Tips for Starting a Home Business

Copyright 2005 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. Ideally, it will be out of the mainstream of
activity. 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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