Have you thought what to do when you grow up ? Invent or re-vent home business
- Author Karen Hope
- Published February 13, 2011
- Word count 578
Part 1. A twisted tale of a blossoming
Entrepreneur Blossoming Entrepreneur
Have I always wanted to own my own business? No. When I was younger, I held to the ideal that my UAW-founding grandparents had instilled in me. Work hard for a good company and you will have a job for life along with retirement benefits when you get older. Then, at 40, I changed. I started to see people that had decades of knowledge fall by the wayside as the workplace restructured.
I lost some of that loyalty that kept me just plugging along and I just had to branch out. I had been with a major automotive supplier for almost 20 years and I wanted something different and personally fulfilling. I had a good job, a modest salary, and was working in my chosen area of IT. So I started to do a little thinking and researching. Here are some bullet points outlining my thought processes during the earliest of days.
Each point is important and worth in its own way!
-
What really motivates me? I will enjoy and also gain personal happiness in doing what I want and get paid well too? I knew it had to involve small businesses. My target initially were Mom and Pops with 3-4 other workers .
-
In what way could I help these businesses ? As so many businesses didn't have website at that time , so I decided to start web development only.
-
How was I going to structure my new company? I also decided that inorder to form corporation I had to keep my personal and business finances separate More precisely can be said as "S-corp". This may or may not be the best model for you, it's worked well for me but research is needed.
-
I also knew that to start with I would need to do the bulk of the accounting work. Instead of just jumping in to my financial software, I decided to hire an analyst for an hour and a half to walk me through the basics. With 2 years of college-level accounting I was sure I would be ok as long as I got started out correctly. This was money well spent.
-
Later I even hired attorney. She drafted up some basic documents for me, cleaned up minor details that I had missed thus far, and although more money was spent here, I knew that this was an area that I needed expertise in. I hired best what I could afford, keeping in mind that she didn't require any much fee.
-
What should have been my cost? I had ko keep some affordable cost. Though I also wanted to make money of my time. I came up with client necessities and decided the cost about $15 per hour, this made me realise that I should deliver product well without undercharging.
-
Branding. I came up with a logo design and then had some inexpensive business cards printed and I made some tri-fold handouts. I even added my brand on my portfolio too.
-
Will I need other office too? The work could be carried out easily from my home office too, hence - there was no point to to load my new company with office and equipment leases.
-
Should I give up my job? In my case I was able to say firmly NO. I managed working with my job in beginning and also prevented me from failing badly!
But that is a tale for next time in Part 2 of our series.
Writing a business plan isn't optional just because you consider this simply a home business. You are a small business owner. A written business plan is required to secure finances or investors in your new home business. Starting a home business with your own funds and ideas doesn't mean you don't need a business plan.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Maximizing Your Earnings: Tips and Tricks for Boosting Your Income
- Why Is Interior Painting so Expensive?
- Title: The Emergence of Custom-Built Metal Garages in the UK: A Sustainable Approach to Asset Protection
- Cash in on Success: Uncover the Best Affiliate Program Payouts
- How Can Home Insulation Reduce Energy Bills?
- 5 Profitable Tech Niche Markets for Online Profitability
- Overcoming Bidding Wars to Win-Win Agreements in Real Estate Negotiations
- Essential Considerations for Effective Garage Door Repair: Insights from Kiki Garage Door
- Securing Your Home with Expertise: Believe in Kiki Garage Door for First-Rate Garage Door Fixing in Mercer Island.
- Unleashing the Power of Hashtag Generator YouTube
- How to Start A Online Business?
- The Dark Side of Smart Machines: When AIs Turn Against Us
- A Step-by-Step Guide to Installing a Container Shelter
- A Complete Roadmap to End of Lease Cleaning: An A-Z Guide
- The Psychology of Wardrobe Organization: Reducing Stress and Enhancing Daily Routines
- Top-Rated Painting Contractor Lincoln, NE - Quality Workmanship
- Russell Brunson’s Secrets of Success Review: Unlocking Affiliate Opportunities
- Luxury Property Refurbishment in London: Creating Opulent Spaces
- Navigating the Kansas City Real Estate Market: Your Comprehensive Guide to a Successful Home Sale
- Enhancing Quality of Life: Non-Emergency Wheelchair Bound Transportation for Dialysis Patients in Houston, Texas
- Efficiency Starts with Cleanliness: Streamline Your Operations with Auckland's Top Cleaning Services
- Investors Drop Box vs. Traditional MLS Listings: The Future of Real Estate Investing
- Hire Shopify Store Manager Online Services with www.shopifystoremanager.com
- Work From Home Opportunities
- Understanding Free Inspection and Estimate from a Roofing Company
- Roadmap to Riches Review
- "Man and Van vs. Traditional Movers: Choosing the Best Moving Service in Manchester"
- Impact of fashion: Embracing Natural Beauty in World Fashion's 2023 Trends
- How to Choose the Perfect Home-Based Business for You
- How to grow your Social Media profiles