“It is critical that a business remains lean. We took out sequential small SBA loans as needed. Define the minimal viable product or service you need to begin bringing in revenue and fund that. Through that initial influx of cash, you will learn what is most important to seek funding for and what can be pushed down the line while organic cash flow develops.”
Great ideas about a home based business. However, we all need to understand that most ONline and OFFline buisnesses fail about 90% of the time. Franchises seem to do some better but they have challenges too. Our goal is focused on building a PLAN B to help build financial security. After 32 years in the trenches as an entrepreneur, we invite you to visit our website, join us as a subscriber too where we share about our lumps and bruises in business owners.
Antiques, baked goods, catering, gourmet pet food, daycare, massage therapy, nanny service, personal chef, personal shopper, personal trainer, photographer, tutoring, wedding planning, wine consultant. You might create your own brand of homemade pet food and set yourself up to sell it on your own website. Parents and even older post-graduate students are usually very willing to part with dollars if you have the appropriate background to help them or their kids ace that next important test. As for catering, why not deliver homecooked meals from your own kitchen? Who says you have to invest in a commercial setup and do large events for hundreds of guests?
You love dogs? You’re good at taking care of them? You want to open a dog-boarding business? Just make sure you’re prepared. Sure, it’s a great opportunity, and it’s totally doable—with some planning. Make sure you know your local zoning laws and, perhaps more importantly, make sure your neighbors would be OK with some extra noise and activity around your place.
Once you determine your customer personas, it’ll be time to do research and ensure there are enough customers available to make your business a success. The type of market research you do for this depends on your business. If you’re servicing local customers, you want to ensure there are enough prospective customers physically located near your business to make it successful. If you’re an online-only business, you need to focus on where customers are spending time online versus if they live near your home.