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9 Considerations When Starting Up A Home Business

9 Considerations When Starting Up A Home Business

The Small Business Administration estimates that 52% of small businesses are home-based. That number continues to rise as workers seek a better quality of work and home life. However, operating a home business is not as stress-free as it may appear. Here are some considerations to keep in mind.

1. Family Support

To effectively operate a home business, you need time uninterrupted by family obligations. Make certain your family is aware of, and willing to respect the time you need to meet your business obligations.

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2. Isolation

Working at home can be very lonely if you don’t structure your time to include social interaction. In a traditional job, you have co-workers to exchange ideas with and share your triumphs. Find some way to work that into your home business life by adding time for activities, such as finding other people operating home businesses to network with.

3. Capital

Like any business, capital is usually the straw that breaks the camel’s back. You have to figure out if you have enough money to fund the initial startup cost – either for a certain product inventory or a list of services and materials needed. There are many ways to get the capital. Some opt for loans, but I highly encourage someone who is seriously looking for a capital, to read more about how debt financing or payday loans work before going into it.

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4. Financial Plan

Not only do you need capital, you also need to keep your financial books in order, making certain not to intermingle business funds with your home finances. If you put money from your savings into your business, account for it and pay yourself back. If you are paid in cash for a job, don’t spend it on groceries before entering it on the books as income that you have paid out to yourself. Set up a good bookkeeping system from the get-go and follow it to the letter. Make certain you have enough money to operate for a year and grow your business online without having to raid the family cookie jar to keep the business afloat. The fastest way to lose family support is causing them financial hardship to achieve your dream.

5. Organization

Every successful business has a strong organizational structure. For a home business, this is even more important because you need to be clear when it is business time and what is business space. That doesn’t mean you go into an office and close the door for eight hours every day. It means that you need a schedule that everyone knows about and space that is yours for working. Set up procedures for operating the business that are comfortable for you, but get the work done.

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6. Legal Regulations

Make certain you are meeting all the legal obligations required by the city, state, and federal governments. A home business is a “real” business and needs to follow the laws for operating as a business where you live.

7. Marketing Skills

The blood of business is marketing. No matter if it is offline or online, you need to have the right skillset on how to market your products or services. Of course, since technology is rapidly evolving every single day, it is understandable that you cannot be good at all areas. How to appear on the first page in your target keywords in search engines or creating a Facebook ad are some of the things you need to consider doing. But if this is not your forte, you can always hire somebody to do it professionally.

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8. Office Space

Set aside space for an office. Whether it is a closet, a garage, or a spare bedroom, you need some place that is for the home business. Everything for the business should go there when you stop work. The dining room table may be nice to work at, but precious documents can be lost if they are left around the house. Have a place for everything and keep it there when you are not working.

9. Equipment

Deciding what equipment is needed is a big decision because of the cost and maintenance. Check if you need things like:

  • a separate telephone line
  • an internet connection
  • a computer dedicated to the business
  • a printer
  • a fax machine
  • a cell phone
  • a xerox machine

Most home businesses start small and add equipment as it is needed. Assess what your business should have at a bare minimum and budget for it.

These are just some of the most basic things that you need to consider, not just for home businesses, but in any start-up businesses in general. It must be planned as carefully as any other endeavour you undertake if you are going to find the balance that is needed to make it work. .

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Junie Rutkevich

Game Developer of iXL Digital

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Last Updated on June 13, 2019

15 Best Entrepreneurs Books to Start Reading Now to Be Successful

15 Best Entrepreneurs Books to Start Reading Now to Be Successful

Knowledge is power, and you’re going to need a lot of it if you’re going to be able to steer your business to success.

Without further ado, let’s take a look at the 15 best entrepreneurs books to get inspirations about success and grow your business.

1. Think and Grow Rich by Napoleon Hill

    This book has been dubbed the Granddaddy of All Motivational Literature, and it was actually the first book that gave a prescription of what it takes to be a winner.

    Napoleon Hill draws from the stories of millionaires like Henry Ford, Andrew Carnegie, and Thomas Edison to illustrate the principles he put forth.

    Get the book here!

    2. The Lean Startup by Eric Reis

      A lot of startups end up failing, but many of these failures are actually avoidable. The Lean Startup provides a different approach that is now being adopted all over the world and changing the way that companies are developed and products are being launched.

      In The Lean Startup, Eric Reis describes what is required for a company to penetrate the fog of uncertainty in order to discover a path to a sustainable and successful business.

      Get the book here!

      3. The E-Myth Revisited by Michael E. Gerber

        In a revised edition of the 150,000-copy bestseller, The E-Myth, Michael Gerber refutes some of the myths that surround starting your own business and shows just how commonplace assumptions can end up getting in the way of being able to run a successful business.

        Gerber succeeds in walking the reader through the steps that occur in the life of a business, from infancy, through the pains of growing as an adolescent, to the perspective of the mature entrepreneur.

