How To Start A Business

My experience spans almost two decades and includes failures and successes, poor decisions and good decisions, money lost and money made. Here is my advice:

1. Completely avoid anything that smells like a “get rich quick scheme” because it probably is just that – a scheme. Realistically it takes between one and three years to build a profitable home business.

So, do not quit your day job until your home business is paying all your bills (or you have some other source of income). Believe me, this is sound advice regarding how to start a business. It is not worth the stress and you do not have to go into debt to build a successful home business - advice on how to start a business I wish I had received when I was starting out.

2. Give some thought to whether you want to work from home or have a business from home. The two are not the same, something I became very clear about when I first began looking for a home business a number of years ago. For more insight, look at the Work at Home section on this site.

3. Research potential home businesses and the ideas that you have for a home business. Take your time – do not jump at the first offer or program that looks good. I can not stress this piece of home based business advice enough. Many people trying to recruit others into their home business program will create what is called a sense of urgency. Don't fall for it.

Take the time you need before you decide if a particular business is the best one for you. For more assistance with finding your home business, look at the home based business ideas section on this site.

4. Understand that the first home business you choose may not be the one that ends up providing you the income that you want. It may, but it may not. This piece advice on how to start a business may seem strange. Let me explain:

Over the years I have started several home businesses. Each one led me to another business. Some of the home businesses I started I continued to build, others I decided to either sell or close. Now I have several home businesses, providing me with multiple streams of income.

When I was starting out, the little bit of advice on how to start a business I could find never mentioned this possibility.

So, follow your intuition. If it is telling you to move on, then do.

5. Consider the benefits of residual income. The business you choose to build will ideally be something about which you are passionate. If you can find a way to make money doing something you are passionate about and do it in such a way that you are generating residual income , all the better. But, if you have to choose, go with the passion – it’ll keep you motivated.

6. Make a plan. Having a plan in place - a road map of where you’re heading - can help when you’re feeling overwhelmed. So, please take this piece of how to start a business seriously.

You want to take the process of building your business step by step. So, if you’re really serious about your home business, then also take this home based business advice seriously and put together a business plan.

Typically a business plan includes the what, where, when, how, and why of a business. A business plan addresses specifics in terms of the mission of the business, the products and services being offered, marketing strategy and tactics, financials, and sales and revenue projections. For additional resources click here: business plan.

7. Decide where your actual work space will be. Your home office is a significant part of your home business, so give it some thought and consideration. For more advice and information click here: home office.

8. Check with the Small Business Administration to make sure that you are abiding by all regulations associated with doing business where you are located. For example, do you need a seller's permit? Do you have to charge sales tax? If so, how do you go about accomplishing these tasks? Start with the Small Business Administration

9. Determine whether or not you want to incorporate. Your decision will be based upon your circumstances. So click on incorporate to find information to assist you in making this decision.

10. Understand the tax benefits of owning a home business. There are home based business deductions you can declare on your taxes. Know what they are so that you benefit financially. Click here: home based business deductions.

11. Consider hiring a business coach either now or in the future. A business coach can be an invaluable aspect of your business building.

Business coaches can: provide home based business advice with an objective perspective, help you prioritize your tasks, keep you on track from point A to B versus jumping from point A to K, assist you with goal setting, provide a source of continued motivation, and are seasoned business professionals.

There is one thing I have consistently heard as the most important benefit business coaches have provided home business owners: My coach continued to hold me accountable – that is what led me to my success.

12. Understand that having a home business is not a panacea – you will encounter problems. There are pros and cons to having a home business. I typically hear the following issues arise:

Inability to separate work and family life in terms of space and time.
Need more space for one’s home business.
Lack of support from family and friends – not being taken seriously.
Too many distractions.
No privacy.
Family relationships become strained.
Develop a tendency to work too much.
Feel isolated.
Lack of well-developed self-management or self-discipline abilities.
Home owners’ association regulations prohibit in home businesses.

I have found that most people overcome the above problems because the advantages of having a home business outweigh any problems they encounter. However, once in a while a person decides that one of the above issues is reason enough to give up their home business and no amount of home based business advice will help them.

Do you think any of the above problems would stop you from continuing to build your business? Decide ahead of time and determine how you will handle these types of issues so you further ensure your success.

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