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Starting a Home Business A - Z |
Special Start-Up Guide to Home-Based SuccessIt starts with a dream. Then the courage to take the first step toward realizing that dream. And then the next . Before you know it, you will have transformed into the envy of all your cubicle chums, a shining example of a self-starting superhero, the fearless captain of your own destiny, the embodiment of rugged determination, a do-ten-jobs-at-once-multi-tasking-whiz — in other words, a home-based entrepreneur. This transformation may not occur overnight, but it doesn’t take long. By reviewing the steps outlined we hope that you will be inspired to begin your entrepreneurial journey today. As for those who are already a part of the exploding $1 trillion home-based sector, we hope this cover story provides you with some insight on achieving even greater success. Please join us as we run through the checklist of steps to running a home business, from A to Z. Areas discussed include: choosing the right business structure, naming your business, developing a business plan, raising money, taking advantage of home office tax deductions, setting up a productive home office, dealing with legal issues, properly insuring your business, creating a professional image, setting the right price for your products and services, sales and marketing, working with employees, establishing a Web presence, generating publicity for your home business, and more. AptitudeHome-based entrepreneurs come from many different walks of life, but all share several personality traits in common. These traits include being highly motivated, self-confident, goal-oriented, willing to take risks, and hard working. Home-based entrepreneurs also possess both the ability and desire to work independently, without anyone looking over their shoulder, and they accept full responsibility for managing every aspect of their business, even on days when they don’t feel like going to work. Basic TypesWhen devising a plan to start your home business, keep in mind that there are two basic types: those that provide products and those that provide services. Home businesses that provide products either produce the products themselves or purchase the products from a distributor or manufacturer. Examples of the different kinds of products a home business might sell include: books, cookware, cosmetics, health and fitness items, hobby materials, jewelry, household products, and toys. As for the other type of home businesses, they provide services both at their home office and at their customers’ locations. Examples of home-based service providers include: advertising agents, astrologists, accountants, childcare providers, computer technicians, pet sitters, business consultants, financial advisors, photographers, publicists, and virtual assistants. Category Understanding: “Home-Based”The above product and service providers are representatives of the hundreds of different home business categories, covering every possible interest and investment capability. Read through this issue to get a better feel for all the unique opportunities available. Many businesses fall under the category of “home-based” in that they are operated both at and from the home. It is important to understand that for many of these businesses, only the administrative work is completed from home, while the business’ core function is performed off-site, such as at a client’s home or office. Distinguish Between Business OptionsWhen it comes to starting a home business, you can either draft up your own blueprint for managing future operations or subscribe to a pre-formatted process. Below are your options: Invest in a Franchise. As a franchise owner, you (the franchisee) would pay a company (the franchisor) for the right to sell its trademarked products or services. Investment requirements and royalty fees are often high, and company restrictions sometimes cumbersome, but franchises generally offer high levels of training and support. The average start-up costs for a franchise exceed $25,000. Buy into a Business Opportunity. Like franchises, business opportunities clearly lay out instructions for starting and operating a business. Labeled as “business packages” and “network marketing opportunities,” these programs offer varying levels of support and typically require lower levels of investment than a franchise. Start-up costs for some business opportunities are under $100. Start a Business from Scratch. This option does not require you to adhere to a pre-defined business model or pay any initiation or royalty fees. On the downside, there is no one offering you guidance, outlining what works and what doesn’t. You make all of the decisions, but you also reap all of the benefits. As Easy as Learning Your ABCsFrom a distance, starting a home business appears to be a daunting undertaking. But when you take a closer look and break the whole process down into to manageable pieces, you’ll find it’s not so overwhelming after all. We hope that our A to Z checklist provides you with a good foundation for starting the home business of your dreams. Keep in mind that there are plenty of home and small business resources at your disposal — especially on the Internet — so continue to read up on the latest business news, ask plenty of questions, and study the strategies of other successful entrepreneurs. |
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