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Buzz Words by Buzz Bezanson

Working for yourself ought to be fun. If it's not, you may as well work for somebody else.

Working for yourself however, is a business. At the end of the day you have to crunch numbers and show, eventually, a profit. If you don't keep records, plan your expenses, and set up a pricing formula, you are probably pursuing an expensive hobby. The trick, of course, is to combine both pleasure and profit.

A number of people start businesses to resurrect a beautiful dream that excited them when they were just a kid of 18 years. Whether that's your case or not, it's important to consider some basic business fundamentals. Your dream business may have to stay a dream or you may have to move to be in the right location.

Before you begin there are many questions you need to ask yourself. Probably the most important concerns your willingness to learn new skills.

Business skills can be learned. For most, mastering new skills and developing the confidence to take on new challenges is part of the fun. And for me, well worth it.

Now to the basic checklist. This will help you better plan or place your idea or dream in a clearer and more critical light. Mull these points over carefully.

• Simplicity -- Items must be easy to obtain or manufacture, and be free of complex negotiations, contracts, etc. from suppliers and/or customers. The less complex your product or service, the better your chances of wealth building.
• Low Capital Investment -- Most home businesses are stared with between $500. and $2000.
• Quick Turnover -- Choose a product that will sell fast. The faster you sell the better your chances for making the business a success.
• Small Labour force -- Choose a product or service you can work on alone. Labour costs money and required supervision time.
• Little Inventory -- Avoid a business where you must maintain a warehouse full of expensive inventory. This ties up your capital and can lead to big expenses and low profits Generally, a two month supply of product is considered adequate.
• Miniature Lightweight Products -- These types of products make for easy shipment, lower shipping costs, and convenient storage.
• Demand -- Consider something that almost everyone can use or serving a specialized need to clearly defined audience. Good money can be made in both cases.

Most craft items meet these criteria. So what are you waiting for?

Buzz Bezanson is a successful author and seminar leader based in Surrey, BC, Canada. For more information on his books and seminars, Buzz may be reached at 6432 188 Street, Surrey, B.C. V3S 8V1 Phone 604-576-4783.

Other articles by Buzz Bezanson:
Self Employment Can Offer a Secure Future

Plan of Attack Beats Lottery Schemes

Back to CRAFTLINK Taking Care of Business

Back to CRAFTLINK Professional Panel

Back to Meet the Get Creative! Experts