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20 exact steps to start a home-based business if you are serious about the idea of making money through a home-based business then here are the 20 exact steps to start a home-based business 1 evaluate your talents keep in mind there is a huge difference between talents and things you enjoy just because you enjoy something does not mean you could turn it into a business to access your financing needs while starting a business from home can be more affordable than starting a traditional business you will still need money to get started 3 know your competition if you plan on working from home locally look around town for other businesses offering the same services or products you’ll have to figure out if there is enough business left for you in your area 4 understand the needs of your market listen to what people say and what they need in the area 5 learn about employment laws if you plan to hire employees or contract workers as part of your home-based business you will need to know how to navigate labour laws 6 consider some of the more common ideas if no business ideas are coming to mind think about some of the tried-and-true home business types 7 consider the space required for your business if you’re planning on doing any sort of manufacturing product storage or shipping you will likely need more than a desk to work on eight figure out if you can make this business profitable how much will people pay for your services can you make a good income off this many people see astronomical numbers in their future until they take the time to determine their profits 9 create a business plan for your home-based business this is the blueprint for your business it may also help you think of things that had not crossed your mind about your business and help you determine what kind of startup cost you are looking at 10 check into legal barriers for your business some areas have certain rules and regulations for home-based businesses and you need to check into those at your towns city hall before investing much time or money into your business 11 figure out if you need additional insurance visit your local insurance agent to determine if you are in need of any special insurance for your home-based business 12 invest in your home-based business before you get started there are often investments you will have to make in your business infrastructure 13 organize your business as a legal entity when setting up for business you have several options in determining the structure of your business the easiest is to simply act as a sole proprietorship where you the business owner are legally the business 14 set up your home office to work effectively you’ll need to have a dedicated business space within your home 15 set up a dedicated phone line and internet service almost all businesses will require contact with customers over the phone 16 get a post office box for your business this is especially important if you have business cards or will be regularly corresponding through the mail 17 launch your business when you have everything ready launch your business or website and take your first customers 18 market your business to bring in more customers you’ll have to market your business 19 adjust strategies and products as necessary respond to your customers you should set up a system or survey where your customers can rate their experience with you and your business 20 build a trusting customer base by adjusting to your customers needs and consistently providing good services or products you get the best form of free advertising word of mouth recommendations you
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