There are many reasons why people choose to start a home-based business. Some of these are:
1. Dissatisfied with your present employment situation.
2. Out of work due for whatever reason.
3. You need to be home to care for young children.
4. You need to be at home to care for an infirm family member or aging parents.
5. You really want to be your own boss.
6. You really could use an additional income source.
7. You wish to have more time to spend with family or friends.
Over the years I have identified two of the most important factors in recognizing people who should not be starting a home based business. If a prospective entrepreneur says something like...
"I'm broke -- I need to make some fast money!"
"I really want to start a home-based business but I don't want to spend any money on the business until I start making some money."
...it is certain that they have not addressed reality and, with that mindset, they will most certainly fail.
First, It takes a lot of time to successfully market and promote a new business and, if it is an internet business, a whole lot of "savvy" and information and resources you have probably never heard of. For a pretty good "first start" effort at setting up your internet business, see my article Tips For A Successful Internet Business.doc, also available through this resource -- GoArticles.com. If you are planning a home-based business in order to spend a lot of time with young children or care for the elderly, a full-time business (and income) may not be a realistic objective.
Second, spend some time researching your business idea. The internet is a great source of information.
Third, learn as much as you can about small business. go to http://www.sba.gov/ and navigate to the sections dealing with home based businesses.
Fourth, write a business plan. Beyond my own eBook on starting a Home-based Business, here are a couple of Small Business Administration website locations that should prove useful:
Finally, seek the advice of a tax professional. See my article on taxes and choosing your tax man for some valuable tips and insight into this aspect of your Home-based business.
Whatever your reason(s) for starting a home-based business and whatever kind of endeavor you choose, there are a few common steps you need to take in order to launch your business and be successful.
Right now your first step should be to learn all you can about beginning a successful Home-based business. I have written several articles, which I'm turning into an eBook, on all the basic tips you need to start your own successful Home-based Business, be it truly "at home" or "on the internet". Check the following article list and pick out all you believe would be helpful to you:
1. Do I Really Need A Business Plan.doc
2. Writing A Homebased Business Plan.doc
3. Tax advantages of a homebased business.doc
4. How to Set Up Easy, Efficient Bookeeping.doc
5. Should You Pay to Join a Home Business Opportunity.doc
6. There's No Such Thing As A Free Lunch Anymore.doc
7. How to Make Your Hobby Pay.doc
8. Tips For A Successful Internet Business.doc
9. Telecommuting, The New Way To Work From Home.doc
10. Writing Effectively Part 1.doc
11. Writing Effectively Part 2.doc
12. Home Based Business Time Wasters.doc
Then email me and request all the articles -- by title -- you decide you will need or will be helpful to you...and get started on your new successful Homebased business life. I'll email your articles to you in MS .DOC format. They're free. Or go to my website and download the complete eBook -- for free. But give it until April because its not yet written -- it's still just a plan that needs to come together. The full eBook will have a few more topics and chapters than the article list above.
I'm always amazed at the number of people who seem to think that magic is somehow created when you put in the words "home based" ahead of "business". It's still a business...it just happens to be based in the home...and you have to treat it "as a business", keep regular business hours, and do everything you would do if you went to the office in order to have a successful "home-based business". There simply are no substitutes for hard work and focus.
Copyright © 2004 Loring A. Windblad
About Loring: Loring Windblad has operated his own HBBs for nearly 40 years, is a published author and freelance writer. Loring has written grants, business plans and resumes that got the job done right. His latest HBB endeavor is http://www.organicgreens.us