What is the entrepreneurial process of starting a business? Do you need a detailed guide or blueprint for starting a business? Then i advice you read on.

Today, I will be sharing with you the step by step process every entrepreneur must undergo when starting a business from scratch. This process is called the “Entrepreneurial process.” This is the same process that brings into being; both great and small businesses.

“In the game of entrepreneurship, the process is more important than the goal. When you start building a business, you begin a journey, a process. This process has a beginning and an ending and between the beginning and end lays a lot of challenges. You will win only if you remain faithful to the process.” – Rich Dad

Entrepreneurship is a process; a journey, not a destination. You can never build a successful business without undergoing the entrepreneurial process and there’s no exemption to this rule.Bill Gates, Warren Buffett, Larry Ellison, Steve Jobs, Mike Adenuga, Oprah Winfrey and Aliko Dangote; the richest black man in the world all went through this process.

“The most important thing is to enjoy yourself and continue to work. Life is a journey, not a destination. That’s also true in business; your objectives keep moving.” – Thomas J. Burrell

Before I proceed to highlight the phases of the entrepreneurial process, I think it’s worthwhile I let you know that not all who start this process will end it. There’s no big deal about it; it’s the norm. Such is life. Many will quit along the way so it’s up to you to decide if you will be one of the losers or winners.

The Entrepreneurial Process to Starting a Business from scratch

1. Experience the entrepreneurial seizure

The entrepreneurial process usually begins with the entrepreneurial seizure. I think I first heard the term “entrepreneurial seizure” from the book “E-Myth Revisited.” Every entrepreneur experiences this seizure and you can know you’ve been affected by it when you begin to ask yourself any of these questions:

• Why can’t I be my own boss?
• I am tired of this 9-5 job?
• I work so hard but my boss doesn’t recognize me.
• Why am I working for my boss when I can go out on my own?
• I am gifted, why can’t I make money with my gift?

“It’s within everybody’s grasp to be a CEO.” – Martha Stewart

 Once you begin to nurture these perceptions, the entrepreneurial process has begun. It’s in this phase that you will begin to question conventional wisdom. During this stage, the primary keywords on your lips would be: Why, how, what, when, who and where.

2. Plan the business

Any entrepreneur who makes it through the first stage usually begins to draw up a plan of a proposed business venture. In your spare time, you will fantasize, scheme and plot. You will imagine yourself being at the helm of affairs. You will begin to analyze the possibilities of going ahead with your business idea; once you have drawn a business plan, know that you’ve just completed the phase two of the entrepreneurial process.

“A plan is a bridge to your dreams. Your job is to make the plan or bridge real, so that your dreams will become real. If all you do is stand on the side of the bank and dream of the other side, your dreams will forever be just dreams. First make your plans real and then your dreams will come true.” – Rich Dad

 3. Make mistakes and learn

In the process of planning your business, you are bound to make some mistakes. Your mind will begin to show you reasons why building a business is not for you. You will begin to see reasons why you need your job more than ever. You will also experience some disappointments that will make you almost quit.

“The size of your success is measured by the strength of your desire, the size of your dream and how you handle disappointment along the way.” – Rich Dad

The sad truth is that many entrepreneurs don’t go beyond this phase of the process; their dreams die in the planning phase. I have seen entrepreneurs with solid business plan; back out of the process simply because no one wants to invest in their idea. I have seen entrepreneurs rewrite their business plan, year in year out; because they are held back by the fear of failure.

“The biggest challenge you have is to challenge your own self doubt and your laziness. It is your self doubt and your laziness that defines and limit who you are.” – Rich Dad

That’s why this third phase is all about making mistakes and learning. Even if no one wants to invest in your idea, keep learning and improving on your plan. You might make a couple of mistakes but don’t quit. If you can boldly forge ahead despite disappointments, you will move on to the next phase of the process.

