Work at home Wednesday - Starting a home based business - part one

Throughout the three and half years I have been running Addie Kate Creations I have encountered many moms both online and in real life that would like to find a way to work from home. In my opinion one of the best ways to accomplish this is to find a way to turn an interest or hobby into a service or product you can sell online.


I have learned quite a bit through the years about getting a business off the ground and thought I might be able to share some advice with others hoping to do the same. Today I will cover one of the first steps in getting started with an online business.


Choosing what it is you will be selling or offering.


When choosing what type of product or service you will be selling consider these important questions.


If you are making a product what is the time involved to produce it?


When considering this question think about the time involved in gathering needed materials, producing the actual product, packaging the product and shipping the finished goods. It is a good idea to go through all the steps for a prototype to get an accurate timeline. Many aspiring business owners are overwhelmed when they receive their first order and realize the entire process is more involved than originally expected.


What are the cost of materials?


Research the costs of your supplies as extensively as possible. See if any of the supplies you need can be acquired with a wholesale discount once you have your business license. Order sample materials to ensure they are of a quality you are happy with. Don't forget to consider packaging and shipping supplies when calculating your costs.


What are similar products selling for?


Spend time creating a list of competitors and finding the range of prices of your product. Consider whether you want to be at the high end, low end or somewhere in the middle. Pricing is a complicated process and I will create a more specific post about pricing in the future. To start though ,seeing the range of prices in your market is a good first step.


When will I have time to produce the product?


When deciding on what to sell think about your time constraints. Are you hoping to work form home with your kids present? Will you continue to work while building your business? These questions can help you choose a realistic venture when first starting out.


Asking yourself these questions can help you narrow the scope of your business venture to include items that can be produced in the time you have available. It will also help you determine if your item has a profit margin that will generate a decent income for you.



Hope this tip helps! I look forward to sharing more next week!