The allure of being a homebased entrepreneur is hard to resist,
isn't it? And if you read our "No Place Like Home"
feature, in which we told you about 10 great businesses to start
from home, you've probably got a lot of ideas whirring
around--or maybe you've already jumped in. Whether you're
deciding on a business or have already started up, these 21 timely
tips will guide you through your homebased journey.
Basics to Think
About
1. Be wary of shady work-from-home scams promising big
bucks. When in doubt, surf the National Fraud Information Center Web site for
more information on scam-busting.
2. Don't know what business to start? There are a lot
of great Web sites and books detailing the hottest homebased
businesses. Check out our Start-Up Kits,
Low-Cost Start-Up Idea Center or
BizStartUps channel to find ideas on
this site. There's also The Best Home Businesses for the 21st Century:
The Inside Information You Need to Know to Select a Home-Based
Business That's Right for You by Paul and Sarah
Edwards.
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3. Research, research, research. Remember, you're
going to be married to this business, so it helps to know everything you can before
taking the plunge. Talking to other (noncompeting) homebased
entrepreneurs in your industry, reading trade magazines and
visiting the library will give you the skinny.
4. Get real about money. Your business won't turn a
profit for six months to a year--so don't expect to make $10K
your first month. Decide whether you want a part-time or full-time
business, figure out your household expenses, and determine how
much money you'll need to stay afloat.
Prepare For Your New
Business
5. Have a family powwow. Remember that starting a business
from home is stressful for the whole family. Sit down and hash out
the basics like money expectations, where you'll work and how
your new career will affect household duties. The sanity you save
may be your own!
6. Cover your assets. Don't fly solo without the
proper permits and insurance. Just one mistake, and you open
yourself up to costly fines (or worse). Call your county
clerk's office, and ask what licenses and permits are
required for homebased businesses. Then, call your insurance agent and get any coverage you
need. You'll have the peace of mind of knowing you're
protected.
7. Consult your advisors. Being an entrepreneur
doesn't mean you have to make every decision by yourself. A
strong group of financial, legal, marketing and lifestyle advisors can help
keep your business on the straight and narrow.
8. Write your business plan. Not only is a business plan
a requirement for almost all business financing, but it also gives
you a clear roadmap of where your business is and where it's
headed. If you need help, the SBA Web site has business plan resources and can link
you to free one-on-one consulting. Also see our Business Plan How-to and
Business Plans Made Easy.
9. Outfit your home office. Find a corner or a room in
your house, and make it yours. Don't skimp on equipment like
ergonomically correct office chairs and a desk that fits your
body.
10. Open a business checking account. Separating your
business and personal funds makes tracking your business expenses
much easier and eliminates some stress during tax time.
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