If you’re thinking about starting a home business and need some guidance, the following tips will give you some ideas and pointers on where to focus your energies.

1.       Select your products/services: The first step is always the most difficult and most important. It is always best to choose a product you have good knowledge about or a service that you can offer. Equally important is to choose to do something you enjoy doing.

2.       Research the competition and market: If the market is already overcrowded with businesses offering the same products or service that you plan to, it may be a bad idea. Try to find a niche or a way of offering something that your competitors can’t.

3.       Expect daily tasks: A small business will come with a whole host of tasks that need to be done on a daily basis. Making appointments, bookkeeping and marketing your business will be areas that you will need to be prepared for in advance.

4.       Create a list: A to-do list will benefit you as you prepare to declare your home business open. What supplies will you need? Do you have an office space prepared or do you need to convert a room?

5.       Learn about legal Requirements: It’s very important to check if there are any local restrictions that will prohibit you from starting your home business. Get legal advice before you start to invest as you may need a licence.

6.       Insurance: Find out about the costs of insuring your home business. Homeowners insurance won’t cover your small business, so it’s important to investigate these costs, then factor them into your business plan.

7.       Business organisation: Find out about how you want to run your business. A complete C Corporation, a Limited Liability Company (LLC), a Sole Partnership or a Partnership? These decisions will affect how your business is run in the future.

8.       Costs: Make a running tally of costs to get your company up and running. Will you need to pay for an accountant or solicitor? Have you calculated the cost of office furniture, electrical equipment and office supplies? This is an important step, as beginning in a financially unstable way is unwise.

9.       Monthly break even: Try to calculate the monthly expenditure that your company will encounter so that you can calculate how much income you need just to break even. You will probably need some bank loans to begin with, so plan your finances well.

10.   How will it affect your family? Speak to your immediate family members that live with you about how much it may impact upon their lives. Are they happy for this to go ahead in their home? Engaging in communication and negotiation will be of great benefit to all.

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