The ten rules of choosing the best home business opportunity.

For those individuals who are looking for a home based business the number of options available is unlimited. And that makes the process of choosing, the most beneficial opportunity, and the toughest thing to do. Once the beginner has compete information collected on all of the most likely businesses that he can start with, he is faced by the dilemma of how to choose from the various options. With the help of this article any individual would easily be able to arrive at the most suitable business proposition. We have enlisted in this article a list of ten rules which will guide you through the complete process of choosing the right business opportunity, and thats the reason we love to call these ten rules as the Ten Commandments of home business.

Rule 1: A business idea may come to your mind and you may want to jump on and get going with the idea, but dont do that. Rather look around for more options of starting a home based business. You can collect information on the various Home base business opportunities that exist around you with the aid of specific trade magazines, market trends, books, information from local offices who help with the setup of small businesses and but of course the biggest pool of information that is the internet.

Rule 2: Once you have a detailed list of the types of business that can be carried out from the comfort of your home, its time to analyze each of them with respect to your personal interest and liking. When analyzing these you must keep in mind what your goals, your interests, your capabilities and your needs. Whatever you may choose, it must be something that you enjoy doing the most. Relate the business idea to your personality and lifestyle as closely as possible. You must have a deep liking and passion for the kind of business you enter into, if you dont then you may never be successful in your new venture.

Rule 3: The next step will be to find out from your list, of the business opportunities, those ideas which are not only personally satisfying but are profitable as well. For all the business propositions that you have a liking you must now start evaluating what is the potential for each of these businesses. That is you must answer questions like

• How much demand exists for the business and its products

• Will the business be able to produce recurring income

• Is the market saturated for this business idea

• What are the costs involved

• Are there any barriers to enter this field

• How much is the profit margin and can economies-of-scale be realized

• How much manpower and with what skills is required along with the kind of cost that will go into the manpower management

With these Questions answered you will be in a better state to decide which idea from your list has the maximum market potential. This will involve a lot of research and calculations to determine the viability of the business idea, specifically with regard to the financial aspect. You will need to determine your financial needs, make projections and arrive at a break even analysis.

Rule 4: You must now analyze whether you will be able to handle the business on your own or with the minimum amount of employees that you may need to hire. You will have to determine the specific requirements with regards to the number of people you need to employ and what each of them would be doing. That means you should have a detailed list of the tasks that will be required to be performed to run the business effectively.

Rule 5: Plan up in the work area, to determine the amount of space that you require and how to fit your equipments and gadgets within the work space. You have to plan up in such a way that you are able to make the maximum use of the limited area that you may have. You may also want to make partitions within the area, to provide separate area for separate tasks. If some part of the space is to be used for public contact you will need to decide on the kind of ambiance that you wish to create in this area. When planning the area see to it, that there is no interference and that each work can be done without any problem.

Rule 6: Depending upon the type of business you will have to meet up with the safety standards set for that kind of business. That is especially true when you are using chemicals, equipments or any other harmful substance. You must ensure that you are capable of implementing the safety standards for your choice of business. You will also benefit by inquiring about to this safety standards required for that business from the local authorities of from professionals who help in setting up such business.

Rule 7: Each business has a different requirement for the kind of insurance coverage and you may be able to get the specifications from your insurance agent. There are Different types of insurance policies for different aspects of the business like property insurance, liability insurance and employee related insurance policies.

Rule 8: Compliance with the zoning laws of an area is a must, and information on this can be had from the city hall or the planning officer of that area. There are regulations about what business can be carried out from a specific location. Not complying with the zoning law and ordinances may force the local authorities to stop you from operating your business, and that shouldnt happen when you have invested a lot of money into it.

Rule 9: Give your familys schedule a thought, and decide on the most compatible business option. This means that you need to see how much time you will be able to spare out for your business, keeping the family needs in mind, as also will you be able to travel outside the house for business purpose without facing any problems in the family.

Rule 10: If you want to have a successful home run business it is important that you get all your family members involved in some way or the other. If you all work as a team, you may not need much help from outside and at the same time you will all have a far more satisfying experience and also good understanding. You can also save the money that you were to give if you would have hired some other person for this.