12 Steps to Launching a Home-Based Business

Thinking about starting a ? You might have an idea for a unique product or service, and you may have even thought of a name for your business, but how do you start?

Sally Morton breaks it down for you in her article "How To Start a Business in 12 Easy Steps."

In brief, the steps are as follows:

1) Focus - Hone in on what unique product or service you will offer. What will you charge for your services? Choose a name for your business.

2) Delivery of services - Will you deliver your product or service in person, by phone, by fax, or via the internet? Decide whether you will need a website and a shopping cart, and what office supplies and equipment you will need. Freelance services can benefit greatly from a website to advertise your services.

3) Location - If you are planning a home-based business, you will need to set aside a room in your house from which to work. This will give you privacy, and a place to meet with a client should that be necessary. This is also necessary for tax purposes if you are planning to claim business-related home expenses.

4) Business Plan - A business plan is a roadmap to guide you in growing your business and achieving your goals. "How To" information is available at www.sba.gov, the Small Business Administration's website.

5) Plan - How will you market your business? There are many free resources and marketing suggestions available on the web.

6) Promotion - Self-promotion is essential. Update your resume before seeking clients. Recommendations and testimonials from satisfied clients go a long way in helping to generate new business.

7) Incorporating - You can operate as a Sole Proprietorship easily - simply obtain a DBA (doing business as) from your local government offices. Open a bank account for your business. There are four types of businesses you can create:

Sole Proprietorship
Partnership
Corporation (C Corp, S Corp)
Limited Liability Corporation

Apply for your tax ID number. You can do this online and receive your number right away at: irs.gov. If you choose a sole proprietorship, you can simply use your social security number. You can also incorporate online in any state. Simply search “incorporate online” ion the web.

Benefits of incorporation:

Limited personal liability for the business
Separates your personal assets from those of your business and helps you establish business credit
Corporations may be seen as more credible or prestigious
Tax benefits

Finances - How much money can you contribute to your business? What are your estimated costs?

9) Marketing Materials - Research ads on the internet, magazines and newspapers for products or services similar to yours. Then write your own ads and place them according to what you can afford and which media will be most appropriate for your product or service. Starting with traditional marketing resources like business cards, flyers, and a yellow pages ad can be very effective.

10) Prepare To Sell - If you're selling a product, have enough stock on hand. If you're selling a service, check your competitor's prices and services to ensure that you're competitive. Research supply an demand.

11) Open For Business - Start selling!

12) Tweak - Test new ideas, revise what you've done, and keep changing as you need to.

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