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Home Business Tips

There are numerous reasons why people choose to start a home-based business. Some of those reasons include:

  1. Dissatisfied with their present employment situation.
  2. Out of work due to being laid off or downsizing by their employer.
  3. A need to be home more with young children, an infirm family member, or aging
    parents.
  4. A yearning to be their own boss.

Whatever your particular reason for exploring a home-based business, there are a few common steps you need to take in order to launch your business.

First off, you need to come to grips with reality...be realistic in your expectations. Far too many folks read advertisements that are hype and imply quick money, and lots of it, from a home-based business start-up. It will certainly take a year, and in some cases it may take up to three years, before you begin to truly make a significant profit from your business.

I have helped a large number of people start up their own home-based businesses using the Internet. Over time, I have come to recognize two of the most important factors for identifying people that should NOT start a home based business. If a
prospective entrepreneur says something like...

"I'm broke and need to make some money, fast!"

or,

"I want to start a home-based business, but I don't want to spend anything on it until after I start earning some money."

...it is certain that they have not addressed reality and, with that mindset, they will most certainly fail.

It takes a lot of time to successfully market and promote a new business. If you are planning a home-based business in order to spend a lot of time with young children or care for the elderly, a full-time business (and income) may not be a realistic objective.

Second, spend some time researching your business idea. Make sure there is truly enough of a market for your product or service. It's easy to fall into the trap of having a hobby or passion for something that you like to do and just assuming that you can turn
it into an economically viable business.

Third, learn as much as you can about small business. There is a wealth of information available on this topic and the US Small Business Administration is probably as good a place to start as any. Just go to http://www.sba.gov/ and navigate to the sections
dealing with home based businesses.

Fourth, write a business plan. It is your roadmap to reaching your objectives. There are numerous articles on the Internet and in libraries that can assist you in developing your business plan as well as addressing the many other issues involved with
starting and operating a business from home. As a starting point, here are a couple of Small Business Administration website locations that should prove useful:

http://www.sba.gov/starting/indexbusplans.html http://www.sba.gov/library/pubs.html
And last, but not least, seek the advice of a tax professional. Your first reaction may be that you can't afford such expenses right now; but, in reality, you can’t afford not to seek such advice from the very beginning of your home business start-up. They can advise you about ways you may be able to reduce the amount of taxable business income at the end of the year. Paying for an hour or two of consultation with a tax professional at the beginning will probably save you much more than that amount later on down the road.

I never cease to be amazed at the number of people that seem to think that some magic is somehow created when you put the words"home based" in front of the word "business". It's still business...it just happens to bebased in the home.

About the Author
Kirk Bannerman operates a successful home based business and coaches others seeking to start their own home based business. Visit his website at Legitimate Home Based Business for more details.

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Getting started
The Benefits of Home Based Business
Business Mission Of Marketing Plan
A Home Based Business Requires Hard Work!
Selecting a Right Home Based Business
Earn Extra Income While Work At Home
Internet Protect Privacy Rules
Elements Of A Business Plan
Writing Strategic Business Plan
Work At Home Jobs For Moms
A Winning Business Plan
Home Business Tips
Growing Your Small Business
Small Business Owner
Keys To Business Success
Business Leadership
Achieving Sales Goals
Start An Online Business
A Home Business Mentor
Operating A Successful Business
How To Finance The Small Business
Basics For Starting Online Business
How To Start A Home Business
Fairures Of Business
Home Business Resources
Improving Self Confidence
Legitimate Home Based Business
Starting a New Home Business - Top 5 Mis takes
Get Creative With Child Care While Working From Home
Tips to Grow Your Business
Why Home Businesses Fail ?
Roadmap to Online Success - One Hour a Day, Five Days a Week
Is A Home Based Business Right for Me?
Planning Is The Most Important Part Of Starting A Home Business
Loath the Rat Race? Ditch your job.. 7 Benefits of Being a Home-Based Entrepreneur
Starting a New Home Business
Want Fast Business Success? Set Your Goals... Part II
Want Fast Business Success? Set Your Goals... Part III
Work At Home Benefits
Ask Yourself: Is Working at Home For You?
Home Business: Success Starts in the Mind
Online Business Tips
How To Name Your Business
Starting Up A Home Based Business
Steps To Write A Business Plan
Business Ethics Questions
Benefits of Owning a Home Base Business
Steps To Internet Home Based Business
Ideas To Get Motivated
Self Employment Information
Ideal Business Attitudes
Make Money From Home
Benefits Of Being Your Own Boss
Part Time Jobs With Benefits
Achieving Success
Writing A Business Plan
Start Work At Home
Choosing A Business Name
So Thankful To Be A Work At Home Mom: My Story
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