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Starting your own business is a big, and sometimes scary step. The best way to be confident is to be prepared.
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» Try to identify a need.
Identify a need in your area that isn't being met, and match your skills to that need.
Maybe you and your friends have discussed the need in your area for an affordable scanning service. Why not take a class to learn about scanning and digital image manipulation? Then your skills will meet a need, and you can offer affordable scanning services to your community.
Most of all, make certain your idea is practical, and don't get totally hooked on an idea that has no future.
» Analyze your income needs.
Remember to take into account all the benefits you may be giving up when you quit your current job. Put yourself into a better financial place by eliminating as much of your personal debt as possible. Pay off the credit cards, your car, and any other outstanding debts that eat your income each month.
» Know the law.
They won't be very forgiving if you claim ignorance to zoning and other laws. All it takes is a few phone calls to make sure you are going to operate within the legal guidelines, but foregoing operating within the legal boundaries can cost you a lot of time AND money. Some communities don't allow any form of business to operate from a residential area.
If applicable, check into laws governing product labeling, product safety, interstate commerce, and postal regulations.
» Write a business plan.
Believe me, it will do wonders to focus on exactly what kind of business yours will be, who you are selling to, how you will sell, how much to charge, how much it will take to start up, and where all the money will come from. This is your road map.
» Do you want your own business?
Do you want your own home business badly enough to keep working long hours without really knowing how much profit you'll end up with? Know how hard you are willing to work without being certain of the outcome.
» Have you figured out how much of your own money you'll have to put in?
Or how much credit you can expect from suppliers? Have you talked to a banker or lender to see what is expected of you?
» Are you organized?
Organize yourself and your business! Get organized from the beginning, because it won't take long for things to start getting piled up. Organization equals professionalism, and it won't take long for clients to be able to tell if you are professional or not.
» Can you run a business?
Do you need to have the ability to organize, prioritize, manage money, time, projects and people?
Check with your local SBA, because they have lots of free resources to help people trying to start a new business. They also have free business templates that you can download at www.sba.gov.
» Have you access to equipment you'll need?
Locate and price all your equipment and supplies. In fact, it is a good idea to talk to others in your business, if possible, and see what equipment and supplies they started with, what things they could have done without, and what things are vital to start-up.
Take stock of the supplies you may already have onhand, and see where you stand. Some common supplies of any office-based service will be a computer, decent printer, fax machine or modem fax, business phone line, and a photocopier or scanner. Your business may need even more supplies. Write down every little thing you may need.
On the subject of supplies...don't be wasteful, or buy things you don't need right now. If you can make do with your old equipment until you start making money, then don't buy that new computer just yet.
It's so easy to get into the habit of not thinking about how much we waste when we work for some big corporate office. Office supplies abound, and are practically pushed at us. Don't make that mistake in your office. Supplies are not cheap these days, and you can quickly eat up your business capital by using more than you really need. Buy and use only what you need, and be smart about how you use things.
» How are you going to do your bookkeeping?
Find the proper bookkeeping system for your business. You absolutely must keep accurate records of all financial transactions related to your business.
» Have you thought about advertising, or creating a website for your business?
Research all the possible avenues of advertising available to you, and choose the methods that will benefit your business.
Get a Web Site for your business. Even if you aren't selling anything online, get a nice, clean, professional Web site for your business.
Remember that the Internet is quickly becoming a preferred medium for business. You can incorporate your Web site address into all your advertising media, such as your business cards and letterheads. This makes your business seem more professional and credible!
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Home Business Start-Up Center
Write Your Business Plan for Your Home Based Business