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Starting a Home Business

Date: 06/29/2007 | Category: Business | Author: Diana Heeb Bivona

Home-based businesses are a popular avenue for the entrepreneur and have grown in popularity over the years.  A recent Forbes article took a look at things you should consider when deciding whether a home-based business is the thing for you.  Here are a few tips from small-business experts found in the article:

  1. Do you homework – research thoroughly.  
  2. Do a detailed analysis of costs to figure out how much money you’ll need. Forecast three scenarios: a best-case, realistic and worst-case financial picture.
  3. Claim your space – find a dedicated work space in your home from which you can run your business without distractions.
  4. Be your first investor and keep funding sources close to home at first.
  5. If you have trouble securing a bank loan, consider applying to the SBA or microlending organizations.
  6. Outsource high-level business functions such as accounting if you don’t have the background or time to do a competent job.
  7. Have an exit strategy. Can you sell the business, pieces of it, or license the product if you no longer want or can afford to continue?
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