“Underneath every mistake in business is a valuable lesson. Unfortunately, many entrepreneurs miss these lessons because they lament and blame others over the mistakes.” – Ajaero Tony Martins

“Like success, failure is many things to many people. With positive mental attitude, failure is a learning experience, a rung on the ladder, and a plateau at which to get your thoughts in order to prepare to try again.” – W. Clement Stone

4. Start a Business

“Start small and dream big.” – Rich Dad

Many come up with bright ideas and write powerful business plans but only few ever dare to start a business. If you have gotten to this phase of the entrepreneurial process, I say congratulations.

“Starting a business is like building a ship and embarking on a voyage, armed with a plan, a map and a team. You will have to sail against storms, unpredictable weather and uncertainty. If your ship sinks, it’s either you quit or you swim back to shore, build a new ship and sail again.” – Ajaero Tony Martins

5. Sustain the business

Starting a business just the beginning of the game; sustaining that business is where the real challenge lies. This is where you fight to keep the business you have started afloat. You will have to handle competition, find customers, deal with critical business challenges, pay bills upon bills, deal with employees and so on. This is where the stress of running a business gets worst.

“Business, more than any other occupation, is a continual calculation, an instinctive exercise in foresight.” – Henry R. Luce

6. Make mistakes and learn

This is the phase where many new businesses go down. This phase is the reason why 99% of all small business startup fail in their first five years. At this point, silly business mistakes will be made that will result to loss of cash, customers or crucial employees. This is the point where you begin to regret why you ever started a business. If you are not strong hearted, you will let go the dream of building a business.

“Sometimes when you innovate, you make mistakes. It’s best to admit them quickly and get on with improving your other innovations.” – Steve Jobs

“A mistake is a signal that it is time to learn something new, something you don’t know before.” – Rich Dad

What smart entrepreneurs do at this phase is to seek new answers. They assess themselves to see the necessary entrepreneurial skills that is lacking. They attend seminars, read books on business and entrepreneurship, find a business mentor or form strategic alliances.

“One of the great things about being willing to try new things and make mistakes is that making mistakes keeps you humble. People who are humble learn more than people who are arrogant.” – Rich Dad

“There are no mistakes in life, just learning opportunities.” – Rich Dad

7. Stick to the process

“You can always quit, so why quit now.” – Rich Dad

After seeking new answers, this is the phase where you implement the answers found on your business. It’s the phase where you take the bull by the horn and refuse to call it quit. Only few entrepreneurs ever get to this phase because it takes a lot of time, resources and commitment to stay on this phase. Getting to this phase might take about three to ten years from the point of starting the business.

“I built a conglomerate and emerged the richest black man in the world in 2008 but it didn’t happen overnight. It took me thirty years to get to where I am today. Youths of today aspire to be like me but they want to achieve it overnight. It’s not going to work. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, tenacity of purpose is supreme.” – Aliko Dangote

8. Build a successful business

If you stick to the process without quitting, you will finally have the business of your dreams right in your hands. This is the phase where your business needs you no more because your presence or absence will have little impact on its growth. This is the phase where you celebrate your achievement. At this point, you can choose to either exit the business or stick with it. But regardless of the choice made, the money will keep flowing.

9. Count your wins or losses

Every successful entrepreneur usually comes to this phase. This is the phase where you reflect over the process of building a business; the business challenges you overcame, the games you won or lost and the business failures you have experienced. This is where you share your story of success or failure with others; it’s the phase where you decide if the entrepreneurial process was really worth undergoing.

10. Retire or repeat the process

This is the final phase of the entrepreneurial process. Less than 20% of all entrepreneurs that started the process get to this phase. At this phase, you are self made and you can choose to either retire or repeat the process. I said retire or repeat the process because I have seen entrepreneurs who start the process all over again even after building a successful business. Others will retire but come back to repeat the process because of the challenges and excitement it offers. So whatsoever choice you make is left for you to decide.

“I’m not afraid of turning 80 and I have lots of things to do. I don’t have time for dying.” – Ingvar Kamprad

These are the ten phases that make up the entrepreneurial process. Remember, not all who started this process makes it to the end. Will you make it to the end of the process? Only you can decide your fate.

