5 Tips for Starting a Home Business
Don't think that having a home business makes you
Hi. I'm Matt Gavenda with About.com, and today I'll give you 5 tips for starting a home business.The first tip is to make sure you pick the right business for you. Whether for service or a project, the project or service you choose is something you're going to be working a lot of hours on. Make sure you're in the right market. Whether you're going to be sitting at a desk or you're going to be doing face to face or whether you're going to be going to people's houses or homes to do work. Make sure it's something you love and enjoy.Make sure the business is financially viable. Consider the cost before you dive in. Manage your records carefully. The key to keeping financially secure is to keep track of all the different things you're spending, all the different services you're getting paid for. And the main reasons you do this is to keep your finances in order and to make sure money is put aside for taxes. It's imperative that you write a business plan. There's a number of guides online who will help you with this process. You need financial guidelines to follow as you set goals for your business. It's also important for the daily grind.Don't think that having a home business makes you a homebody. It's important that you maintain a professional image with clients and vendors. Maintain regular business hours when clients can reach you. Meet with clients personally. One on one interaction is very helpful in maintaining a professional relationship. Begin with ample capital. When you are determining startup costs don't forget to include living expenses.It's also a good idea to have 6 months operating expenses before you begin working with clients. This will give you ample time to build relationships with clients, rather than struggling to keep your company from going under. Refer to the small business administration for the proper legal channels for your home business. Their website provides a great deal of information on determining the legal structure of your business, tax information and financing options. They also offer free online training on business management and access to local counseling and mentoring for the small business owner.Thanks for watching for more information visit us online at About.com.