I love excitement of starting up a new home based business. I enjoy trying out new ideas and approaches with new venture. I dream big dreams and hope to obtain some of them (if not all of them). I am sure you have those same feelings as well. Organization is imperative when starting any business. Some say that a well funded business has best chance to sustain losses until it’s profitable. However, if you are on a shoe string budget like me, money management is key.
The place you need to start with your home business is with pen and paper or word processing software and a PC. One thing I learned about starting businesses is there are so many variables involved it is not possible to “keep it simple” if you try to run entire business without some type of plan. Not knowing or not being able to prioritize your needs with your business can result in bad money management and eventually failure.
Writing down what your business is about helps put your business into perspective and helps you define your immediate needs and hold off on spending on items you don’t need right away. Most recommend you write a business plan. You can buy software to write a plan and go through a set of questions to write one. You could always research how to write a business plan online.
Whether you use software or not to write a business plan you could always ask yourself basic questions. Getting to basics means a lot to me. It provides a foundation to your ever evolving business plan.
If you are starting your own home business, try asking yourself these questions. They may help you in same manner as they help me:
1. What is your business name?
2. Is your business registered as a “Doing Business As” (DBA) or Corporation? – This is very important for tax purposes and banking.
2. Explain what you business does in one short paragraph. – Describing your business in a few sentences helps define main focus of your business.
3. What products does your business sell? – List any product your business is selling and any variations of its availability.