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Do you want to start a business part time but you have no money? Are you an employee with a strong desire to start a business? Are you sick and tired of your 9 – 5 job? Are you fed up with your boss? Do you want to start a business but don’t want to quit your job yet? If any of the above situations apply to you, please read on.
I strongly believe every human is unique and possesses at least one good idea. I have seen employees with brilliant ideas and plans; but they just don’t know how to give up their job security to pursue their entrepreneurial career. Starting a small business and earning an extra income has always been the dream of many employees but the problem is only few ever dare to quit their job and start a business.

I was motivated to write this article because I have come across so many employees with plans on starting a business but they just don’t seem to be making headway. Year in year out, these same employees are still keeping their jobs. They are afraid to quit their jobs because of the uncertainty associated with building a business.

Without the element of uncertainty, the bringing off of even, the greatest business triumph would be dull, routine and eminently unsatisfying.” – J. Paul Getty

If you are employee reading this business article and you are contemplating starting a small business part time. Deep down inside you, you know you really need to quit your job but you can’t just find the guts to quit due to fear and self doubts. If this situation above best describes you; then my honest advice to you is this:

“Don’t start a business yet because you will definitely fail.”

Instead, I will advice you first clear your fears or self doubts because with either of these in you; you are failure bound. In retrospect, I want you to know that the biggest corporations of today and the billionaires of today started part time.

Bill Gates started Microsoft part time in Harvard’s dormitory. Mark Zuckerberg, Michael Dell, Larry Page and Sergey Brin, David Filo and Jerry Yang started their business part time in the dormitory of their various academic institutions. Amazon was started by Jeff Bezos in a garage just as Apple was also started in a garage by Steve Jobs and Steve Wozniak.

Robert Kiyosaki started his Nylon and Velcro wallet business while still an employee of Xerox; and Ray Kroc of McDonald’s developed his business idea while working as a salesman. Henry Ford, Thomas Edison, Oprah Winfrey started by building a business part time.

If these successful entrepreneurs and drop out billionaires can achieve the feat, I see no reason why you can’t do the same. So in this article, I will outline an easy step by step guide to starting your own business part time. If you are ready, then let’s proceed.

Now based on the challenges faced by these employees and aspiring entrepreneurs, I have decided to outline an easy step by step guide to starting a small business part time. These business building or startup steps are the exact steps taken by successful entrepreneurs and drop out billionaires who started and built great businesses. So if you are prepared to go through the entrepreneurial process of starting a small business part time; then below are seven steps to starting a small business part time.

How to Start a Business Part Time With No Money

1. Start developing your entrepreneurial mindset

“Getting rich begins with the right mindset, the right words and the right plan.” – Rich Dad

The first step I will recommend for anyone wanting to start a small business part time is to develop the entrepreneurial mindset. The reason is because starting a business requires a certain kind of mindset; the entrepreneurial mindset.

“There is little difference in people but that little difference makes big difference. The little difference is attitude. The big difference is whether it is positive or negative.” – W. Clement Stone

Remember that building a business will require you give up your job security someday and therefore, you will be transiting fully from being an employee to becoming an employer. So you have to be mentally prepared for the business challenges involved with start.

“Nothing can stop a man with the right mental attitude from achieving his goals; and nothing on earth can help a man with the wrong mental attitude.” – Thomas Jefferson

Starting a small business, either part time or full time entails being responsible or accountable and to successfully achieve it, you must develop the required entrepreneurial skills such as negotiation skill, communication skill, leadership skill, sales skill and so on.

2. Write a strong business plan for your idea

“Dream more than others. Think practical.” – Howard Schultz

The next step to starting a small business part time is to write a strong business plan for your business idea. If you are serious about starting a small business part time, then a business plan is a necessity because it’s going to be a key factor to the future growth of your business.

“A business idea is just another idea. But an idea backed by a strong feasibility, a thorough business plan and a smart business team is no longer an idea. It’s now a solid business opportunity worth pursuing.” – Ajaero Tony Martins

Your business plan must contain a thorough analysis of how you intend starting a small business part time and how you intend to grow the business. You will also have to decide where to locate your business.

3. Look for an ambitious goal oriented business partner

The issue of finding a business partner when starting a small business part time is indeed a tactical one that must be treated with utmost caution. Some entrepreneurs have good stories to tell with respect to business partnerships while others have tales of woe.

