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Special Start-Up Guide to Home-Based Success
It starts with a dream. Then the courage to take
the first step toward realizing that dream.
And then the next . Before you know it, you will have transformed into
the envy of all your cubicle chums, a shining
example of a self-starting superhero, the fearless
captain of your own destiny, the embodiment of
rugged determination, a
do-ten-jobs-at-once-multi-tasking-whiz — in other
words, a home-based entrepreneur.
This transformation may not occur overnight, but
it doesn’t take long. By reviewing the steps
outlined
we hope that you will be inspired to begin your
entrepreneurial journey today. As for those who
are already a part of the exploding $1 trillion
home-based sector, we hope this cover story
provides you with some insight on achieving even
greater success. Please join us as we run through the checklist of
steps to running a home business, from A to Z.
Areas discussed include: choosing the right
business structure, naming your business,
developing a business plan, raising money, taking
advantage of home office tax deductions, setting
up a productive home office, dealing with legal
issues, properly insuring your business, creating
a professional image, setting the right price for
your products and services, sales and marketing,
working with employees, establishing a Web
presence, generating publicity for your home
business, and more.
Aptitude
Home-based entrepreneurs come from many different
walks of life, but all share several personality
traits in common. These traits include being
highly motivated, self-confident, goal-oriented,
willing to take risks, and hard working.
Home-based entrepreneurs also possess both the
ability and desire to work independently, without
anyone looking over their shoulder, and they
accept full responsibility for managing every
aspect of their business, even on days when they
don’t feel like going to work.
Basic Types
When devising a plan to start your home business,
keep in mind that there are two basic types: those
that provide products and those that provide
services. Home businesses that provide products
either produce the products themselves or purchase
the products from a distributor or manufacturer.
Examples of the different kinds of products a home
business might sell include: books, cookware,
cosmetics, health and fitness items, hobby
materials, jewelry, household products, and toys.
As for the other type of home businesses, they
provide services both at their home office and at
their customers’ locations. Examples of home-based
service providers include: advertising agents,
astrologists, accountants, childcare providers,
computer technicians, pet sitters, business
consultants, financial advisors, photographers,
publicists, and virtual assistants.
Category Understanding: “Home-Based”
The above product and service providers are
representatives of the hundreds of different home
business categories, covering every possible
interest and investment capability. Read through
this issue to get a better feel for all the unique
opportunities available. Many businesses fall under the category of
“home-based” in that they are operated both at and
from the home. It is important to understand that
for many of these businesses, only the
administrative work is completed from home, while
the business’ core function is performed off-site,
such as at a client’s home or office.
Distinguish Between Business Options
When it comes to starting a home business, you can
either draft up your own blueprint for managing
future operations or subscribe to a pre-formatted
process. Below are your options: Invest in a Franchise. As a franchise owner, you
(the franchisee) would pay a company (the
franchisor) for the right to sell its trademarked
products or services. Investment requirements and
royalty fees are often high, and company
restrictions sometimes cumbersome, but franchises
generally offer high levels of training and
support. The average start-up costs for a
franchise exceed $25,000. Buy into a Business Opportunity. Like franchises,
business opportunities clearly lay out
instructions for starting and operating a
business. Labeled as “business packages” and
“network marketing opportunities,” these programs
offer varying levels of support and typically
require lower levels of investment than a
franchise. Start-up costs for some business
opportunities are under $100. Start a Business from Scratch. This option does
not require you to adhere to a pre-defined
business model or pay any initiation or royalty
fees. On the downside, there is no one offering
you guidance, outlining what works and what
doesn’t. You make all of the decisions, but you
also reap all of the benefits.
As Easy as Learning Your ABCs
From a distance, starting a home business appears
to be a daunting undertaking. But when you take a
closer look and break the whole process down into
to manageable pieces, you’ll find it’s not so
overwhelming after all. We hope that our A to Z
checklist provides you with a good foundation for
starting the home business of your dreams. Keep in
mind that there are plenty of home and small
business resources at your disposal — especially
on the Internet — so continue to read up on the
latest business news, ask plenty of questions, and
study the strategies of other successful
entrepreneurs.
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