Ever wanted to start your own home business startup, but don’t know where to start? Here are the essentials to get you started:
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- Does your setup comply with local health and safety by-laws? If it doesn’t, you can be shut down.
- Do you need to register and obtain a business license from the local government?
- Should you incorporate to take advantage of tax rules so as to maximize profit?
- Does what you are doing invalidate your home insurance? Ask your agent and get it in writing!
- Are you infringing on any patent or copyright laws?
- Is your buddy helping and picking up the odd dollar or two helping you? If so, you may be partners without knowing it!
- Are there any liability issues? What if your kiln sets fire to your neighbor’s house?
- Be careful about bank loans and private investors. They can dictate what you do and don’t do.
- If you’re looking for bank money, you’ll need a good business plan and profit forecast first.
- Don’t forget the additional costs, such as accounting fees, etc. You may have to file two tax returns, one for you personally and one for the business.
- Free samples cost you money but can be a good investment in your future.
- Although you may be in business, there is no substitute for genuinely caring for people and helping them with their problems and their needs.
- Trust is the basic foundation of any successful business.
- Focus and self-discipline are your best co-workers. Above all, have fun.
- Getting competent legal and accounting advice is always money well-spent!
- Find a specific need, fill it and do the job right.
- Make sure you know your costs and overhead.
- Self-promotion is essential. Use the Internet, network with friends and neighbors.
- Become known by volunteering at workshops and events pertaining to your project.
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This article was originally published in the NEW PIONEER ™ Summer 2015 issue. Subscription is available in print and digital editions here.