Taking the Leap: Starting A Home-Based Business
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Starting a home-based business is one of the most exciting and most terrifying
things you can do. It is truly a leap into the unknown. It should not be, however,
a blind leap into the unknown. If you are to be successful, you must first go
through a careful process of consideration and planning to ensure that you give
yourself the maximum opportunity for success.
Step #1 - The Reality Of Working At Home
The reality of working from home is quite a bit different from what you might
think. Not everyone is well suited for a work at home situation so you need
to be very honest with yourself right from the start.
Working from home requires a great deal of discipline and self-motivation.
It is wonderful to roll out of bed and go to work in your slippers if you like,
but it is also very difficult to keep up the motivation to even get out of bed
each day. There are days when you really don't feel like going to work,
or you are dreading the start of a difficult project, but there is no supervisor
who will notice if you don't start work on time or make satisfactory progress
on the project. Do you have enough motivation to get up and starting working
on days like these?
A home-based business also requires you to wear many hats. You are responsible
for a wide range of duties such as billing, accounting, computer maintenance,
office supplies, receiving, answering the phone, administration, and other support
functions that are so critical to a business. And all of this is in addition
to the actual marketing, sales, and operation of your business. How will you
deal with each of these needs?
Distractions are another reality of working from home. Housework, errands,
television, children, pets, and more are all there, tempting you away from and
competing with work. One of the greatest benefits of a home-based business is
the flexibility to adjust what you do and when you do it, but flexibility is
also one of the greatest obstacles to success. Locate your work area where you
can focus on work, ideally a room where you can close the door. Establish a
schedule that balances work time with break time. Do you have the self-discipline
to stick with such a schedule?
Step #2 - The Effects On Spouse And Family
Starting a home-based business inevitably affects your spouse and your family.
Everything from your finances to your daily schedule to your ability to stop
working at the end of the day - these and other things require accommodation
from others.
Before leaping into a home-based business, set clear expectations. Work with
your spouse to adjust budgeting and spending habits as your business gets off
the ground. Set goals for yourself, with timelines and milestones that drive
business success. Keep your spouse up to date on progress, and if things are
not going as well as planned then communicate that earlier rather than later
so there are no unpleasant surprises.
Discuss changing expectations with children, too. Depending on their ages,
you can set "office hours" where you are not to be disturbed unless
there is an emergency, or schedule activities that keep them occupied while
you work. Help them understand how they benefit from you working from home,
too. Perhaps you walk them to and from school each day, or plan an afternoon
break when your teenager gets home so you can talk and catch up. Establish reasonable
expectations for balancing work time with child time so all of you can adapt
and thrive.
Step #3 - The Nuts And Bolts Of Your Business
The vast majority of people who launch a home-based business fail to adequately
plan for the "nuts and bolts" of the endeavor. Many do not even
do any preparation. Without proper planning and preparation, your leap into
working from home will be difficult at best and disastrous at worst.
At minimum, you should have comprehensive, written plans for the following:
- Business plan
- Financing
- Bank accounts
- Legal structure
- Licensing
- Marketing and sales
- Accounting
- Taxes
- Home office equipment and requirements
The biggest mistake you can make is to quit an existing job and jump into a
home-based business before finishing the critical items listed above. It may
even take a year or more before you are truly ready to quit a job and focus
on your business. Some people prefer to start their home-based business as a
part-time endeavor, working to build it into a full time activity. Resist the
temptation to rush through your planning and preparation - it is important to
do them properly to increase chances of success.
Step #4 - Expect The Unexpected
There are few certainties in operating a home-based business, but one of them
is this: always expect the unexpected. This is especially true during the first
one to three years when you are busy establishing and building the business.
Unexpected things that can occur run the gamut:
- Internet outage at your home
- Illness
- Noisy neighbors
- Lack of clients
- Too many clients
- Computer crash
- Spouse changing jobs
- Not enough space at home
- Too many non-business related visitors and callers
- Difficulty staying motivated
- Difficulty balancing work and home
- Children on summer vacation (although this should be expected, you might
be surprised at how often it is overlooked)
The best way to handle the unexpected is to be flexible and willing to adjust
when necessary. If the internet goes out at home and you have an online project
to complete, find a nearby coffee or espresso shop that has free internet connections.
If your friends and family call to chat or drop by too often "because
you're home anyway", communicate clearly that you may be home but
you are working. Take advantage of caller ID and voice mail, or schedule an
off site meeting at a time when your neighbor typically drops by to say hello.
Summary
A home-based business can be profitable and if you do the proper planning and
preparation, followed by diligent work and execution of your business plans.
You will never really know if you can be successful unless you actually do it,
so even though it can be exciting and terrifying at the same time don't
let that stop you. Be thorough, be realistic, be flexible, and you might just
find that starting a home-based business is the best thing you have ever done.
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