10 Tips to A Successful Home-Based Business
Today, millions of people aspire to become entrepreneurs and start their own businesses. Below are 10 Tips to A Successful Home-Based Business.
1. What it means to be an entrepreneur
Are you a risk taker? Do you see opportunities and go for it? Do you have an entrepreneur mindset? Do you enjoy helping people? Are you ready to make mistakes and learn from them? As an entrepreneur, these questions are important to answer.
2. Being computer savvy
Computers are key to any business especially an online business. Learning a word processing software such as Quicken, MS Word, Word Perfect, Outlook Express, etc. will enable the growth of your business. If this area is a challenge for you, consider outsourcing these tasks to someone else with experience.
3. Being Internet savvy
Build your own website/blog and consider marketing your business. You can market via email, social media sites, networking, and create a newsletter featuring your products and valuable information plus tips on how your product/service will add value to your customers. Again, if this area is a challenge for you, consider outsourcing these tasks to someone else with experience.
4. Start a business you’re passionate about
My passion is business and entrepreneurship. I enjoy writing and publishing business articles while offering products that make a difference in shaping my own home business success. Find your own hidden talents and start building your own business. Begin by making a list of all your hobbies, interests and passions. I believe that if you find something you love and enjoy, it is fun and not work!
5. Obtain a business license
It is imperative to have your business legally prepared. You need to have a business license, a home occupation license if running your business from home, a city or county license, (depending on what state you live) plus you need to register your business as fictitious if you are not using your name as a business. For instance, If John Doe has a business name as John Doe’s Grooming Parlor, a fictitious name isn’t necessary.
When opening a business in your residence, additional information is required. Some businesses require more than a city license to be fully licensed. Please check with your local city and state office for detailed information.
Determine the type of home business you want to start. Sole Proprietorship, Partnership or Corporation. A sole proprietorship is a least costly and least complicated way to set up your business. Remember that a sole proprietorship is totally dependent upon your ability to work and have good ideas for growth. There is no other person in the business to rely on.
A partnership happens when two or more entrepreneurs start a company. Legal fees for setting up such an arrangement are usually more costly than those required for a sole proprietorship and less costly than a corporation. The upside of a partnership is more capital for growth and more ideas for how to grow the business. The downside is getting rid of a bad partner.
A corporation is the most complicated and most costly of the three options. The ongoing accounting, legal, and tax reporting obligations of a corporation are much more complicated than for the other two options. Corporations have boards, shareholders, and shared responsibility for the business. It is necessary to keep everyone informed of decisions, the company’s financial status, and a host of other actions.
If using a fictitious name for the business, it must be registered first with the state. Call your city and state office to find out their phone number. Usually, you can do this online. Visit their site and fill out a fictitious name form. A fee may or may not apply.
Always seek the advice of an attorney in the beginning stages of your work-from-home situation in order to avoid serious problems later on. An attorney will guide your decision about what legal form your company should take.
Is your home located in the city? Some states like Florida require a county license if your business isn’t located in the city. If not sure, contact your local jurisdiction office for licensing information.
Complete the home occupation application and the business license application. You may download the forms from your city hall website. Call your city hall office to find out their website address and fees.
Forward your applications and fees to your city hall office either by mail or by visiting the office. They will usually accept cash, checks, debit cards, VISA, MasterCard or American Express credit cards. Again, check with your local city hall office.
6. Open a business checking account
Visit your local bank and obtain a DBA checking account which is usually FREE. The purpose of a business checking account will be to cash your customers’ checks made payable to your business. Remember to take your business license and some form of ID such as a driver’s license. Start with a small deposit and you’ll soon get your printed checks ready for business.
7. Place an inexpensive classified ad in your local newspaper advertising section
Start out small and test your offer with a low-cost classified ad. Ads that are placed in local papers will run quickly, unlike ads placed in magazines.
8. E-mail marketing
Create an e-mail marketing campaign by offering FREE reports and valuable information about your products. Subscribe to other e-mail newsletter and place low-cost test ads to get world wide web exposure for your offers. Consider creating your own e-mail newsletter.
Let everyone you meet know what you do and also listen to what they do. Exchange business cards and refer clients to them. Ask them to forward your business cards to anyone they know. Find an interesting article related to the other person’s business, clip it and mail it to them with a note that says: “Thinking of you … here’s an article you may find interesting.” These small but important tactics work wonders when you network with like-minded successful people.
10. FREE publicity with press releases
Write a business news press release to area newspapers. Mention why your home business would be of interest to readers. Remember to emphasize the benefits of your business product and/or service.
Do you agree with the above 10 Tips to A Successful Home-Based Business? Please share your comments below. Thank you!
About the author: Sonia Colon is writer/publisher of My Fashion E-Mall Blog & The Biz Buzz of A Latina Mom Blog. She is also the owner at Books About Me. Sign up for the My Fashion E-Mall Blog newsletter and receive your FREE PDFs on successful email marketing.
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