- If our goal is to generate passive income it is ideal to start a Home business
- It is best to start in a small setup and keep our expenses very low.
- The logic should be reasonable efforts and multifold benefits.
- A lean organization structure of very very minimal man force and with minimum infrastructure is ideal.
- This kind of small setup requires only a limited amount of supervision and regulation of efforts.
- Let us analyze the basic factors to start a Home business and how the land for sale business can be considered as the best option for a Home business.
BE SMART IN IDENTIFYING THE BEST HOME BUSINESS
- There are plenty of opportunities for home business. Some of them are listed below
- Catering to a limited number of selective people
- Catering to many without a particular list of people.
- Stock exchange consultant to selective people
- Stock exchange consultant for whoever approaches.
- Tailoring ( stitching ) on an order basis.
- A small setup of GYM with a limited number of modern GYM equipment
- Beauty parlor for men/women
- Conducting coaching classes for meditation, cookery, etc
- Manufacturing house cleaning solutions, soaps, candles, etc in small volumes.
- Taking Tuition classes for students.
- By listing in this way, we can find many more opportunities in plots in Guduvanchery
- The choice will depend on our taste and our skill.
- But we must not only give importance to our taste and our skill. Above all, we have to consider the fact that maximum benefits for smart work.
- Be clear about how to channelize our efforts in a proper way to do lucrative business.
- For this, we have to analyze in the following way
Untapped potential
Market demand
Space requirement
Manpower requirement
Infrastructure requirement
- The analysis of untapped potential and market demand will help us to determine what type of business to be started and how much we are going to get benefitted.
- The analysis on space requirement, manpower requirement, and infrastructure requirement will help us to determine how much capital is to be invested initially and to be spent month-wise to run the business smoothly without interruption.
UNTAPPED POTENTIAL
- The most important thing for any successful business is identifying the untapped potential areas with a limited number of players.
- This is mainly to get regular business shares without fail on a regular basis in land for sale.
- At the same time, we must be very particular about the competitors and be sure that a limited number of people are in our field.
- Otherwise, the chances of losing business will be higher.
MARKET DEMAND
- Matching the demand plays an important role in successful growth in a business.
- For this purpose do a proper SWOT Analysis
- Strength – Nature of Business and its growth
- Weakness – Possibility of unexpected changes In rules, laws, and regulations.
- Opportunities – Constant demand and possibility of future growth
- Threats – Presence of unethical business doing people and their competition
- Select a strong business with consistency and growth opportunities with a limited number of threats.
THE INVESTMENT IN SPACE, MANPOWER, AND INFRASTRUCTURE
- Try to limit the space requirement as much as possible.
- By limiting our space requirement, we can avoid a reasonable amount of money to get blocked in space investment.
- We can use the saved amount for other business developmental activities.
- When we concentrate on Manpower, there is no need to concentrate on highly qualified people with high skills.
- The highly qualified and highly skilled people will demand a high package for their service.
- It is better to select people with reasonable knowledge, qualification, and skill.
- Then we can provide a short duration of training for them to get well equipped with our job skills.
- Here also, we can save money to some extent and utilize that amount for the welfare of the manpower and also for their emergency needs.
- The quality of infrastructure is very important for best results and growth.
- We should not compromise or reduce the money to be spent on tables, chairs, computers, laptops, and all other business-related infrastructures.
- Ergonomically designed chairs of good brand and quality should be used to enhance stress and strain-free quality working hours of the manpower.
- Electronic gadgets like computers, laptops, etc should be of the latest versions from standard branded companies.
- The quality of electronic gadgets should enhance the trouble-free operation and also the manpower can be relieved from fatigue.
- This will help the manpower to give their best
- No compromise on the money to be spent on infrastructure. It is always an investment for the best results.
HOW CAN WE CONSIDER REAL ESTATE BUSINESS AS THE BEST OPTION
- The strength of the business is its growing nature. The Chennai city expands beyond its city limits and the nearby suburb areas are seeing development in the real estate business.
- The growth opportunities are tremendous due to the constant increase in the demand for land for sale in Chennai from all the categories of people.
- Also, the growth in the migrant population from other parts of Tamilnadu and other cities increases the day-by-day demand in this land for sale business.
- The weakness and threats can be converted to positive things by doing a quality service and developing the confidence of buyers in our reliability, integrity, and trustworthiness.
- The investment amount on space can be reduced by converting one of our 100 – 150 sq. feet rooms of our house into a working place.
- We can select 2 people for telecalling and one for a market visit and put our quality service.
- We can select the people on the basis of the capacity of understanding skill and responding to the queries skill in a good manner.
- Not much qualification is required and only training of one week will make the manpower to excel in real estate transactions.
- So the amount to be spent on the manpower salary can be saved to some extent.
- A limited number of quality branded electronic gadgets must be purchased to get and establish our name in the business.
CONCLUSION
- Even though we plan for a Home Business, we have to see the potential and demand by doing a SWOT analysis.
- Always adopt a smart way of doing Home business
- Familiarise and update ourselves with all the latest developments of our Home business.
