Many people are thinking about starting a home based business because of the economic downturn and the fear that their jobs aren't secure. Unfortunately, most people have no idea about starting a business and all it entails. If you're considering a home business option, this checklist for home based business start-up may answer some questions.
It helps if you know what type of home based business you're interested in. Most people know that choosing a business that they're enthusiastic about will help them to succeed, so they may already have an idea of what they'd like to do.
1. When you have a business idea chosen it's time to start working on a business plan. The old adage is true, "If you fail to plan, you plan to fail." This is definitely true in business. Do a search online for sample business plans and then develop one of your own.
2. Determine the form of your business. In other words, decide now if you will be a sole proprietorship, a partnership, or a corporation. Each one has their own advantages and disadvantages, so talk with an accountant to discuss which option would be best for you.
3. Get any required business licenses that you'll need. Check with your city, county, and state to determine which licenses will be required for your type of business.
4. Check with the local zoning commission to see if there are any limitations to your running your business from your home. Even though it's great to start a home based business, it would be terrible to have it shut down because of a zoning violation.
5. Depending upon the type of business you choose, there could be a number of types of insurance required. For instance, if you run a home inspection service from your home, you need to purchase Error, Omission, and Liability insurance. Some insurance types are expensive, so they could be a major portion of your start-up costs.
6. Decide upon a name and verify that it isn't already registered with your state.
7. Having an internet presence is extremely important in this day and age. Purchasing a domain name is quite easy and inexpensive. Choose one that is easy to spell, easy to remember, and if at all possible, get a domain name with a dot com extension. While other extensions (.net, .us, and .org) are viable options, most people will inadvertently use dot com when typing a website address.
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