Tips for Starting a Home Business
Copyright © 2004 Mal Keenan
Starting a home business is a dream that many people share.
You can work according to your own schedule, "fire"
difficult
clients, avoid difficult bosses, spend more time
with your family, escape a lot of the daily stress faced by
employees
at their jobs, and pursue your own interest more.
It's a big leap from being an employee to working for
yourself,
so a little preliminary planning can never hurt.
You will need to look ahead to several areas of your life to
make necessary preparations, before you actually leave
your
job. In some cases, such as a layoff, you won't have that
opportunity in advance, but still, these are very important
factors to consider.
Market research and a business plan are essential. Timing is
very important. You will need to think about the type
of
business you're starting, current economic conditions, your
financial situation, and the potential market for your
products or services.
If you have no other means of financial support, you should
accumulate some savings to carry you through your business
startup. Most experts typically suggest six months to one
year of living expenses as a cushion. Don't forget that
you
will need to provide for benefits you may have received at a
job, such as health insurance for yourself and your
family
and funding into a retirement plan. Of course, if you have a
spouse or partner who is employed and is willing
to provide
these necessities during your startup phase, you are that
much ahead of the game.
It is important that you choose the business structure
that's best for your business. Each form of business
organization
has both legal and tax implications, so be sure
to consult with professionals in this area.
Of course you will want to have a comfortable and quiet work
space. This m the rest of your home. This is important
not
only to reduce noise, but also psychologically for you and
your family, to create a sense of "at work" and "at
home".
While some truly start their home business from the kitchen
table, you'll find that the separation will help
you run
your business much more efficiently. Don't forget to allow
space for manufacturing and inventory storage,
if your
business involves those things.
Working from home, sometimes long and unusual hours, makes
it very easy to ignore both your physical and mental health.
The usual advice applies - try to eat a proper diet and
exercise, and even if you don't have a family at home, don't
work all the time. Entrepreneurs often report the one aspect
they miss most from having a regular job is the contact
with
coworkers, so be sure to maintain a social life, even if
it's only through a business networking or support group.
Finally, try to surround yourself with positive, supportive
people, hopefully starting with your own family. This
will
be a critical part of your support system. It's not always
possible to get "buy in" from your family. Those who
love
you the most aren't usually trying to stand in your way -
it's just that working in a home business is something
unknown to them, and like everyone, they tend to be fearful
of something they don't understand. If you find yourself
in
this situation, you they don't understand. If you find
yourself in this situation, you may be able find the support
you need in a business networking or mastermind group.
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