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Dads Working From Home presents: I’ve decided to start a home business. What’s the first step?

Written by: Richard Knowles

Article Overview: Dads Working From Home presents: The 10 Most Frequently Asked Questions about Starting a Home Business #2: I’ve decided to start a home business. What’s the first step? We’ve all heard the old adage, “the journey of a thousand miles starts with a single step.” Our goal today is to insure that your first step isn’t straight into the abyss.

Dads Working From Home presents: I’ve decided to start a home business. What’s the first step?

The 10 Most Frequently Asked Questions about Starting a Home Business #2: I've decided to start a home business. What's the first step?

We've all heard the old adage, "the journey of a thousand miles starts with a single step." Our goal today is to insure that your first step isn't straight into the abyss.

Most books will tell you to create a lengthy, in-depth business plan, and that's fine if you're looking for a reason to procrastinate and put off the real work of getting started. The only justifiable reason to create a business plan is if you are trying to raise money via venture capitalists or a commercial bank loan.

Otherwise, don't worry about writing a formal business plan. All you really need is a simple, concise, HONEST "blueprint" to the road ahead. Here is what I recommend you include in your blueprint for success:

1. One simple sentence that clearly describes A), what the business does and B), who it intends to serve.

2. A breakdown of how your business will run from day to day. What exactly happens between "Open" and "Close?"

3. A detailed list of your responsibilities as the captain of the ship. After all, the buck stops here.

4. An equally detailed list of the responsibilities of your employees, partners, etc. Good fences make good neighbors.

5. A realistic estimate of how much it will cost to operate the business for the first fiscal year. Be brutally honest with yourself here.

6. Finally, write in detail how you plan to cover the costs of running your business the first year? In other words, where is the money coming from? Sales? Savings? Both? Be clear - this is no time for blind optimism.

While there is much more ahead, it's important to keep in mind that the foundation is the most important part of any structure. Take care of the six steps above and your odds for success will be greatly improved.

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Article Tags: abyss, bank loan, blueprint, fences, fiscal year, formal business plan, good fences make good neighbors, journey of a thousand miles, justifiable reason, money, odds, old adage, optimism, realistic estimate, simple sentence, single step, six steps, starting a home business, venture capitalists, worry
Referred by: http://jaykubassek.com



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Re: New, young entrepreneur - Congrats H20ismyLife! Do you have a website so we can see any of your work? Whats the next step for you?
Re: Good news for women - She probably is at the point I got to and needs to get a job or get away from the kids a while during the day and do something really productive. When I stayed home I got to the point that I felt useless. Not that I really was. I was very useful to my child at the time, but I needed adult interaction and to feel like I was making a contribution to the household. Working again we the answer to my prayer. I could not have stayed home another year and my psyche not been damaged. She can probably find lots of good ideas of how she can start a business of her own right here on this forum. Otherwise, sometimes working for someone else is better for some people. Different strokes for different folks.
Throw out the guilt - Lately I have been struggling with the guilt of sometimes putting my business first over my 3 year old. Long ago, we decided it was better that he was in daycare (now preschool), even though I worked from home. Oh the guilt! I should have him home with me and we could bake cookies and I'd teach him his fourth language! But where would my business be? And I'm not a good cookie maker. I finally decided that I couldn't listen to the pressures of the outside world. What works for me is that he is in school while I earn my daily bread. I can focus 100% on my business, and then 100% on him when he gets home. I thus maintain my sanity. I'm reading a book called "The Mask of Motherhood" that I highly recommend. It's by Susan Maushart, and talks about how we all pretend it's easy to juggle work and family, but really we're all struggling.
Re: Hello from a San Diego-based marketer - Welcome Aaron! Whats the next stage for your business? Ben
How can I start home-based business? - hi all, I have a PC at my home with internet connection. Want to start home-based business. What kind of business should I start so that I get regular commission. What’s advisable to start, anyone have experience please share and explain. Thanks,


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