You have finally decided to have your very own home-based business and the reason can be of a variety of types e.g. you want to be financially independent, you want to be your own boss, you want to have your own flexible schedule, and if the luck is your best friend, retire as a multimillionaire around the age of 40. However, the question is which home-based business to start.Choosing the best business is always a difficult practice for any new businessman. There are many people who wanted to start their very own home-based business but couldn’t start it just because they couldn’t decide on which type of business to start.In this article, I will provide you with eight tips for choosing the right home-based business for yourself.1. Don’t start off with any business you know, you should research for it, read books, magazines, articles or search the net. Information is very easy to find these days.2. Analyze, which is the right type of home-based business, which suits you. For this you will have to determine your wants, capabilities, interests, and goals. This is necessary because you must enjoy your home-based business. A successful businessman always eels passionate about what he is doing same as if you won’t like your business you won’t be passionate about it.3. One more thing you should have in your mind is that you should choose a business that satisfies you personally as well as is profitable. As if you want to start a business of selling up a product be sure it is in need of the market or will it bring enough income or is this product sale long lasting, etc.4. When you will be starting your home-based business you may not have the luxury of having people working under you. Therefore, when starting of your business you will have to do different things like track expenses, collect receivables, call customers and hundreds of other tasks.5. Also check with your insurance agent which kind of insurance covers the need of your business. Insurance is necessary to minimize your risks and to protect your business. General Categories of insurance contain licensing, disability, health, liability, worker compensation, life insurance, and property.6. Make sure whatever home-based business you are planning to start is under the law and ordinance of your area as you don’t want to be caught doing anything illegal.7. You should also select a home-based business that suits your living style or is compatible with your family. For example, business like real estate would mostly have your time out of your house, which can be sometimes very irritating for your family.8. Choose such a home-based business in which you could engage your family members also because it’s everyone dream of merging home and office, it is not easy, but you can still try by involving your family into your business. The most important thing is that everyone in your family should enjoy working in your home-based business.