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Step 1
Look before you leap. Starting a home business is hard work. It is emotionally and financially demanding. Take an honest look at your life, your family, and circumstances. Before you decide to take the jump, make sure it's one you really want to take.
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Step 2
Compare your interests. Types of home businesses are either product-based or service-based. Choose a product-based business if you like to sell. A service-based business is for people who really enjoy people and want to work with them constantly.
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Step 3
Enroll in the Small Business Administration's free business planning course. They teach tips on everything from writing a business plan to budgeting and will get you started on the right foot.
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Step 4
Consider the investment. Product-based businesses have to keep an inventory of stuff to sell, while service-based businesses have supplies to buy. Typical start-up costs range from $500-$11,000.
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Step 5
Create a safety net. It will take 1-3 years before your business starts to turn a real profit. Have savings ready to help pay your bills until then and look for opportunities that will keep a stream of income coming in even when things get tight.
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Step 6
Draft a savings plan. Once your home business starts bringing in an income, you will want to know how you plan on spending the cash. The average income for home business households is $59,000 a year compared to $45,000 for other households.
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Step 7
Don't stop learning. The Small Business Administration has said that the most successful home business owners have college and postgraduate degrees.











Comments
oneloved said
on 1/11/2009 Very detailed and informative!
Addonis said
on 1/1/2009 great job 5 stars
litlover2 said
on 10/22/2008 Curious to find out what the job demand for home medical transcriptionists are, How does that work for a home business choice?
litlover2 said
on 10/22/2008 I want to start a medical transcription career at home, is anybody else doing this and how is it working for you? Curious in Crook County
dsterlin said
on 9/16/2008 Great networking tips
DSterlin.com