| You're eager to start your home business and bring | | | | ofbusiness that can be operated from your home. |
| in someextra income. Although you're probably | | | | 9) Find out what licenses, registration, or permits |
| bursting with ideasand enthusiasm and want to jump | | | | youneed to operate your home based business. |
| right in, take some time toplan and prepare for your | | | | 10) Research any additional regulations applicable to |
| new venture. | | | | yourproduct. Find out if there are restrictions on |
| Here's a simple checklist you can use in the startup | | | | producingit from your home. For example, if you're a |
| phaseof your home based business. Feel free to add | | | | caterer, theauthorities may not allow you to prepare |
| additionalcheckpoints of your own! | | | | food in yourhome if you have pets running around! |
| 1) Assess your personality. Are you the | | | | 11) Select a business structure, such as sole |
| entrepreneurialtype that will do well with your own | | | | proprietorship,partnership, or corporation. Again, you |
| business? Are youself-motivated, disciplined, and | | | | may want toconsult with a qualified professional to |
| willing and able toput forth the effort, time, and | | | | determinewhat's best for your specific situation. |
| money? Are you the typethat can get up after a | | | | 12) Assess your financial situation. Do you have |
| failure and try again? Thereare many quizzes available | | | | enoughto finance a business startup? How will you |
| to help you decide whetheror not you're ready for a | | | | handleemergencies? Don't forget about marketing |
| home business. Try ests/areyouready.htm | | | | expenses --the success of your business will depend |
| 2) Appraise your skills, knowledge, and experience. | | | | in large parton how well you market it. |
| Makea list of businesses you think you would be | | | | 13) Secure additional funds, if necessary. Loans, lines |
| capable ofbuilding. | | | | ofcredit, grants, savings, and employment income are |
| 3) Know your interests. If you're doing something | | | | someways that entrepreneurs can finance their |
| you love,you are more likely to work harder and | | | | businesses. |
| enjoy yourself. | | | | The US Small Business Administration has a useful list: |
| A good place to find unique business ideas is here: | | | | 14) Prepare a business plan to help you define your |
| .cgi?bizideas | | | | goalsand stay focused. Again, the US SBA offers help |
| 4) Figure out what type of business you want to run. | | | | at |
| Outof the huge number of possibilities, select one | | | | 15) Investigate the costs associated with purchasing |
| thatworks well with your skills and your interests. | | | | thenecessary equipment, materials, and supplies. |
| Anexcellent manual with 16 different Internet | | | | Contactseveral suppliers to compare quality, prices, |
| 'businessmodels' that you can copy is available at | | | | andservice. |
| 5) Do some market research. Is there a demand for | | | | 16) Talk to your local tax office. Ask for any |
| theproduct you plan to sell, and at the price at | | | | relevantinformation on how your home business will |
| whichyou want to sell it? After your (projected) | | | | affect yourtax situation. |
| expenses,will you be profitable? | | | | 17) Consider purchasing additional insurance to cover |
| 6) Check out your competitors. How will you | | | | yourbusiness assets. |
| distinguishyourself from them? Why should | | | | 18) Set up your home office. Establish rules and |
| customers come to youinstead of to them? What | | | | 'officehours', when customers can generally expect |
| are they doing right orwrong, and how can you | | | | to reachyou. Consider setting aside a room specifically |
| improve upon them? | | | | foryour office space. |
| 7) Select a business name. Make sure you don't | | | | 19) Talk to your bank about a business account, to |
| infringeupon someone's trademark! You can research | | | | keepyour business and personal income and |
| trademarksat . Consult with aqualified legal | | | | expenses separate. |
| professional for more information. | | | | 20) Consult with professionals. Depending on your |
| 8) Know the zoning regulations in your area. Make | | | | situation,you may need to use the services of |
| sure thatyou are permitted to operate a business | | | | lawyers, accountantsor bookkeepers, insurance |
| from your home. | | | | agents or brokers, and others. |
| Some areas may also place restrictions on the type | | | | |