Starting a Home Business? Start Now – Start Small
March 19, 2009 by Jean Murray
With the downturn in the economy expected to last a while, it may seem that this is not the time to make your dreams of owning your own business at home a reality. But if the only reason you are hesitating is fear, then put that fear aside and get started. If you start now and start small, your business will be in place when the economy takes off.
It takes time to get started. There are many tasks involved in starting any business, and 10,000 decisions to make. And you know the rule: everything takes twice as long and costs twice as much as you think it will. So getting started now makes sense. You can begin to build the systems that you need now so you are ready when the business takes off.
Starting small keeps you sane. I know lots of business people who think they need to start with a BANG. They put out publicity and get people coming to their doors wanting their products or services before they are ready. If they don’t have their systems in place, they lose customers because they can’t deliver. What a mess!
You probably don’t need a loan. If you start a home business, you will not need a loan to buy or lease a building, and your equipment needs may be minimal. You may need some cash for working capital (money to pay your business and personal bills while you are getting started), but a smaller loan should be easier to get.
Starting small gives you time to plan. If you begin now and begin small, you can do the marketing research to figure out who your customers are and how to reach them.
Starting small helps your home life. Your family can get used to your hours and you can ease them into the idea that you must work certain hours and days. A slow start keeps everyone happy.
If you start in a big way, you may find yourself way beyond your capabilities. For example, if you do a splashy grand opening in the newspaper and you have many clients, you may not be able to serve all of them. Then you risk alienating some people and losing sales.
Starting small is best for your finances, your systems, and your sanity. After all, you need to make money, but you also want to enjoy the ride.
Good points! I think starting small is definitely a way to test the waters. You can try implementing marketing strategies on a small scale to see what works and what doesn’t! It also requires a smaller investment, which is key in today’s economy.