Basics of Starting Your Own Home-Based Business

Starting a home business does not have to be tedious. In fact, there are many advantages in starting a home based business; tax deductions and sense of self-accomplishment to name a few. Having a home-based business will provide you the advantage of enjoying the fun of working in a home atmosphere and convenient schedule.

The move from a fully-equipped offices with office support to a home-based office can be tricky for many. Some struggle with what elements are essential and what can you outsource so you can effectively start, run and manage your business? A home-business is serious business and it requires lot of planning, dedication and effort. You must know how to manage time for work and family; it think home-based entrepreneurs must have more control of this area than traditional ones. However, your hard work and effort would be rewarded well.

Before starting work at home business, you should ask yourself the following:

1. Whether you would have the freedom to choose when and where to work?

2. Whether the home business would allow you continue your current job and work at home?

3. Would the business require publicity or gimmicks?

4. Would the home business require heavy investment?

5. Are there any risks in starting a home business?

6. Do you have complete training and support to improve the home business?

7. Do you have acquaintance with any successful home business owner who can help as a mentor to you?

If your answer is positive to most of the above questions, you can start work at home business. Another important consideration in starting a home business is to do what you are really passionate about. This is because of the fact that you can put greater effort without any difficulty because you really love it.

One of the aspects that is overlooked by many entrepreneurs is the back office support needed to make "working for yourself" work smoothly for you. If you overlook these areas can be devastating to your business. The good news are that there are inexpensive solutions available:

1. Accounting (invoicing, time tracking, estimates, and information storage):

Accounting if is not the most overlooked area of a business, it most be one of the top items when we review business and the reason why they get themselves in trouble or have to close. Please understand that without an accounting and bookkeeping department, it will be very difficult for you to understand the performance of your business, where are cash outflows going, and to make adequate adjustments in your business if needed. If you're good with numbers, you can do it yourself. There are several bookkeeping software available which are easy to install and manage.

However, what happens when you need to crank out that report for your new client before the end of the day? Many times small business fail not due to the quality of the products or services, but their lack of responsiveness to special requirements by clients and prospects (invoices, estimates, etc). This is when you should consider to have a good bookkeeper/CPA as part of your professional team. A good accounting professional can help you record and track your time as well as process your invoices, and generate special management reports and reports for third parties.

2. Merchant services

Even though you are operating from home, you may need to accept credit cards. If you have an e-commerce website, you can set up direct payment with a merchant services provider and bring it all online. Additionally, if you are offering some sort of consulting service like public relations consulting or business plan writing, many companies pay by credit card instead of invoices, so it's a good idea to have this as an option.

3. Web design, online marketing, and IT outsourcing

Do you want to start on the right foot with your home-based enterprise? In todays environment this area can no longer be ignored. Without the benefit of a brick-and-mortar location for customers, a website can be the best way to offer your services and get your name out to your target market. If you are tech savvy, once again you may be able to handle some or all aspects of this department. However, if you need help in this area you should not ignore it any longer and have as part of your professional team a marketing consultant that can help you with your corporate image (company logos, website design, blogs, e-commerce sites, SEO, PPC, etc). Many of them are part of our GCI Facebook group.

4. Internet, VoIP services and video conferencing

Working from a home-based business will require that you have a reliable way to stay in touch with your clients, suppliers, and business partners. A standard telephone connection is a great traditional option, but long-distance and international charges can add up quickly. Our world has become smaller, so it is not unusual for a small business to have clients in the United States, Canada, Australia, and India. Another area that you should not overlook is a steady/reliable internet connection. Today VoIP companies have improved their services and they are no longer a mystery. Many of them provide video conferencing, digital voice mail, hold music and more features that any home-business owner needs. Voice over Internet Protocol is a technology that is internet-based, so you'll have an unlimited connection and lower long-distance charges than a standard phone system.

You can start work at home business if you want to enjoy the fun and freedom of working at home. However take the time to get an organized plan for your business. This helps you speed up and improve your home business success. Consider dedicating a room in your home for business purposes. Then arrange the essential things like a chair, computer, cabinet, phone etc. A comfortable chair is very important if you have to work for hours at the computer. Also consider filing the essential paper work in a cabinet. Keep your business and yourself organized!