and put the others inside a transparent jars. If you want a bigger space, you can have it in your garage. Put some divider where you can display your products. I will post more about retail store operation on my next post.

- Another small home-based business is dealership of products like softdrinks. This home-based business requires a space for cases of softdrinks, so if you have enough space like garage then you can start this small home-based business. You will be needing also a tricycle or the least is bicycle with side car for delivery. If you don't have enough space, there are lots of products where you can be a dealer like ice cream, cold cuts, processed meats, cosmetics etc.

- If you have skill in baking then you can try a small home-based business where your main products are your own baked goodies like cakes, cookies, breads etc.

- You can also try home-based business like selling your homemade processed meat. Learn to make processed meat by attending a seminar or you can simply browse the internet to find articles on how to make processed meats.

- If you are one of those people who has talent in cooking then you can try a home-based canteen business. You can open your garage for a dine-in space. Or if you live near a manufacturing company, then you can talk to the management and offer them to deliver your goods.

- Party organization is also one of an easy to start home-based business. Party supplies (chairs and tables) rentals, balloons, giveaways, invitations are some of the things that you can offer in this small home-based business.

- Another popular home-based business is online business. There are lots of online businesses today that one can start with minimal start-up requirements. Mostly, you'll be only needing a computer and an internet connection.

Planning your Business

Now that you have chosen the right business for you and you have learned about the advantages and disadvantages, then it's about time to plan your chosen business. Whatever your business may be, small or big, you need to plan it. The more planning you do before start up, the better your chance of avoiding financial problems and be successful.

Here are some of the things that you need to do in planning your business:

- Know your goals and objectives. In planning your business, it is important that you have your goals so that you will know where you are heading for. It is something like before you drive, in your mind you know your destination. Without planning your goal you might end up wandering and getting lost.

- Know the manpower and skills needed to start and operate the business. In planning your business, you need to know the needed manpower and skills in order for you to evaluate if your skill is enough or you need to hire new personnel to augment the gap. If you did not plan this, the possible that may happen is you will have poor operation if manpower and skills are lacking. You need to plan it very well because if you will over estimate, you might have a greater operation expense.

- Know the income that your business will be needing in order to survive. If you want your business to survive then planning your business should include this factor.

- Know the financial needs of your business. In planning your business, you should also consider the amount of money you're likely to need. You need to know your initial investment.

- Know the chances that your business will fail. In planning your business you need to know when and why your business will fail. So that somehow you will also plan how to avoid it. If it is something that you really cannot avoid then do some contingency plans.

- Think of a good business name. Planning your business should include thinking of a good business name. Business name is needed in registering your business.

There are more about planning a business that you can find online or an entrepreneur books.

Disadvantages of Owning a Business

Just like other things, having your own business have also disadvantages. Following are some of these disadvantages:

•One of the disadvantages of having your own business is that it needs a greater amount of time. Greater amount of time especially if your chosen business requires you to operate on a longer time like grocery store, mini variety store, canteen and many others. If you don't like to work longer hours just be careful in choosing the right business. In this way, you'll eliminate this disadvantage of having your own business. I have written a blog about choosing the right business.


•Business requires greater amount of energy is another disadvantage of having your own business. Especially true if your business just started and you still have no workers. You will first work on your own and if the business got bigger and capable of paying other workers then that's the only time that you'll get people to work on you. Even if you have workers you still need to monitor and manage the workers.

•Not only that you need greater amount of money, but also greater amount of money is another disadvantage of having your own business. You need capital to start a business. How greater the money you need, depends on the type of business you chose, But, of course you can always look for banks or other institutions that can lend you money. You just have to pay for the interest.

•Another disadvantage of having your own business is that you tend to work on longer hours. Because it is your own business and you know that whatever you invest from it you will be also the one who will gain from it. If the business you chose is something about your interest and passion then you will surely like to work longer hours. Just make sure that you never forget other priorities like your family.

•Having your own business has disadvantages also in your social life. Because of your busy hours you tend to forget getting along with your friends. You sometimes forget that there's an outside world because you are focused on making your business successful.

•If you can have several bosses which are your clients is another disadvantage of having your own business. If your chosen business requires meeting with more clients then this you'll encounter this disadvantage.

•Another disadvantage is you will not receive regular check or pay. But of course it depends on the business.

Advantages of Owning a Business

Owning a business have lots of advantages. Below are some of those advantages:

•One advantage of owning a business is that you enjoy doing it because it is your interest and passion. Of course, you will not choose a business which is not your interest or passion. Since it is your passion, you will enjoy working longer hours if your business requires you to do so.

•If you have skill or experience on the business you have, then the advantage of owning this business is you’ll definitely make it easy to operate it. Your skill will best fit with it and will help you succeed in this business.

•If your chosen business does not require a specific time of operation, then the advantage of owning this business is that you have the flexibility of time. You can work on your own dictated time. Unlike if you’re employed, you need to work in specific time.

•Another advantage of owning a business is you will work because you like to work and not because your boss tells you to do so. You will work because it’s your own business and want to make it successful.

•If your business is successful, then an advantage of it is that you will earn more than an ordinary employee will earn. You will have a significant income that you cannot earn if you are an ordinary employee.

•Another advantage of owning a business is you help other people to find a living by giving them job.

•Depending on the business you owned, another advantage is that you can make a difference and make yourself feel more fulfilled.

•With your own business, if you work hard you gain more. And everything you do, you know it is for your own business therefore you will be more aggressive to work.

•Another advantage of owning a business is that you can implement whatever you want because you are the owner and the boss.

Choosing the Right Business

Choosing the right business is not easy. While reading and attending seminars about starting up a business, I learned some of the following tips in choosing the right business for you:

•Choose a business that you’re interested with. Something that you are passionate about like your hobby (baking, gardening, teaching, graphic designing, cooking, crafts). It was told that if you have your own business then you’ll most probably work more than 40 hours a week. So if you are passionate about the business you choose then you’ll definitely enjoy working longer hours.

•Choose a business that you think you’ll have a market. This is important because even if you are so passionate about the business you want to put up, but you don’t have a market for it, the business will not be successful.

•Choose a business that you think fits your lifestyle needs. If you want to have business at the comfort of your home because you’re the type of person that don’t like to travel or cannot travel then you can choose an online business. There are lot of online businesses that you can choose from. Just make sure to choose a legitimate one. Or if you want some flexibility in your time then choose a business that don't require a specific time of operation. Still, lots of online businesses can offer that flexibility.

•Choose a business that you think you can finance. There are of course lots of financial institutions that can lend you money for your business. But, mostly will only lend you money that you are capable of paying. If you cannot finance a big business then you can start small and let the business revenues provide the operational and growth capital you’ll need.

•Choose a business that is quite unique. With a unique business you definitely have no competitors or less competitors if it is not really super unique.

•Choose a business that you have experience or skill doing it. It will make you easy to operate your chosen business if you are skilled enough to do it.

Want to work at the same time take care of your kids?

Do you want to avoid the everyday rush, busy road or waking up so early? Or you simply want to work at the comfort of your home?

Then, you may want to try an online job or business. There are lots of ways. And you can find it on the internet. If you are eager enough then you will realize that it is true. Just be careful on looking for a legitimate one.

On my last post, I mentioned about how interested am I in having my own business. I tried a lot (not online businesses) but none is successful enough for me to resign from my day work. With the technology (affordable internet) and with the help of my friend, I learned a lot about online businesses and jobs.