How To Start Your Own Business

how to start your own business anksimageMost moms I know are more interested in working from home, rather than going back to work. It gives them more opportunities to enjoy their kids, choose their work hours, and control their financial situation. Here’s my take on how to start your own business..

How to Start Your Own Business

If you’re interested in becoming an entrepreneur (or simply understand how to start your own business), do a SWOT (S – Strengths | W – Weaknesses | O – Opportunities | T – Threats) analysis first.

Check the Strengths

There are many work-from-home career opportunities. For example, jewellery designer, data entry operator, programmer, virtual assistant, and so on. If you’re not sure what vocation to choose, take some time to evaluate your strengths.

What are your educational qualifications? What about your previous work experience, if any? Maybe now’s the time to turn your passion into a career. Keep an open mind and check your strengths, that’s the number one priority on how to start your own business.

Mind the Weaknesses

Next, concentrate on your weaknesses. For example, if you want a career in programming, answer these – are you in sync with the latest programming languages? Do you like sitting long hours staring at the screen or going through thousands of lines of code to fix bugs? Can you afford to dedicate long hours (maybe night time hours) to this career?

List the Opportunities

Now’s the time to list your opportunities – do you know people looking for a programmer like you? Do you know where to market yourself as a programmer? Will your previous work experience give you credibility as a work-from-home programmer?

This is the step where you have to become shameless. Don’t just count the opportunities directly related to you. Maybe your husband knows people who can forward your career. What about your parents, or in-laws? Don’t even spare your Ma’s younger brother’s brother-in-law!

Tackle the Threats

Your very first threat can very well be your baby for whom you’re going through this analysis. Do you have help who can take care of your baby while you’re working? Is she going to school? Is your family on board to support you – emotionally and financially?

One constant threat I’ve faced myself is the Reserve Bank of India upsetting PayPal India with its new rules and regulations from time to time. Due to this, there have been times when I’ve had to refuse services to clients outside India.

In Conclusion

Starting your own business is not a piece of cake. Even if you’re doing everything right as per this how to start your own business guide, chances are you will see a glimmer of profit only after a year or so. So it takes a lot of patience too, not to mention unbelievable support from your family. If you’re NOT really looking forward to months of uncertainty and truckloads of whining and cursing (using non-curse words so that your baby doesn’t pick up bad words), it’s best you go back to your old job, and pick this up when you have a better results on your SWOT analysis.

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