“Our success has really been based on partnerships from the very beginning.” – Bill Gates

Before choosing a business partner, you must make sure your prospective business partner shares the same vision and aspiration with you. He or she must understand the intricacies of the proposed business and must be willing to put in equaled effort to ensure the survival of the business. Most importantly, your business partner’s strength must complement your weakness. One smart rule of thumb in forming a business partnership is to jointly sign a partnership dissolution agreement just in case things don’t go as planned.

Another rule of thumb is to consider using a legal hedge such as Limited partnerships; it will save you a lot of stress in the long run. If you are a die hard entrepreneur, you may decide to go it solo, but with respect to starting a small business part time; it will be in your best interest to find a business partner whose time schedule will cover for your absence. Most successful businesses that started part time were all hinged on partnership. Examples of such businesses are Microsoft, Intel, Apple, Yahoo, Google, MySpace, Facebook, YouTube and HP.

4. Start the business part time

“Starting a business is like building a ship and embarking on a voyage, armed with a plan, a map and a team. You have to sail with uncertainty against storms and unpredictable weather. If your ship sinks, it’s either you quit or you swim back to shore, build a new ship and sail again.” – Ajaero Tony Martins

The fourth action step to starting a small business part time is to start the business. I always emphasize this because most employees dream of building a business but fear holds them back. They keep planning and waiting for all lights to go green before they start the business; without knowing that all lights will never go green.

In the book “Rich Dad’s Before You Quit Your Job: 10 Real-Life Lessons Every Entrepreneur Should Know About Building a Multimillion-Dollar Business,” Robert Kiyosaki said that there are three components to starting a business. One is the right plan; two is the right team and three is the money. In that, Robert Kiyosaki explained that rarely do these three components come together when starting a business. But the most important point he made was this:

“It’s the duty of an entrepreneur to grab one piece and start the business, the remaining two pieces will be found along the way. Finding the remaining two components may take a year or more than 10 years; the point is, start with what you have.” – Robert Kiyosaki

“You stick it out. You’ve just got to.” – Steve Case

A good rule of thumb in the world of entrepreneurship is to start with what you have and pick the rest along the way. Even if you have insufficient capital, just start with what you have. Whenever you are filled with the fear of starting a small business, just remember that Amazon, Apple and Ford Motor were started in a garage. Google, Yahoo, Dell and Facebook were started in the dormitory.

5. Schedule your time and delegate duties to your business partner

The fifth action step to starting a business part time is to schedule your time. Are you going to build your business at nights or after work hours or on weekends? You will really have to sit and think it out. For your proposed business to stand, you must allocate time to build it, and stick to that time. I know some successful entrepreneurs who kept their day job and built their business at night. All it takes is a ruthless determination on your part.

“The best thing to invest in your business is your time. To schedule, plan and use time effectively, know your turf and know your objectives. Assess the obstacles and opportunities, then devise your strategies.” – The Mafia Manager

If you have a business partner, this is where he or she will come in handy. Delegating some duties to your business partner will free you up and help you strategize towards the growth of your business. Just make sure that the business tasks are evenly shared between you and your business partner and each one of you should be accountable for the given task.

6. Set a benchmark or target to quit your job

After kick starting your small business, the next step will be to set a target time to quit your job. Definitely, you are going to quit your job someday and go full time into building your business. You can set your target exit date to be either based on your business growth, a certain level attained in business or any other benchmark you feel suits you. Regardless of the benchmark of your choice, just make sure you set a time to quit your job and focus on your business full time.

7. Keep investing in your business until it meets your entrepreneurial target

Building a business is not a day’s affair, it’s an ongoing process. For your business to survive, you must keep re-investing in it until it needs you no more. One of the major characteristics of successful entrepreneurs is delayed gratification. This is the one big difference between employees and entrepreneurs.

