A Simple 6 Step Guide
to Starting a Home-
based Business
Nichelle Womack, MBA

Vision Statement
.
Are you sick and tired of building the
life and lifestyle of someone else?
YOU CAN CONTROL AND OWN
YOUR DESTINY

Goal and Objective
Many dream about owning their time, not
punching a clock and creating a life of freedom
by owning their own business. It’s easier said
than done because many won’t make it past
the wish list. Yes.. the wish list! People wish
but they never do. Why??? Because society
has brainwashed many into becoming wage
slaves and many have become imprisoned in
their own dreams that never become a reality.

Reality Check…

Truth be told…
You can own a business and work a job.
However to have one without the other is
giving one too much control over the other,
especially in an uncertain economy. Many do
it everyday and remain vigilant in building a
legacy outside the J.O.B! In fact, I did it for
years with no complaints. My job gave me the
leadership skills, the extended training and the
knowledge to begin to build the business of
me.

What if the only things that
stands between you and your
dreams are the excuses that you
have accepted as the truth? -
Lewis Howes

What’s Money?

So…. It’s really not about the money, it’s
about the freedom that money gives you
and the flexibility to do what you want to
do. If you had more freedom to do the
things you enjoy, money wouldn’t ever be
an issue. This 6-step guide will assist you
with the beginning of this journey.

Don’t work 8 hours for a company then go
home and not work on your own goals.
You’re not tired, you’re uninspired!

Assess what you know
You know what you are good at and what you are not so
good at. If you understand this, you are one step closer
to starting a business than most. Being able to identify
your strengths and your weaknesses is a skill that many
do not possess. This can help you gauge if you are
suitable for embark on a home business especially in your
area of interest. As a home business owner, you will need
to run a lot of tasks on your own, from planning, business
management to the field work. You must always be
multi-tasking. Make sure you can carry out the tasks
needed.

Test the need in the market
• Make a shortlist of your ideas so that it contains only
those ideas that can work for a home business.
• Be practical, yet think outside the box. Assess whether
people will want to spend money on the kind of
products or services that you intend to offer, how
much and whether this will generate sufficient income
proportional to your never ending or sometimes
simple effort.
• If no, get back to Step 2 for more ideas. You must
always be in the planning and building process. Being
persistent is important at this stage because many
people give up after climbing the first obstacle.

Understand the legal barriers to entry
There are many.. depending on what you want to do and
where. Check if there are any rules or regulations
controlling the starting up of a home business in your
state or country and more importantly, your municipality.
This can be a hurdle and a turn off at the same time. If you
don’t follow the law, not only will you pay, you may be
turned off from the process from the start. If their are
barriers, figure out how you want to get around them and
make your business happen. Don’t allow these specifics
hinder your dream, your progress and your success.

Determine the amount of capital you
need
Money, money, money… It’s a real conversation and topic that
stops many in their tracks when talking about starting a
business. If someone tells you it’s free to start a business, you
better run. It’s simply not true and so very close to a lie! First,
you must calculate the amount of money you need to start up
your home business. The cost should include the purchase of
any equipment, the hiring of any professionals (e.g. lawyers),
insurance, marketing materials, licenses and so forth. You
might not be familiar with all these so take your time to do
some price checking and bargain hunting to make certain you
are getting the best match for your business and money.

Execute and plan
This is the most important step! Once you have obtained a clear picture
from Step 1 – 5, it is time to lay down your business plan. Find out your
break-even point and how many products you need to sell in order to
earn your investment.
None of this advice will work or even matter if you don’t incorporate
the most important element called “ACTION.” You can complain about
the game or get in the game and start making a profit while building a
legacy. You can’t leave your J.O.B to your heirs, kids or your family,
but you can leave a business and continue to create generational wealth
as a part of your legacy.

Take Action..
Take ACTION today to start a new life and own it! As an
MBA graduate and PhD soon to be graduate and over 20
years in business for myself, I often have people coming to
me for advice about how to start a business, how to restart
a business, how to market a business and how to grow a
business. I’ve created a course based upon the hundreds of
thousands of dollars I’ve invested in education, trial and
error and everything in between. If you are ready for a new
life or just seeking to add additional income to your
personal portfolio, sign up today

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