With little sign that the current economic downturn is going to
improve, more and more ordinary people are striking out alone and
starting to run their own businesses from home. Given that the majority
of working class people don't have much disposable income, many of these
new ventures are failing due to offering products or services which are
simply too expensive. That's why it's essential to choose a business
which is recession proof. They do exist, and thousands of people are
taking advantage of the recession by offering affordable products and
services that meet the needs of today's demanding public. Not only this,
but they are meeting this need and earning money from the comfort of
their own homes.
Make a Business Plan
Even
if you don't put pen to paper, you need to think things through
thoroughly to determine the best business idea. Look for gaps in the
market and things which are popular but have the potential for
expansion. For example, because so many people are running businesses
from home, there is demand for web designers, virtual personal
assistants and accounts advice. If any of these business ideas interest
you, it's never too late to go and get the qualifications that you will
need to start up on your own.
When you think about your business
plan you need to consider whether there are any options for growth and
look to the future to see whether your business could cope with any
possible changes. You need to be brutally honest with yourself and try
and think analytically, although it's also important to trust your gut
instinct to a certain degree; if you have a good, positive feeling about
the business then you may regret it later on if you don't give it a
try.
Promote Your Home Business
You can
advertise your business for free if you use your imagination. Writing
your own e-book could give credibility to your business concept. I would
let potential customers and clients know that you exist and what you
are offering. Use this e-book as a platform to launch your long term
vision for the future. Use it to inform readers about your new products
or services and showcase your abilities which will help attract
customers.
Alternatively you can spend a little money and place an
advertisement somewhere or hire a freelance journalist to write a piece
about you and your exciting new business venture. Start off with the
local press and when your business really begins to take off you can
perhaps set aside additional funds for an ongoing advertising budget.
Selecting Recession Proof Businesses
Examine
the talents or skills that you have. If you feel that your skills are a
little rusty then you can always do a refresher style course at a local
college or enrol for an online course. Once you have identified where
your strengths lie, you are ready to try and start your own recession
proof home enterprise.
Statistics show that franchising is on the
increase so this is an area which you may consider. Look for franchise
opportunities which are growing steadily such as online travel
companies, web design or anything to do with the pet industry. If you
have a good business brain then perhaps you could start off your own
business coaching business to help other potential franchisees or
entrepreneurs reach their goals.
Look out for a business which may
offer additional niches which could potentially increase your earnings
by allowing you to extend the products or services that you provide. For
example, if you were to offer business coaching then perhaps you could
also offer an auditing service where you advise clients about their
taxes etc.
Tools you will need to get started
No
matter what line of business you decide to branch out into you, will
need access to a computer or laptop. This piece of equipment will hold
all of your business details from accounts to customer details and will
allow you to run your home business more efficiently. You will also need
access to the internet, a cell phone and any stock which you may
require in order to run your business.