“I did 30 Minute Meals for five years on local television, and I earned nothing the first two years. Then I earned $50 a segment. I spent more than that on gas and groceries, but I really enjoyed making the show and I loved going to a viewer’s house each week. I knew I enjoyed it, so I stuck with it even though it cost me.” – Rachael Ray

As an entrepreneur, you must learn to live without income from your business until your business grows big enough. It is called “working for free.“

As a final note; these are my seven step action plan to starting a business part time. Before I drop my pen, I want you to know that building a business while still keeping your day’s job is not impossible.

So I encourage you to take a step of faith and begin planning today. With a strong business idea and a dedicated entrepreneurial spirit, success will be yours. Remember, Bill Gates started Microsoft part time in Harvard’s dormitory

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Starting a Home Based Business

What does it takes to build a successful business right from your closet? Do you want to start your own home based business but you don’t know how to go about it? What are the exact easy steps to starting a home based business successfully? How do I go about starting my own business? What are the pros and cons of starting a home based business? How do I reduce my chances of failure when I start my own home based business? How did Rachael Ray, Jenny Craig and Julie Aigner Clark grow their home based businesses to international level? Well, if you desire an answer to any of the questions above; I will advice you read on.

Many individuals are skeptic when it comes to starting a home based business. In fact, I understand their skepticism and that skepticism is fueled by the fact that 90 percent of all businesses started will fail in their first five years. Now what makes me hopeful that anyone can quit his or her job and build a business right from home? Well, just read on as you will find the answers you seek in this article.

The number of home businesses started yearly is rapidly on the rise. According to Link Resource’s National Work at Home Survey, over 100 million home based businesses are in operation as at 2010; up from about 50 million in 1997. This is an indication that people who want more control over their lives are starting their own home businesses despite the risk involved. This trend is not only in the U.S but in Nigeria, Canada, India and all over the world.

Are there individuals that have built successful home based businesses?

Are there individuals who have found success starting their own home based business and growing it from scratch? My answer is a resounding yes. In New Orleans, Rick Hart’s home based Cajun Cargo ships seafood nationwide. In Palatine, Illinois; Stephanie Heavey works from home designing and selling original patterns for fabric dolls. And in Dallas, Lisa McElya published the Dallas Party & Event Planners Guidebook from the entire first floor of her two-story home.

Also, entrepreneurs are turning over millions of dollars by running their own home business with e-Bay and Etsy. These three people are living the new American dream of owning a business, while avoiding the high overhead and start-up costs of a commercial location. Well, you may say those names are not popular but how about these. Steve Jobs started Apple right from his garage; so also did Jeff Bezos and Henry Ford. Robert Kiyosaki started the “Rich Dad’s Company” as a home based business and grew it to international level. J. K. Rowling became a home based billionaire author with her book “Harry Potter series.” Julie Aigner Clark was a nursing mother when she created Baby Einstein and grew it right from home.

Ashley Qualls founder of WhatEverLife.com started her website building business right from her bedroom and she became a millionaire at the age of 17. Rosalind Gardner; the affiliate marketing queen quit her job as an air traffic warden to start her own online home based business and she made $437K in her first year selling other people’s product. Coco Chanel, Rachael Ray, Mary Kay Ash all started their own home based businesses and became international successes.

If these successful entrepreneurs and drop out billionaires started out as home based business owners and grew to international level, I see no reason why you can’t achieve the same feat of building a successful business. Now does the idea of working from home or starting a home based business sounds appealing to you but you don’t know where to begin? Then here is an easy step-by-step guide to starting a home based business successfully.

21 Easy Steps to Starting a Home Based Business in 21 Days or Less

1. Decide what part of the house you will use for your home based business

The first step to successfully starting your own home based business is to select an area away from family activity. The perfect space is a separate room, the garage or perhaps the basement. But any area will do as long as it can hold all the business supplies and equipment; and also provide enough work space for desks, tables, or counters. Jeff Bezos, Steve Jobs and Henry Ford used the garage of their various homes while Robert Kiyosaki used the basement to kick start his business.

2. Determine how much time you can spend on your home based business

Many people start a home business on a part-time basis while raising children or working outside the home. Others start full-time when family and finances allow. Julie Aigner Clark created Baby Einstein while nursing her baby. Rosalind Gardner started her home based business part time as an affiliate marketer and went full time when her business income exceeded her salary. Steve Jobs, Henry Ford and Jeff Bezos on the other hand started full time.