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        Get the book here!

        4. Rework by Jason Fried

          Most of the business books that you get today will give you the same advice: draft a business plan, study the competition, look for investors, and all that.

          However, Rework shows you a more effective, easier and faster means of succeeding when running a business. By reading it, you’ll be able to know why some plans are harmful, why you don’t really need to get investors, and why you’re better of shutting out your competition.

          Get the book here!

          5. How to Win Friends and Influence People by Dale Carnegie

            This is one of the most successful motivational books in history, selling well over 15 million copies since it was released in 1936. The book is timeless, and it appeals to businesses, self-help startups, and general readers.

            Carnegie believes that a lot of successes come from an ability to communicate rather than having brilliant insights. In his book, he teaches how to value others and make them feel appreciated and loved.

            Get the book here!

            6. Outliers: The Story of Success by Malcolm Gladwell

              Through this amazing book, Malcolm Gladwell is able to take the reader on an intellectual journey through the world of ‘outliers’. He asks the question of what truly differentiates high-achievers.

              His answer to this question is that we tend to pay too much attention to what successful people are like, and less attention to where they are actually from.

              Get the book here!

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              7. Rich Dad, Poor Dad by Robert T. Kiyosaki

                This is the best personal finance book ever written. It tells the story of Kiyosaki and his two fathers; his real father, and that of his best friend (his rich dad), as well as how the two men helped him shape his opinions on money and investing.

                It refutes the myth that you need to earn high to become rich, and it distinguishes between working for money and having money work for you.

                Get the book here!

                8. The Ascent of Money: The Financial History of the World by Niall Ferguson

                  Niall Ferguson, in this book, follows the money to tell the story behind the evolution of the word’s financial system, from the beginning way back in ancient Mesopotamia to the latest occurrences in what he had dubbed Planet Finance.

                  Fergusson also reveals financial history as the backstory behind our very own history, with an argument that the evolution of debt and credit is as significant as the history of technological innovation and the rise of civilization.

                  Get the book here!

                  9. Liar’s Poker by Michael Lewis

                    Michael Lewis landed a job at Salomon Brothers after getting out of the London School of Economics and Princeton within three years, he had risen to the rank of bond salesman, making millions for the firm and cashing out steadily.

                    Liar’s Poker is the amalgamation of these years — a look behind the scenes at one of the most turbulent times in American business. His book is Lewis’s account of an era where greed and gluttony were the order of the day.

                    Get the book here!

                    10. Drive: The Surprising Truth about What Motivates Us by Michael H. Pink

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                      A lot of people see money as the best motivator. Michael pink says it’s a mistake.

                      In this provocative book, he asserts that the secret to high performance anywhere is the need to direct our lives, to learn and create, and to do better by our world and ourselves.

                      Get the book here!

                      11. Getting Things Done: The Art of Stress-Free Productivity by David Allen

                        Outdated methods don’t work in today’s world. In this book, Allen shares some awesome methods for stress-free performance that he has shared with thousands of people all over the world.

                        His premise? That productivity is proportional to your ability to relax.

                        Get the book here!

                        12. The 7 Habits of Highly Effective People by Stephen R. Covey

                          In this book, Stephen Covey presents a holistic approach for overcoming both professional and personal issues. With insights and anecdotes, Covey presents a way to live with integrity fairness, service and dignity.

                          Get the book here!

                          13. The 4-Hour Workweek: Escape the 9-5, Live Anywhere, and Join the New Rich by Tim Ferriss

                            In this book, Ferriss dishes on the tips he has learned from studying the New Rich, a subculture of people who did away with the deferred life plan and mastered time and mobility to developed luxury lifestyles for themselves.

                            If you’re looking to make your way in this revolutionary new world, this here is your compass.

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                            Get the book here!

                            14. Delivering Happiness: A Path to Profits, Passion, and Purpose by Tony Hsieh

                              The CEO of Zappos shows how a unique kind of corporate identity can help deliver a huge difference in the way results are being achieved — by creating a company that values and delivers happiness.

                              Get the book here!

                              15. Losing My Virginity: How I Survived, Had Fun, and Made a Fortune Doing Business My Way by Richard Branson

                                From Virgin Atlantic Airways, Virgin Records and V2 to Virgin Cola, Virgin Megastores and a wide array of other companies, Richard Branson is the rockstar billionaire that a lot of us want to be.

                                Branson, however, did business by following a simple philosophy:

                                “Oh, screw it, let’s do it”

                                Losing My Virginity is an unusual, borderline outrageous autobiography of one of the greatest business geniuses in the world. Branson and his friends named their business “Virgin” because that was what they were — virgins at the game.

                                Since then, he’s written his success rules, creating a global business that has no headquarters, no management structure no corporate identity as it were.

                                Get the book here!

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                                Featured photo credit: rawpixel via unsplash.com

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