There has been a business phenomena quietly taking place the past 10 years: home-based businesses.
Approximately 13.2 million U.S. businesses are being run from home. Why? Because of the availability of cutting-edge technology, entrepreneurs are realizing they don't have to sacrifice family and productivity to profits in the process of successfully operating a business.
The negative regards attached to home-based businesses for years has disappeared. In many states including Texas, home-based business is now considered legitimate & respectable. The greatest change in home-based businesses the past decade has been the broad range of business choice. Location hasn't put a limit on the number choices. A large variety of businesses, from all types of industries, can be run successfully from home.
Starting a home-based business can be a complicated undertaking. The following checklist covers the most important points that you will need to consider and will help you stay focused as you try and get your business off the ground.
1. Create a business plan. Even if you are the only one that will ever read it, it is important to plan out your business and the important milestones you hope to accomplish. The Texas Tech University Small Business Development Center provides free business plan preparation assistance.
2. Establish your business entity. You will need to decide if you want to run your business as a sole proprietorship, a partnership, or a corporation.
3. Get your sales tax certificate. Make sure you are in compliance with Texas state laws and get a sales tax certificate.
4. Check with your local zoning commission. You do not want your business shut down prematurely due to zoning laws. Make sure you can legally run your business from your home before you put in too much time and effort.
5. Purchase insurance. Determine what kind of insurance you need, and purchase this before you actually open your new business.
6. Organize your office. A well-organized office space leads to a successful business. Make sure that your office is in a place in your home where you will be able to focus on running your business with minimal distractions.
7. Purchase your equipment. Make sure that you purchase any required office equipment ahead of time.
8. Set up your Website, or eBay seller account. You will need to purchase a domain name and set up your Web site so that it is ready to go live when you open for business. By planning your Web site concurrently with starting your business, you will be able to include your domain name on your promotional material.
9. Make your schedule. Even if you do not want to work 9 to 5, you will need to create a schedule that follows somewhat normal business hours to ensure that your customers can reach you. They may not be aware that your business is in your basement and you have to get your kids to soccer practice.
10. Organize your inventory. If you plan on stocking merchandise in your home, you will need to make sure it is well-organized to facilitate a quick turnaround time. Make sure that they are easily accessible and free from dirt and debris. If you are a smoker, make sure you store your inventory in a smoke-free area.
11. Get your shipping supplies ready. You should not have to scour your house for a padded envelope when you get your first order. Gather ahead of time all of the supplies you will need, such as envelopes, boxes, bubble wrap, shipping tape, and labels.
12. Open your virtual doors. Now that you are completely prepared, you are ready to open your business up to the public.