How Start a Home-Based Business

HOW TO START A HOME-BASED BUSINESS

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HOW TO START A HOME-BASED BUSINESS

Up until recently, going to work meant traveling from home to a
plant or office. Today many people do some or all of their work
at home. A private market-research firm estimates that as many as
13 million people squeeze extra hours into their work week by
taking work home from their full-time jobs, while some 9 million
people work exclusively at home.

Many people find that working at home is an ideal arrangement and
decide to formally set up businesses there. The SBA estimates
that more than 3 million of these home-based businesses are now
operating throughout the country.

Every day, people are striking out and achieving economic and
creative independence by turning their skills into dollars.
Garages, basements and attics are being transformed into the
corporate headquarters of the newest entrepreneurs - home-based
business people. And with recent technological advances and a
rising demand for "service-oriented" businesses, the
opportunities seem to be endless.

Is a Home-Based Business Right for You?

Before you dive head first into a home-based business, it's
essential that you know why you are doing it and how you will do
it. To succeed, your business must be based on something greater
than a desire to be your own boss: an honest assessment of your
own personality, an understanding of what's involved, and a lot
of hard work. You have to be willing to plan ahead, then make
improvements and adjustments along the road. While there are no
"best" or "right" reasons for starting a home-based business, it
is vital to have a very clear idea of what you are getting into
and why.

Ask yourself these questions:

* Are you a self-starter?
* Can you stick to business if you're working at home?
* Do you have the necessary self-discipline to maintain
schedules?
* Can you deal with the isolation of working from home?

Working under the same roof that your family lives under may not
prove to be as easy as it seems. It is important that you work in
a professional environment; if at all possible, you should set up
a separate office in your home. You must consider if -

* your home has the space for a business, and
* you can successfully run the business from your home.

Legal Requirements

A home-based business is subject to many of the same laws and
regulations affecting other businesses - and you will be
responsible for complying with them. There are some general areas
to watch out for, but be sure to consult an attorney and your
state department of labor to find out which laws and regulations
will affect your business.

Zoning: Be aware of your city's zoning regulations. If your
business operates in violation of them, you could be fined or
closed down.

Restrictions on certain goods: Certain products may not be
produced in the home. Most states outlaw home production of
fireworks, drugs, poisons, explosives, sanitary or medical
products, and toys. Some states also prohibit home-based
businesses from making food, drink or clothing.

Registration and accounting requirements: You may need a -

* work certificate or a license from the state (your business's
name also may need to be registered with the state),
* sales tax number,
* separate business telephone, and
* separate business bank account.

If your business has employees, you are responsible for -

* withholding income and social security taxes, and
* complying with minimum wage and employee health and safety laws.

Finding Your Niche

Choosing a home business is like choosing a spouse or partner -
your decision must be approached with a great deal of care. You need
to learn as much about the market for any product or service as you
can. Before you invest your time, effort and money, take a few
moments to answer the following questions. They'll help separate
sound ideas from those with a high potential for failure.

* Can you identify and describe the business you plan on
establishing?
* What will be your product or service?
* Is there a demand for your product or service?
* What advantages do you have over your competitors?
* Do you have the talent and expertise needed to compete
successfully?

Developing A Business Plan

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If you've researched your market, thought over the pros and cons
of a home-based business, and decided to go ahead, it's time to
put together a business plan.

Developing a business plan forces you to take an objective and
critical look at your business idea. Even more, the finished
product is a tool that will help move your business toward success.

A business plan should be neat, written clearly, and should
include several things. The cover page should list the business
name, address, mailing address, telephone number and the names of
the owner(s). Identify your primary goals and objectives.

Next, give an accurate and concise description of the business:

* What is the principal activity? Be specific. Give product or
service descriptions.
* How will the business be started?
* Why will it succeed? Promote your idea. Use your market
research.
* What skills and experience do you bring to the business?

Marketing is the core of your business. Carefully think about the
following questions, then include your marketing strategy in the
business plan:

* Can you market your business from home?
* Who and what is your market?
* What pricing/sales terms are you planning?
* How will you be competitive?

The Financial Plan

Money fuels all businesses. With a little planning, you'll find
that you can avoid most financial difficulties.

When drawing up a financial plan, don't worry about using
estimates. The process of thinking through these questions
helps develop your business skills and leads to solid financial
planning.

Start-up costs: To estimate your start-up costs, include all
initial expenses such as fees, licenses, permits, telephone
deposit, tools, office equipment and promotional expenses.
Business experts say you should not expect a profit for the first
eight to 10 months, so be sure to give yourself enough cushion.

Projecting operating expenses: Include salaries, utilities,
office supplies, loan payments, taxes, legal services and
insurance premiums. Don't forget to include your normal living
expenses.

Projecting income: It is essential that you know how to estimate
your sales on a daily and monthly basis. From the sales estimates,
you can develop projected income statements, break-even points and
cash-flow statements. Use your marketing research to estimate
initial sales volume.

Cash flow: Working capital - not profits - pays your bills. Even
though your assets may look great on the balance sheet, if your
cash is tied up in receivables or equipment, your business is
technically insolvent - in other words, you're broke.

Make a list of all anticipated expenses and projected income for
each week and month. If you see a cash-flow crisis developing,
cut back on everything but the necessities.

Learn From Others

Remember, preparation is the foundation of success. Talk to
home-based business people. Join a home-based-business
professional association or "moonlight" at a similar business.

Learn how to use business resources to strengthen your home-based
business. Success doesn't just happen - you have to make it happen.

For More Information

Information is power. Make it your business to know what is
available, where to get it and, most importantly, how to use it.

Sources of information include:
U.S. Small Business Administration

* SBA District Offices
* Small Business Development Centers (SBDCs)
* Service Corps of Retired Executives (SCORE)
* SBA OnLine (electronic bulletin board)
* Business Information Centers (BICs)

The SBA has offices located throughout the United States. For the
one nearest you, look under "U.S. Government" in your telephone
directory, or call the SBA Answer Desk at (800) 8-ASK-SBA. To
send a fax to the SBA, dial (202) 205-7064. For the hearing
impaired, the TDD number is (704) 344-6640.

To access the agency's electronic public information services,
you may call the following:

SBA OnLine: electronic bulletin board - modem and computer
required
(800) 697-4636 (limited access)
(900) 463-4636 (full access)
(202) 401-9600 (D.C. metro area)
Internet: using uniform resource locators (URLs)
SBA Home Page: http://www.sba.gov
SBA gopher: gopher://gopher.sba.gov
File transfer protocol: ftp://ftp.sba.gov
Telnet: telnet://sbaonline.sba.gov
U.S. Business Advisor: http://www.business.gov

You also may request a free copy of The Resource Directory for
Small Business Management, a listing of for-sale publications and
videotapes, from your local SBA office or the SBA Answer Desk.

Other Sources

* State economic development agencies
* Chambers of commerce
* Local colleges and universities
* Libraries
* Manufacturers and suppliers of small business products and
services
* Small business or industry trade associations

All of the SBA's programs and services are provided to the public
on a nondiscriminatory basis.

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