Starting A Home-Based Business Checklist

By doing a little planning in the beginning of your business, you can save time and money as well as avoid a lot of headaches. The checklist below shows you how to generate business ideas and plan your home business successfully.

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1. Reasons for starting your home-based business

• An opportunity to become wealthy
• An opportunity to get a second, part-time income
• Getting more control over your work-life balance
• An opportunity to spend more time with your family and friends
• Getting rid of worries about your pension and maintenance in the future
• Looking for a hobby to fill your time

2. Advantages of your home-based business

• Personal freedom
• You get the money you make
• More opportunities for self-development and getting richer
• Less risk more benefits
• Tax advantages
• More time to spend with friends and family

3. Thinking over ideas of your new business

• Sources for generating business ideas:
• Your previous or current employment
• Family, friends and relatives
• Internet, books, advertisement, newspapers, magazines, any business publications
• Specialized trainings
• Trade shows and conventions
• The Yellow Pages

• Some examples of business ideas:
• Buying a franchise
• Internet-based business and online freelancing
• Buying an existing business
• Evaluating your business idea:

• Try to conduct market surveys (Internet is helpful for this purpose)
• Organize personal and telephone interviews with potential customers
• Review your potential competitors and rivals
• Talk with marketing consultants and advisors
• Discuss your idea with retailers, distributors, agents and brokers if possible
• Read market research reports, business literature, industry magazines and journals

4. Talking with your family

• Discuss your new business idea with your family members. They should be aware of the idea in detail, especially if you are going to dedicate some space of your house to your new business
• Make sure they clearly understand how much your business is important to you
• Enlist the support of your family to realize your idea

5. Creating business plan

• Describing business and industry details:
• Specify name of your future business (company name)
• Define industry in which your are going to run your business
• Try to describe industry trends for the next five years. It's essential for successful planning

• Setting objectives: What exactly do you want to achieve and what are goals of your business?
• Defining your market:
• What are you going to sell (a product or service, or both)?
• Is there a need (demand) for your product or service on the market?
• Who will be your customers?
• What are competitive advantages of your business over other businesses?

• Defining your staff (if needed), future suppliers and subcontractors
• Scheduling:
• Design schedules for your daily business operations
• Try to set certain goals to be reached in a specific amount of time
• If you have employees, your business schedule should be announced and shared
• Calculating and stating financial requirements:
• Define initial capital to get materials you need to start up
• Specify how this capital will be spent
• Include necessary licenses or regular fees in your initial capital
• Describe spending on advertising and promotion
• Calculate salaries of your staff
• Making a summary of risks and ...

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