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Step 1
Understand the two types of home-based businesses. The first type includes businesses that provide products and the second is businesses that provide services.
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Step 2
Decide whether you want to have employees or if you want to work part-time or full-time. This may help you decide what type of business to start. For example, if you choose to buy a franchise, you may need to hire employees. If you decide to open a business from scratch, you may need to work at least full-time in the beginning and then hire employees as you obtain more revenue.
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Step 3
Buy a franchise. By buying a franchise, you pay the company for the right to sell its trademarked products or services. This can be very costly, but a system is already in place for running the business and customers usually already know of the company.
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Step 4
Seek a business opportunity. Most of these opportunities come through network-marketing companies. The startup cost is generally very low and there is usually a business strategy already in place. However, it's up to you to market and advertise the business and build a client base.
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Step 5
Start a brand-new business. There are no royalty fees or initiation fees attached to starting your own business. You have the freedom to run your business as you choose, but there's no support or guidance either. Starting a business from scratch takes more self-discipline.
