HOME BASED BUSINESS

Starting out as a home based business offers some special benefits to entrepreneurs. Operating from a spare bedroom or a garage, a business can be run with a minimum of investment and exited with a minimum of obligations and risks. The Internet and computer technologies now offer home based entrepreneurs the same tools for communications, accounting and marketing as are employed by multi-national competitors

There are two approaches to starting a home based business: as a moonlighter or as a full-time entrepreneur. Fortunately, many home based businesses can be operated on a moonlight basis. Once you have established a foothold and your business is flourishing, you can quit your job and expand from the already proven home-based start. If your business doesn't work out, your job provides a fall-back to income and benefits. But moonlighting imposes some conflict of interest rules: Do not compete with your employer; do not use time on the job nor job facilities for your own business.

If you are planning to quit your job in order to start a home based business, it is important that you patiently take the time to have plans in place before you quit. The important functions that should be in place before quitting the job include deciding on a business, gaining hands-on experience in the business, having adequate accounting knowledge, setting up accounting software, constructing a Web site, personally writing a business plan and preparing a one year cash flow projection.

Here are some reasons why a family run business offers special benefits: Common goals pull the family together. You can utilize individual and collective family skills. If you are still working at a job, family members can work during hours you're on the regular job. The business is set up with pre established lines of authority and responsibility. Both spouses can exercise individual business capabilities. When all else fails (including your job) a family working together is the best survival unit.