Online Business

How To Start A Home Business For Founders And Entrepreneurs

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on 20/09/2021
how to home business
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  • If our goal is to generate passive income it is ideal to start a Home business
  • It is best to start in a small setup and keep our expenses very low.
  • The logic should be reasonable efforts and multifold benefits.
  • A lean organization structure of very very minimal man force and with minimum infrastructure is ideal.
  • This kind of small setup requires only a limited amount of supervision and regulation of efforts.
  • Let us analyze the basic factors to start a Home business and how the land for sale business can be considered as the best option for a Home business.

     BE SMART IN IDENTIFYING THE BEST HOME BUSINESS

  • There are plenty of opportunities for home business. Some of them are listed below
  1. Catering to a limited number of selective people
  2. Catering to many without a particular list of people.
  3. Stock exchange consultant to selective people
  4. Stock exchange consultant for whoever approaches.
  5. Tailoring ( stitching ) on an order basis.
  6. A small setup of GYM with a limited number of modern GYM equipment
  7. Beauty parlor for men/women
  8. Conducting coaching classes for meditation, cookery, etc
  9. Manufacturing house cleaning solutions, soaps, candles, etc in small volumes.
  10. Taking Tuition classes for students.
  • By listing in this way, we can find many more opportunities in plots in Guduvanchery
  • The choice will depend on our taste and our skill.
  • But we must not only give importance to our taste and our skill. Above all, we have to consider the fact that maximum benefits for smart work.
  • Be clear about how to channelize our efforts in a proper way to do lucrative business.
  • For this, we have to analyze in the following way

 

Untapped potential

Market demand

Space requirement

Manpower requirement

Infrastructure requirement

 

  • The analysis of untapped potential and market demand will help us to determine what type of business to be started and how much we are going to get benefitted.

 

  • The analysis on space requirement, manpower requirement, and infrastructure requirement will help us to determine how much capital is to be invested initially and to be spent month-wise to run the business smoothly without interruption.

 

       UNTAPPED POTENTIAL

  • The most important thing for any successful business is identifying the untapped potential areas with a limited number of players.
  • This is mainly to get regular business shares without fail on a regular basis in land for sale.
  • At the same time, we must be very particular about the competitors and be sure that a limited number of people are in our field.
  • Otherwise, the chances of losing business will be higher.

 

        MARKET DEMAND

  • Matching the demand plays an important role in successful growth in a business.
  • For this purpose do a proper SWOT Analysis
  1. Strength – Nature of Business and its growth
  2. Weakness – Possibility of unexpected changes In rules, laws, and regulations.
  3. Opportunities – Constant demand and possibility of future growth
  4. Threats –  Presence of unethical business doing people and their competition
  • Select a strong business with consistency and growth opportunities with a limited number of threats.

 

       THE INVESTMENT IN SPACE, MANPOWER, AND INFRASTRUCTURE

  • Try to limit the space requirement as much as possible.
  • By limiting our space requirement, we can avoid a reasonable amount of money to get blocked in space investment.
  • We can use the saved amount for other business developmental activities.
  • When we concentrate on Manpower, there is no need to concentrate on highly qualified people with high skills.
  • The highly qualified and highly skilled people will demand a high package for their service.
  • It is better to select people with reasonable knowledge, qualification, and skill.
  • Then we can provide a short duration of training for them to get well equipped with our job skills.
  • Here also, we can save money to some extent and utilize that amount for the welfare of the manpower and also for their emergency needs.
  • The quality of infrastructure is very important for best results and growth.
  • We should not compromise or reduce the money to be spent on tables, chairs, computers, laptops, and all other business-related infrastructures.
  • Ergonomically designed chairs of good brand and quality should be used to enhance stress and strain-free quality working hours of the manpower.
  • Electronic gadgets like computers, laptops, etc should be of the latest versions from standard branded companies.
  • The quality of electronic gadgets should enhance the trouble-free operation and also the manpower can be relieved from fatigue.
  • This will help the manpower to give their best
  • No compromise on the money to be spent on infrastructure. It is always an investment for the best results.

 

       HOW CAN WE CONSIDER REAL ESTATE BUSINESS AS THE BEST  OPTION

  • The strength of the business is its growing nature. The Chennai city expands beyond its city limits and the nearby suburb areas are seeing development in the real estate business.
  • The growth opportunities are tremendous due to the constant increase in the demand for land for sale in Chennai from all the categories of people.
  • Also, the growth in the migrant population from other parts of Tamilnadu and other cities increases the day-by-day demand in this land for sale business.
  • The weakness and threats can be converted to positive things by doing a quality service and developing the confidence of buyers in our reliability, integrity, and trustworthiness.
  • The investment amount on space can be reduced by converting one of our 100 – 150 sq. feet rooms of our house into a working place.
  • We can select 2 people for telecalling and one for a market visit and put our quality service.
  • We can select the people on the basis of the capacity of understanding skill and responding to the queries skill in a good manner.
  • Not much qualification is required and only training of one week will make the manpower to excel in real estate transactions.
  • So the amount to be spent on the manpower salary can be saved to some extent.
  • A limited number of quality branded electronic gadgets must be purchased to get and establish our name in the business.

 

        CONCLUSION 

  • Even though we plan for a Home Business, we have to see the potential and demand by doing a SWOT analysis.
  • Always adopt a smart way of doing Home business
  • Familiarise and update ourselves with all the latest developments of our Home business.