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Entrepreneur’s Checklist for Starting a Home Business

Guest post by: Maryjean Howe

Article Overview: Starting a home business can be challenging as well as rewarding in terms of achieving your goals. Here is an entrepreneur's checklist that can help you streamline your processes when starting a home business.

Entrepreneur’s Checklist for Starting a Home Business

Starting a home business can be challenging as well as rewarding in terms of achieving your goals. However, the effort you put in to establish your business may pay off only after a few years. In the meantime, there will be an increased demand made on your time, your family, and resources. To be able to come through you will need a good plan, strategy, and a good support system in place. Often that support system might be your family - Will they be able to handle your unavailability at times? Will they respect your need for exclusive space? Can you avoid a spillover of home into your work space or vice versa?

Here is an entrepreneur's checklist that can help you streamline your processes when starting a home business.

• The first item on the checklist is deciding a place for your business operations. What type of business do you have in mind? Is it a services business or a manufacturing unit?
  
  Choose the space appropriately; try to have your office in a secluded part of your home away from intrusion of family members - a well-fitted basement or a room with an external door. Keep in mind zoning regulations of your city and stay within them.
• Choose a suitable name for your business that is catchy as well as easy to remember and associate with your product or service. Open a business account in your business' name and maintain all aspects of finance separate from your home financial records. Never mix or borrow finances from either side. Your operating costs should be included in your startup fund and ready to use.
• Buy, rent, or lease equipment. Have a separate telephone line for your business and answering machine. Make sure that your business phone is always answered promptly as well as professionally. Instruct family members on how to answer calls in your absence and record an appropriate business message on your answering machine.
• Meet an attorney to help you get your taxes right the first time. Discuss what kind of business you are planning on. Set up an accounting method.
• Get your EIN: In the U.S. the EIN is your Employer Identification Number; also known as the Federal Tax Identification Number. This is used to identify your business. Also, make sure whether your State requires a State number or charter.
• Choose your business structure: Legal and tax considerations should determine your business structure. The most common business structures are sole proprietorship, partnership, corporation, S corporation, and Limited Liability Company (LLC) - allowed by state statute.
• Choose a suitable salary structure as well as other perks like retirement plan for you and your employees.
• Choose appropriate business insurance for your business.
• Promote your business regularly. Use social networking sites like LinkedIn to build contacts; factor in advertising costs into your operational cost budget. Attend business meets, and government organized business seminars.
• Write out your business plan, vision, employee role descriptions, and other non-negotiable activities. Have a framed vision on your office wall.
• A home business office does not mean a cluttered mess - soundproof your office, have neat interiors; professional looking though inexpensive.
• Whatever scale you choose to operate your business at, do it professionally. Make it a point to dress well even if your office is just across the hallway. Mind your manners when you are in a business meeting - your employees and clients are watching you, they know that your products and services are only as good as you are.

Being a thorough professional in the workplace or when running your own small business, it may spell the difference between success and failure. Keep these points in mind and with hard work and persistence you can get your show on the road in time.

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Article Tags: achieving your goals, home business entrepreneurs, starting a home business



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