Well, the best way to find success as a home business owner is to figure out how may hours per week you can devote to the business. Make a weekly chart of your activities, examine it, and determine where the business fits. Don’t assume you have time, only find out later by the time you’ve kick started the business that you don’t.

3. Decide on the type of home based business to engage in

Make a list of things you like to do, your work, passion, hobby, skill and volunteer experience; and items you own that can be used in a business. Look over this line-up, and using ideas from it; list possible businesses to start. You can also start a home business based on your passion as Rachael Ray did with cooking and J. K. Rowling did with writing. But be sure to eliminate any business that isn’t appealing or doesn’t fill a need.

Is your business going to be online or offline? Are you going to market your own products or someone else product? These are the questions you must answer before ever starting a home based business.

4. Choose a legal form or business entity for your home based business

The three basic legal forms or business entity are sole proprietorship, partnership and corporation. The most common is the sole proprietorship. As its name implies, a sole proprietorship is owned by one individual. It is the oldest form of business, the easiest to start, and the least complicated to dissolve. Here are some of the advantages of the sole proprietorship business form:

• You own all the profits.
• Your business is easy and cheap to organize. You don’t need any government approval, although you may be required to carry a city, state or county license. Your only obligation is to notify the Internal revenue Service (IRS) for the purposes of sales tax.
• You’re the boss.
• You enjoy certain tax savings. You must pay regular individual taxes on your income, property and payroll, but these are not levied as special taxes; as with a corporation. You will also have to pay sales tax which you have received from your customers.
• Greater personal incentive and satisfaction. Since you have your investment to lose if your business is not successful, you should be more willing to put time, thought, and energy into the business. And when your business is successful, you enjoy maximum sense of accomplishment since you know its success was dependent upon your decisions and your management ability alone.

For more information about this and other forms of business, send for the U.S. Small Business Administration (SBA) Publication MP25; “Selecting the Legal Structure for Your Business.” It outlines the advantages and disadvantages of each legal type of structure. If after reading it you are still uncertain what form of the business should take, consult an attorney.

5. Determine how you will raise startup capital for your home based business

There are three ways to finance small business startup costs: one, use your own money. Two, obtain a small business bank loan and three; find equity investors. If possible; it is better and advisable to start small using your savings; so that you won’t have to worry about repaying a debt. Also bear in mind that you are a home based business owner and the chances of qualifying for a bank loan or finding investors for your home based business are slim until the success of your idea is proven.

6. Conduct feasibility study on your proposed home based business idea

Before ever starting a home based business, it’s advisable you conduct a feasibility study on your business idea to determine its viability and profit potential. Spend a few weeks researching home-based businesses. A library or bookstore can provide numerous books on business basics and on the specific type of business that interest you. As a recommended reading, I will advice you read the book “Homemade Money” by Barbara Brabee and Rich Dad’s Before You Quit Your Job: 10 Real-Life Lessons Every Entrepreneur Should Know About Building a Multimillion-Dollar Business by Robert Kiyosaki; these are excellent books to start with.

7. Check for zoning restrictions

Find out how your property is zoned; call City Hall and ask what regulations apply to home businesses in that zone. Also, if you rent or live in a condominium, check the lease or homeowner’s association rules to be certain a home business is allowed. Generally, I believe you do not want to annoy your neighbors with excess noise, odors and traffic because these occurrences could prevent you from smoothly running a business at home. However, you can organize your home based business in such a way that your neighbors will not even be aware of the business; but it is necessary to know exactly what you can and can’t do before you start. This is important should any problems or questions arise later.

8. Pick a good business name and register it

If the business you choose is different from your name, file an assumed (or fictitious) name certificate with the county or Corporate Affairs Commission (CAC); depending on your country. You will be notified if another business already has that name; so you can select a new one. Please do this before investing in expensive stationery and brochures. It costs only a few dollars to file but it protects the business name from being used by someone else in the county.

