When I decided to start my coaching business, I was older and wiser, and grateful I made many of my mistakes at an earlier age. I learned from them and knew not to repeat them.

I started small. I had a computer, an old, but reliable printer, a 15-year old calculator and desk, and a comfy office chair.

All I needed was a quality phone capable of handling multiple lines and a headset.

For first twelve months of my business, these items were more than sufficient.

As my business grew and profits increased enough to support additional spending, I upgraded my computer and printer and made improvements in my office.

When starting your new home-based business, understand that your first year can be financially demanding.

Until you have a steady, reliable source of income, it is wise to avoid excessive spending and unnecessary purchases.

Be honest with yourself when making purchases for your business.

Yes, you need a good quality printer with fax/copy and scanning capabilities, but do you need one that is designed for high volume, large scale copying?

If you're not in copying business, a lower volume, lower priced multi-media product will more than serve you.

When starting your business, sit down and determine what you absolutely need to get things going and what costs will be.

What will your monthly operating expenses be? For example:

-internet access -bank charges -phone/fax lines -auto responder and shopping cart (if online business), -printer cartridges/office supplies -advertising, etc.

Then determine when you expect to start bringing in sales. How much will you need to earn every month to cover your operating expenses?

Not until your basic monthly expenses are covered and a surplus of funds is created should you begin to purchase nice-to haves.

Be frugal during your first year as a home-based business owner. Monitor and understand where your money is coming from and where it is going.

Keep a watchful eye, maintain strict control and pace your spending according to your profits.

By creating structure and remaining vigilant in your spending, you will build a solid foundation for your business.

Build a strong foundation, be financially responsible on an ongoing basis and sky will be limit!

Laurie Hayes is a Life Strategy/Small Business Coach and founder of Where the Heart Is Life Coaching.

Laurie specializes in assisting home-based business owners who face the challenges that come with working from home. She is the author of numerous articles and a bi-weekly newsletter, "The Heart of Living."

By Friday evenings I would be dog-tired and not interested in any social interaction. I just wanted to sleep.

I spent my weekends doing laundry, cleaning house, and taking care of family commitments. Every Sunday evening I would feel sadness and anguish, knowing I was about to repeat cycle again.

As I sat on my deck for a short while today enjoying warm spring sun, I was overwhelmed with gratitude for my business and I acknowledged myself for long evening and weekend hours I dedicated myself to in order to build my business.

I worked hard. As a matter of fact, I still work hard, but it's different when it's something you love. Sometimes I put in really long days, and sometimes I slow pace a little to maintain balance.

There were times when I didn't know if I could go on without burning out, but thankfully, I had a great peer group of coaches who were always there to back me up and cheer me on.

To me, reward of having my own home-based business is freedom to choose how I manage my time.

I have freedom to be creative.

I have freedom to plan my tasks as I see fit, and only person I answer to when there is a setback, is myself.

I am captain of my ship and although I run a tight one (I'm harder on myself than any boss ever was), I still consider it a never-ending victory cruise.

Building and growing a successful home-based business requires intense desire, steadfast dedication, a solid plan, sacrifice, quality products and services, specific skills, ongoing support, risk taking, and an unwavering belief in yourself and your dream.

Would I do it all over again given choice? You bet!

As a matter of fact, if I had a magic wand I would roll clock back 20 years and start much earlier.

Being a home-based business owner is a rewarding dream and is worth every minute of effort needed to make it real.

Laurie Hayes is a Life Strategy/Small Business Coach and founder of Where the Heart Is Life Coaching.

Laurie specializes in assisting home-based business owners who face the challenges that come with working from home. She is the author of numerous articles and a bi-weekly newsletter, "The Heart of Living."