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Answer the following critical thinking questions: 1. If you were to start a home-based business, what...

Answer the following critical thinking questions:

1. If you were to start a home-based business, what would it be? Why? What key factors would you consider before start-up?

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Answer #1

1. I would like to start home-cooked tiffin services in my locality.

There are a number of colleges and universities in my locality and students from other places come and reside here in rented apartments. They mostly look for home-cooked tiffin services for their meals. I feel there is a lot of unmet demand due to lack of good tiffin service providers.

I would consider the following key factors before start-up:

1) Cost of materials and the expected sales

2) Approximate size of the market

3) Extent of competition

4) Profitability of the competitors

5) Legal and formal requirements regarding permits, etc.

6) Issues regarding delivery

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