Put a business plan together. Prior to commencing, you must have done plenty of research: into the proposed market, and the need the product meets. Only then may you write out your business plan and your marketing plan. The most frequent cause of failure for home businesses is lack of planning. Don’t be nervous of getting professional help to create the business plan.
Plan financially. Any start-up home business is probably not going to make an immediate profit. As a rule, try to ensure you have enough cash in the bank to last 6 months, before you commit to managing the business as a full-time endeavor. If you take such an path you should at least put aside any worries for your personal budgetary well being for half a year. Rather, the focus can be set fully on the new endeavor, the business at home.
Look for the help of a tax accountant. Have a think about whether a corp, LLC, or perhaps sole proprietorship might be the best approach for the new business. You must consider this matter with care, considering state law and the particular variety of business you have planned. The correct moment for you to seek professional tax advice is prior to starting the business, assuming you desire to avoid problems later. As a new start-up, you will find you can talk with a tax professional for free. When you’re deciding on your tax accountant, you ought to look for one whose client base is comparable to your home business both in size and in nature. E.g., if the business involves minor web sales; you most likely don’t want to have to deal with some tax professional who has predominantly bigger, more profitable accounts in his client list. You could find when it is time to file tax forms, your tax professional is far too busy to deal with you.
Take into account zoning restrictions. Many businesses are run from a home office. There are cities or towns in which local preference is the separation of commercial/residential zones; these regions may not permit offices at home. It’s uncommon for these restrictions to be strictly enforced, as you would anticipate, given the massive number of home offices in nominally residential-only zones. Just make sure you keep the neighbors happy so no-one complains to the zoning office. Take a glance at the zoning regulations in the specific context of the actual home office circumstances: do you have plans to erect a sign, or enlarge the drive for clients’ cars? What effect might your clients’ traffic have on the area?.
Pick something you like. If you’re not keen on gardening, don’t work as a stump-remover and lawn fertilizer, even if it seems like good money. Choose something you’re truly excited about, because you’ll need that passion to carry you through the tough times. You need to love what you’re doing, if you’re going to have the drive to run your own business.
Make yourself a schedule. You may have commenced your business at home partly because you wished to gain greater control over your time. Don’t make the mistake of assuming you’d be entirely free to decide on your own timetable, decide where you work, and answer exclusively to yourself. Offering a service? Then you have to respond to the clients. You’ve also to be available and easy to reach by phone and fax. Also, there’s ensuring you have time to do any other crucial tasks, which could be rather a Herculean effort to start with. Ensure you create a timetable that works for you, and you’re reasonably strict about adhering to it.