9. Write a business plan for your home based business

“A business idea is just another idea. But an idea backed by a strong feasibility, a thorough business plan and a smart business team is no longer an idea. It’s now a solid business opportunity worth pursuing.” – Ajaero Tony Martins

A good business plan clarifies your ideas and establishes a strategic plan of action. A good business plan should include a description of what you are selling, your background and qualifications, who the prospective customers are and where they can be found, what is needed to build the business, how you plan to promote, and how much money is need for start-up costs.

10. Get an Identifying number

If you are the sole proprietor of the business and have no employees, you may either use your Social Security number (SSN) or an Employee Identification Number (EIN) as the business number on official forms. But a sole proprietor in a country like Nigeria doesn’t need this. If you have employees, or the home based business is set up as a partnership or corporation, you must obtain an EIN. To do this, complete IRS Form SS-4 (Application for Employer Identification Number) and file it with the nearest IRS Center.

11. Obtain a sales tax permit for your home business

If the product or service you sell is taxable, you need a state sales tax permit. Call the local tax agency, explain the type of home business you are engaged in and what you sell; and ask if you need to collect sales tax. If you do, they will send you the necessary information and forms to complete. You can also use this tax number when you purchase items for resale.

12. Obtain licenses and permits for your home based business

It’s very important not to overlook any necessary license or permit. For example, some cities and countries require a general business license, and most have special laws regarding the preparation and sale of food. Call City Hall or your local government council and find out what is needed to kick start your proposed home business. In addition, check the Chamber of Commerce for information on city, county, state and federal licenses and permits.

13. Design a unique business card, stationery and brochures for your home based business

If you are going to design a business card or brochures on your own, then spend time on the color, design and paper for these items. They make a definite good or bad impression on the people who receive them. If you are not certain about what is most suitable and effective for your home business, then outsource your business card and brochure design or consult a graphics designer or a creative printer whose work you like.

14. Open a business checking account for your home based business

Call several banks to find out what services they offer and what minimum balance, if any; must be maintained to avoid paying a service charge. Also ask about credit cards and merchant account services if you plan to offer this convenience to your customers. Bank fees can be significant in the long run, so shop around for the best deal. If your personal checking account is with a credit union, see if it can also provide a separate business account and when you open your account, you may need to show the assumed name certificate and business license. Finally, investigate obtaining a credit card in the business’s name. If this is not possible, then set aside a personal credit card to use for business expenses.

15. Step up a record keeping system for your home business

Put together a simple and effective bookkeeping system with an 8 1/2 x 11″ three-ring binder, columnar pad sheets and twelve pocket dividers from the office supply store. For each month; set up columnar sheets for income and expenses. Use a pocket divider for each month’s receipts, bank statement, deposit tickets, and canceled checks. In addition, an automobile log for business mileage and filing system for correspondence, invoices, supplier catalogs, client records, etc are two other useful must have tools for your home business.

16. Check IRS requirements

If you comply with basic IRS guidelines, you can deduct a percentage of normal household expenses (mortgage, interest, taxes, insurance, utilities, repairs, etc.) as a business expense. It is also advisable you become familiar with these IRS forms: Schedule SE (compensation of Social Security Self-Employment Tax) and Schedule 1040 ES (estimated Tax for Individuals). Depending on circumstances, you may have to file them.

17. Outfit or bootstrap the business

Make a list of everything needed to start the business but before you buy anything, look around the house for things you already own that are usable. When you are ready to start making purchases, check the classified ads and garage sales. Both are good, inexpensive sources for office furniture, typewriters, computers, answering machines, etc. But make sure you buy only what is absolutely necessary for start-up, and wait until the business is off the ground to get the extras.

18. Decide on telephone requirements

Call the telephone company to find out the cost of a business phone in your area. If you cannot afford a separate business line, investigate the telephone company’s regulations on using your personal phone in a business. It may be possible to do this if you follow certain guidelines. Keep a record of long distance business calls as they are a deductible expense. Finally, consider the benefits of an answering machine to catch calls when you are out.

