Thanks a lot for the advice and encouragement you send me.
I believe it’s better for me to work at home, so I can look after my family.
The problem can be the capital to start the business. In my country this is difficult to find.
Capital is difficult to find in every country. Investors want to be sure that you will repay their investment and provide them with a profit.
Otherwise they will prefer to invest their money in a bank, where they are more likely to make a profit.
The exception to this may be if you are borrowing from family. In this case they may be prepared to waive the requirement for the return of the capital and a good return on their investments.
BUT they may not, and if something unforeseen arises and they need the money back quickly, or are not happy with the return you earn for them, this can cause family problems.
So think carefully before you borrow from family.
Also remember that investors may well want to take a stake in your business. This is so that they can exert some control over the running of the business, and so that they can ensure their investment is returned to them with interest. Do you want to give up a share of the business and be answerable to partners and shareholders?
Not all businesses need capital to start them. In a lot of ways it is better if you can start small and use the money you make to plough back into the business, and grow slowly and manageably, retaining ownership and control.
So think carefully – could you use your own money, or get a small loan to start you off?
On the other hand you want to be sure that your new venture is not hampered by lack of capital .So you need to draw up a business plan with a cash flow forecast.
You can sign up to our sister website;-
The first module covers advice and information on many aspects of how to start a business, including how to write a business plan and produce a cash flow forecast. It also explains how to research the market and some ways you might seek funding.
One other point – you say you want to start your own business so you can work from home and look after your family. Don’t mistake running your own business for any easy life – it often requires more input and effort than working for someone else, not to mention the fact that a salary is not guaranteed.
It can be more flexible in terms of choosing your own hours though, depending on the business
Remember to weigh up all these factors before you make a decision.