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Keys To Starting A Home-Based Business

There are a few rules to follow for those who would like to start a home business with a limited budget.

Do not rent a workplace.
Start a "home-based business." Renting usually means signing a lease, which commits significant amounts of money for a long time. You might work from your home or garage. Your business might be one where you go to your customers' homes or businesses. Maybe you can sell at a flea market or fair. There you can rent a small space a very low rate for the short period required.

Do not hire employees.
Avoid fixed salaries and the paperwork involved. If you need help, you can start by using family members or "contractors."

Do not incorporate right away.
Start as a proprietorship (you are the owner). Incorporating a business can be time consuming and will cause more record-keeping. Later on, as the business grows, you may want to incorporate.

Avoid borrowing money.
One of the purposes of a home business is to give you peace of mind about debts. If you must borrow, keep the amount to something you could pay back in time without too much hardship. Remember that while you should have a positive attitude, you should not take for granted that your endeavor will succeed. It may not.

Avoid excessive expenses for equipment.
Select work based on equipment you own. For example, you can use your car, truck, tools, phone, or personal computer. If you need equipment you do not own, consider renting until you can afford to buy. If you must buy, wait until you have a job requiring the tool.

Control initial expenses.
Avoid frills - use what you have. Do not spend money for fancy desks or furnishings. Buy only what you really need. Remember, many small businesses have been started on a kitchen table.

Avoid or limit inventory.
Unless you can move inventory quickly, do not tie up your money on excess inventory.

Select cash-payment opportunities.
Select a home business where you get paid quickly in cash. If you work will take time to complete, get a partial payment at the start. Often, this will be enough to pay the job's expenses.

Go with what you know.
Take advantage of your skills, hobbies, or work experiences. Avoid lengthy learning or training periods, unless you can afford to do it before you start your business.

Select a home business opportunity that suits your personality.
You want a home-based business where you will be comfortable. For example, some people enjoy selling. Others prefer to make things, help others, or work in a business environment.

Avoid home businesses with legal risks and liabilities.
Avoid products or services that could expose you to a lawsuit. Do not sell products that make wild, unsubstantiated claims, or that have a potential health or safety risk.

Finally, put a fair amount of profits back into the home business.
When you start making money, avoid the temptation to spend it for personal use. Keep some in the home based business to improve it and make it grow.

It may be that your dream is to own a home business that requires a significant investment to start. Consider raising money by starting a home business first. Save as much of your earnings as you can. Later, even if you cannot save enough, your savings record and work experience will help you to borrow more for the home business you want.

By: Dorthy Van Orden

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