1. I have a PC, a scanner, a printer
and a home office—how can I make money at
home?
In hundreds of ways, ranging from providing office support
services and designing Web sites to pet-sitting and running a
personal chef business. After all, you have the tools necessary for
almost any business today.
To narrow the field and find your perfect business, you
must answer three major questions: (1) What motivates you? (2) What
skills do you have or are you willing to learn? (3) Which of your
skills will people pay for?
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2. How do I determine whether
there's a market for (fill in the blank)?
Contrary to popular opinion, most true entrepreneurs aren't
big risk-takers. They want to know what people will pay for before
they risk time and money putting their ideas on the market. The two
best ways to determine market viability are to ask prospective
customers and to contact others in the field. While local
entrepreneurs may regard you as a potential competitor and be
reluctant to share market information, you can find contacts on the
Web on "online forums," dedicated Web sites found through
search engines and newsgroups via dejanews.com. Also, industry
trade associations sometimes research the market and publish the
results in newsletters and special reports.
3. How much should I
charge?
The price you charge for your product or service should reflect
four elements: (1) your salary, including "benefits" such
as health insurance, (2) ongoing costs of being in business, i.e.,
your business overhead, (3) your direct costs (materials, travel
expenses, etc.), and (4) a profit with which you can build your
business. Your price needs to be high enough to cover those
elements, but not high enough to turn off people otherwise willing
to do business with you. Starting out, you may wish to base your
price on the median of your competitors' prices or at a point
just below the going rate.
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