Starting your own business can help you achieve a better work life balance and earn some extra money by working from home.

If you have a family with young kids the ideal thing might be to start and run your new business from home then you can choose exactly how much you do and the hours you put in, thereby fitting your work around the family.

But there are a lot of questions to ask yourself before taking the plunge...

• what business idea will you take up?
• Will you take the leap and go into business full time or stay with your regular job to see how things pan out first?
• Do you need to finance for your business and if so how will you raise it?
• Do you know your competition?
• Do you have the right technology?
• How will you market your business?

All of these are points to consider before embarking on your venture.

I just can’t stress this point enough!

Running your own business can be hard work, doing something you enjoy and are interested in will help keep you motivated and determined to forge on to build your business, so whatever you do, make sure it interests you!

Do you have a hobby or particular interest which you can use to start your new business?

For instance, if you like making unique jewellery and already do it in your spare time, are your products good enough to sell and wouldn’t you love to get paid for something you would do anyway?

Or maybe you are interested in Photography, do you have the ability to take photographs that people will pay for? Family Portraits, Weddings, Sporting Events are amongst the many themes you could specialise in.

Once you have an idea for your business you have to think about how you will put it into practice.

In order to sell your product or service you, like any other business, need one thing to succeed…. CUSTOMERS! Who is going to buy your product or service and how will you reach them?

If you sell will it be by EBay, mail order, locally, at craft fairs etc.? You need to seriously think about this because if you don’t have the customers your business may never be the roaring success that you would like it to be.

Unless your business idea is so unique that there is no competition, you need to research your competitors. Can you do anything different or better than them that will make customers come to you instead?

Check local directories to find your competitors then see what they have to offer, think of something which will give your business the edge over them.

Writing a business plan is probably not as difficult as you think, you can find some good examples online which will help get you started.

myownbusiness.org gives a good guide to business plans and is well worth reading.

If you are still struggling check free sample business plans where you will find some free sample plans.

In the UK Barclays Bank offer a Free Startup Guide Business planning advice for small business

The UK Government also has a Business Link Website which is worth checking out for help and advice on planning.

Does your new business need finance to get it off the ground? There are a number of ways you can raise the money required ranging from your own personal savings to obtaining a bank loan. In addition, check whether any grants are available from your Government, do some more research!

Well, if you are reading this, you will already have a computer, which you will need for email and internet access, some book-keeping software would also be useful for keeping your accounts up to date.

A good web site is a great marketing tool and is potentially a great source of income.

Whatever kind of business you set up, good sales and marketing are essential.

You have already researched your competition, now you need to learn more about your customers so that you can tailor your business to suit their needs.

Once you have done that you need to let those potential customers know that you are there. You should consider advertising and building a web presence. If you can be found on Google then you are part way there to getting more customers!

All businesses are ultimately about people, and that means networking. Apart from joining any local trade associations and playing an active part in those, you can use online social networks too such as MySpace and Facebook.

If you are already working you don’t necessarily have to quit your job to start your own business. Would the income you earn help to get your new business of the ground? The money would certainly come in useful until you built the business up until it could support you, your income is guaranteed and because you already have money you can work to fit in around your family.

However, the downside is that obviously you need to put in extra hours, and that can mean a life which is all about work – which is what many people who start their own business want to avoid!