When starting a home-based business, the first issue that needs to be addressed is the availability of resources necessary for the business.
The Legal Side
The laws governing business, such as tax laws, are of primary importance. Knowledge of the laws is necessary due to the sheer amount of paperwork and other tasks relevant to the business’ start up. Once you have decided on the business type, feeling confident with starting your own business, it is necessary to consult an attorney who specializes in business law. This step is essential, because it tells you how to register your business. Once you have all the information you need to start the business you need to address the issue of taxes since you will need to file taxes yearly. Having all this information in place is only the first step in starting a business.
Establishing Customer Base
Once the business is up and running you need to find the customer base for your product or service. Who, where and how are the questions that normally go through the minds of new entrepreneurs. It is necessary to start building a contact list of potential clients. Once the client list is established, you should work on getting business referrals so that these clients will not assume that your business is a scam. Having the list and referrals in place will enable the customers to do the advertising for you, by recommending your product or services.
Every business experiences the phenomenon of “slow-paying clients” who can make the process of business quite difficult. In this situation, you need to bait them by stating that your services with them will greatly improve when payments are made on time. One way to eliminate this problem is to define payment terms in advance and having a percentage of the total money owed paid on order, and the balance on delivery. It is a good idea to have clients sign agreements that state the payments terms.
Business Success and the Owner
A successful business can improve your health as well as your social life. Success in business enables the owner to take vacation time to relax to keep up the energy needed to run the business. Sadly, most CEOs do not take time off, which accounts for bad health and a downturn in business. It is essential to take time out for yourself without having to worry about business matters. Begin by selecting two consecutive weeks for vacation at the beginning of the year and being sure to take that time off without exception. After selecting the dates, find someone to take the reins during the vacation. Remember not to call the person (or people) in charge of handling the business for two simple reasons: The first is that it gives them the impression that you do not trust them with running the business; the second is you are not fully relaxing because your mind is still on the job.