Biz Tips : HOME BASED

Salam , Did you registered for SIMPAN Challenge? Do it NOW

With the economy is been said that the worst is over BUT the recovery is not clear. This mean that it might be a very though time ahead for many of our society.

And during this festive season many will try to do something extra on making some money . Doing something from home is always the best thing to do if you want to start a business. It has been proven that many successful businesses started from home.

AbangAbu encourage every family to start something from home. And today AbangAbu want to share some questions that you need to ask yourself before starting from home. So if you want to start a home based than you have to ask yourself this HOMEBASED

Here we go

H- Have you?

Got the discipline to motivate your self and work without supervision?

O – Overall Cost?

What is the overall cost and money that you need in order to start the business.Marketing cost, production and material and ect.

M – Market?

Is there a market for your product or services? Do a market research before doing it? Ask around and get feedback before you jump in to what you plan to do.

E – Enough income?

Well , this is something that very important to those who already have family and responsibilities. If you want to do a business make sure that you have enough income to cover your basic commitments. Save and build up capital before you start your own. ( dont borrow)

B – Business Plan?

Do you have a business plan? Many overlook and some dont take it seriously. Well A business plan is something that will give you the direction and purpose of your business. No matter even it is a home based you must have a business plan. And when i said Business Plan it is not that you need to spend hundreds and thousands to get it done but just a simple on what you and you business what to do. A simple one.

A – Allocation of time?

This is for those who also have other job to do.  Can you allocate your time for the home based thing that you want to start. And can you commit the hours on regular basis and not a one off. You have to be serious about this .Many home based business failed because this element.So make sure you allocate the time for home business on regular basis.

S – Skills?

What skills that you have that can be turn into a business? Example cooking, writing, sewing and etc. Also what skill that you lack that you will need to learn? Example marketing, presentation, accounting, and etc. This is key in making your home based business turn out to be  a huge success.

E – Earning Potential?

Well, It is ovious that everyone start a business to make money ,however many did not know if the business that they start can be profitable or not.Do your home work on this. Before start do a calculation on whether the product or services that you want to do have the earning potential and can it be profitable.

D – Do It Legally?

Many fail to do this. When we just started the home based it is okie to do without a proper license or business registration. It can be a trial period or test the market period. However , when you homebased business start to give you a good income and you feel like growing your business than AbangAbu recomend you to make it legal by register it proper and get all the neccesary licenses from relevent aithority. You can Approach your business chambers and they can guide you as well, In todays techonology world it can be done via internet as well.

Abang Abu believe with this all of you will start something from home as this is a way to show that the malays are responding to the advice from PM Lee during his rally speech. Lets build Malay own brand business.  Insya Allah AbangAbu and Sujimy will be launching A business Start up kit to help all in our community to get started in business.

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