What they don't want you to know about Home-Based Businesses

Criteria for Home-Based Businesses

 

Before starting a Home-Based Business you need to make sure that you can get all licenses and permits needed for your location and home zoning. A great list can be found at: (CA Home-Based Businesses)

http://www.calgold.ca.gov/

home based bus

Check to ensure you are in compliance. Starting a business from home has its great advantages as you can start operating from a spare room or a garage, you can also start with a minimum of investment. Nowadays with the new technology of computers and Internet you can practically work from anywhere, even big Corporations are using Satellite offices to cut office operating costs. A Home-Based Business can benefit from the same tools of communications; Marketing and accounting as any big established Corporation.

You can start your business in 2 ways:

  • Moonlighting
  • Full time business

There are PROs and CONs for each type, we discussed them in a previous post. But again as for any type of business you need to set the ground to start and this include: Having the proper legal and accounting advisors, having an accounting system in place, building a website, and most important of all having a business/ marketing plan as well as preparing a one-year cash flow projection

Some of the PROs of a Home-Based Business are to involve your family and have it family run business:

  • Give the family a common goal and one more reason to come together
  • You can use all the cumulative working experiences of the family
  • Family members can fill for you if you are doing errands or decide to moonlight your new business
  • Build a team with your spouse

Choosing the right business remains the most challenging task of all. You need to start a business where the market has a need for or where you can fulfill a need that has not been met by your competition, you also need to be unique about everything you do, the nature of your business, the services/ products offered, your customer service etc…

Home-Based Business is open to all ages, all experiences from teen agers to retirees

TEN DO’S

1. Choose the proper kind of business where you have experience. Specialists do better than non-Specialists

2. Get the support of your family and work as a team

3. Moonlighting or working in the same field before starting is a good idea

4. Do the necessary study for the local zoning, required licenses and permits for your Home-Based Business

5. Have your business plan, Website, Cash projection ready before you start your business

6. Take classes in areas you feel you need to strengthen: Internet, accounting, computers, marketing

7. Start small to acquire experience

8. Choose your business organization form that best suits your need

9. Hire the proper lawyer and CPA (Taxes)

10. Start building your web presence and search engine rankings              

TEN DON’TS
  1. Be willing to risk more than what you can afford
  2. Start big before testing the market
  3. Sign agreements without legal advice
  4. Be in rush to start and ignore the setting of the initial steps before starting any business
  5. Hesitate to start when ready thinking it is too late to start
  6. Doubting yourself or your capabilities
  7. Not checking the Home-Based zoning and permits
  8. Thinking that you can do without a website
  9. Not caring about a web presence
  10. Not checking your competition and offering the same products/ services that everyone else is offering

Cheers,

Sahar Andrade

www.saharconsulting.com

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One thought on “What they don't want you to know about Home-Based Businesses

  1. This will be the first and ONLY book that describes exactly what really happened inside the walls of 745 7th Avenue – the Lehman Brothers headquarters. Published July 15 by Random House.

    A Colossal Failure Of Common Sense

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