Starting your own business is a very exciting undertaking. As a home-based business, you’re in good company. Apple and Hewlett Packard started out in a garage. Dell began in a dorm room. Nike’s first sales were out of the trunk of a car. Each started out small as someone’s bright idea and ended up growing into multimillion-dollar global businesses.
Of course, you may not have such grand plans. You may just want to be able to pay your bills, sock away some extra money into a nest egg and fund your child’s education.
To get you started on the road to success, let’s look at some things you will need to consider.
Start Your Business Resources:
1. Legal Considerations – Starting a business has numerous legal implications, including liability, structure and taxation.
2. Business Forms – Sole proprietorships, partnerships, limited partnerships, limited liability corporations, corporations and nonprofit corporations.
3. Frequently Asked Legal Questions – Get all the answers you need regarding the legal side of setting up your business.
4. Reasons to Hire An Attorney – Starting a business can have some legal ramifications for you and your family. Even starting a business with a member of your own family can have its problems unless you have properly planned for the day when things suddenly go awry and your partner wants out.
5. More Reasons to Hire An Attorney – Registering, Licensing and Permitting, naming the business and contracts.
6. Financial Considerations – No one sets out to lose money in business. And with proper planning, you can avoid many of the pitfalls budding entrepreneurs face as they get their businesses up and running.
7. Be Objective About Your Profitability – In a new business, it’s easy to get caught up in what we call “busyness”.
8. Writing An Effective Business Plan – Now that you’ve made some initial decisions about your business, it’s time to start on your business plan.
9. Business Plan Details – There’s no hard and fast rule for developing a business plan. Each business type requires different components. However, here are some of the basics that are included in all business plans.
10. A Marketing Plan is a Good Idea Too – The purpose of the marketing plan is to define your market by identifying your customers and competitors, to outline a strategy for attracting and keeping customers and to identify and anticipate change.
11. More About Marketing Plans – Elements to go through to develop a marketing plan.
12. Setting Up Your Home Office – A dedicated workspace is very important to have for your business.
13. Home Office Set Up – What you need to do to set up a home office.
14. Recordkeeping – As a business, there are certain records you are required to keep.
15. Insurance – If you are running your business from your home, your homeowner’s insurance may not cover you in case of theft or loss.
16. Acting Like A Business – O.K. You have your business plan and marketing plan in hand, you know what you’re going to sell and for how much and all your recordkeeping is in place. Now what?
17. More On Acting Like A Business – Answering the phone professionally, setting regular business hours, talking in business terms, sounding like you take orders all the time, business addresses, having a separate entrance.