STARTING A BUSINESS

Trying to start a business and feeling overwhelmed with what to do first?  Read on for guidance and focus.   

We all know that to start a business, the first thing you need to know is what kind of business you're starting...your niche.  This can be the toughest step.  I find this tends to be the first big speed bump in the road of having a home-business.  After some serious soul searching and brainstorming, your niche is found!  The next is "Now what?  Where do I start!  I feel so overwhelmed with everything, I can't seem to focus."  So establish a To-Do List that can be used for just about any business.  Of course, you will need to customize this list to the direct specifications of your home-business but it can definitely be used as a guide.

Top 14 Things To Do When Starting A Home Business:

1.  Make it legal!  Licensing or Permit; Zoning Law -- These may vary by city, State and or Province.  Visit your city/county officials office to find out what you need and how to go about getting it BEFORE starting your home-business.

2.  Certificate of Ownership -- Getting a DBA (doing business as) registration can usually be obtained at your local city/county clerk's office.  This is important as some banks won't cash your checks if you haven't registered your business name.

3.  Separate business phone line -- Having a separate phone line within your home for your business is a very smart decision.  You won't have to give out your personal home phone number to your prospects, clients/customers which protects your privacy.  Also, this separate phone line is a tax deduction!

4.  Renting a P.O. Box -- another good idea!  Not only will you be able to protect your privacy by not having to give out your home address to strangers, but you will also have additional contact information on your business cards for your prospects and customers to reach you.  Also another tax deduction!

5.  Business E-Mail Address --  Nowadays, everyone is using email.  Its quick, simple and easy.  Don't have one....GET ONE!

6.  Checking Account -- Talk to any accountant, bookkeeper, or CPA, all will tell you to open a separate checking account for your business.  It's so much easier and beneficial to YOU.  Not only will you be able to keep track of all business transactions, they will be easier to find as they won't be intermixed with your personal transactions.  You won't spend hours digging thru personal transactions/paperwork trying to find your business information.

7.  Credit Card -- This goes along with your business checking account.  Any items purchased on your business credit card are being kept separate from your personal items.  Its also easier to track your business spending AND easier at tax time too!  Don't forget to stay disciplined and pay off the balance each month!

8.  Insurance Coverage -- PLEASE double check with your insurance agent on obtaining adequate and necessary coverage.  Business items, inventory, supplies, etc. that are in your home are MAY NOT covered by insurance if damaged in a flood, fire, earthquake, etc. If you own your home, (not renting) you may be able to obtain an Umbrella Policy for a couple dollars a month.

9.  Business Cards --  Make sure to include your name, business name, USP (unique selling proposition), all "business" contact information including website and email.  Vistaprint.com provides you with several templates to be used for free.  You only pay for S/H.

10.  Your own space -- This may sound trivial.  ITS NOT.  Designing your own office space within your home is critical.  Make it a separate room if at all possible.  Put the things in there that make you feel comfortable, fresh flowers, CD player, some pictures, favorite pens, etc.   

11.  Essential Equipment -- Consider the equipment needs of your business, computer, fax, scanner, printer, copier, phone with voice mail, cell phone/pager etc.  Make a list, run thru it, and continue tweaking it to the point that you've covered everything.

12.  Write a business plan -- How can you "work the plan" if you haven't "planned the work"? 

13.  Raise the capital -- After writing your business plan, you may discover that you'll need a loan of some kind to get things started.  Best advice, if at all possible start your business plan WITHOUT a loan.  Start small.  Don't bite off more then you can chew.  A business can sink twice as fast as it may grow.  Start small, work your way thru the speed bumps and challenges and from those lessons you should be able to prosper!

14.  NETWORK, NETWORK, NETWORK -- Check out your local networking groups, Chamber of Commerce, local chapters, etc.  The name of the game is getting the word out and developing relationships.  Networking is one of the best ways to begin this process.

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