Determine your interest
Determine your interest first. Since you will be doing business at home, you should invest in something that is not beyond your control, expertise and interest. Determining your interest will take a little effort as there must be several things that you feel you are good at doing.
For instance, you may be a good writing, or golf may be the best sport in your opinion. In that case, you can think of selling golf gear can start providing writing services. Once you have determined your passion and interest in a particular field, you can start making a plan. Make a list of all the businesses you may want to start.
Talk to people already doing home-based business
The best way to get an idea how you can go about setting up a business at home is to talk to people who already been doing this. Starting a business at home may sound like a nice idea, but there are some complications and hurdles that may stop you from realizing the true potential of your business. Ask people about the cost of doing business such as labour cost, equipment cost, shipment cost and other expenses that are inevitable in any home based business.
Arrange some capital
Once you have made a plan on paper, it is time to raise some capital to implement your practical strategy. If you already have enough capital, you can invest it in the business straight away, but if you are having a hard time arranging money, you can wait until you are in a position to get everything ready.
Starting business on a loan may get you in unnecessary trouble as new business may not be able to generate enough cash to support your costs and initial expenses.