19. Check out the post office and UPS

Using a post office box as the business address down plays the fact you are a home-based business owner. It also prevents customers from dropping in at all hours. While looking into box rental, ask for information on the various postal rates, particularly bulk rate; if you plan to do large or specialized mailings. If you mail many packages, check out United Parcel Service (UPS), as it is less expensive than the Post Office.

20. Purchase the necessary insurance

Check with your homeowner’s insurance agent about a rider for your existing policy or the need for a separate business policy. Also make sure you have adequate personal and product liability coverage. Take time to shop around, as each insurance company has different rules regarding home businesses. To save money on medical insurance, you can join an association and participate in their group plan. One such body is “The National association for the Self-Employed.”

21. Organize the house and yourself

To have more time for business, you must organize and simplify household routines. You can start by holding a garage sale to get rid of unnecessary possessions. Next, have a family conference and divide or delegate household duties, making sure each person does his or her part. Then set up a planning notebook to keep track of appointments, things to do, calls to make, errands to run, shopping, etc. Finally, set up a work schedule so you won’t get sidetracked by TV, neighbor’s visits, snacking, and telephone calls.

As a final note, these are my 21 easy steps to starting a home based business in 21 days or less. You know, creating and operating a home based business is a wonderful and rewarding challenge. The satisfaction is not only in the money earned, but in doing what makes you happy.

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How to Start a Business while Working Full-time

You have a good job that offers a decent pay, but you also have a burning desire to start your own business and this desire was spurred out of the need to be self employed and control your own destiny.

But of course, you can’t afford to quit your job to focus on the business as you are scared of the uncertainty that comes with running a business. You also have a family to support and monthly bills to pay, so you have no option but to keep your job.

Does the situation above best describe you? If YES, do you know that you can start your business successfully while keeping your full-time job? In fact, some of the world’s top companies started as side projects that were fostered by their owners during evenings and weekends. So, there’s no reason why you can’t serve two masters; your employer and you.

Starting a side business as a full-time employee is a smart move that can fetch you additional income, help you quit your day job, and live a fulfilled life. But managing two jobs will never be an easy task. Remember that achieving the extraordinary requires doing the extraordinary. The following tips will help you successfully balance your salaried role with your side business:

5 Tips for Starting a Business While Working Full Time

1. Plan your business

You will need to create a clear, realistic plan for starting your business, breaking down the process into achievable goals. This will help you maintain focus and guide you through the process of launching and running your business.

You must also figure out the most important tasks involved in the startup process as well as those that will take the longest time to accomplish, such as securing insurance, completing the necessary registration, obtaining licenses, and applying for funding. You can then prioritize these tasks to avoid facing last minute delays.

You will also need to write a business plan that contains every detail about the business. Be sure to include basic information about the business such as the mission and objectives, the products or services to be offered, the required startup and operation costs, a thorough analysis of the market and the competition, your marketing strategies and unique selling points, projected income and expenditure, and exit strategy.

A business plan helps you keep on track as you start and run your business. It also comes in handy when you need to obtain funding from third parties, such as angel investors or lenders.

2. Get into a routine

Starting a business while keeping your job means you will have less of free time on your hands. So, you need to plan your time well to make the most out of it. You can begin by setting the exact time you will be starting work every evening and the time you will be closing down for the night.

After creating a schedule, you must stick with it—and that’s even more important than creating the schedule in the first place. You must avoid excuses that allow you to procrastinate, and avoid working beyond your fixed finish time. The more disciplined you can be with your time, the greater your chances of successfully balancing your business with your day job.

3. Maximize breaks and holidays

If you want to get your business in good shape, you will need to devote as much time as possible. Even if you work every evening, devoting more time during breaks and holidays can help push your business further down the path to success.

In addition, by using your holidays for work rather than pleasure, you could end up making financial savings to go towards your start-up. You may not find it easy devoting holidays to work, but hopefully, when your company takes off and starts growing, you will see the benefits of the decision.

4. Get help when necessary

If the volume of work required by your side business is more than you can handle, then you should consider hiring someone to assist you. Your employee would be working on the business throughout the working day while you are at your full-time job.

You may not be able to afford the cost of hiring an employee when you are just starting out. In this case, you should consider taking a young graduate on a placement or work experience stint.

5. Choose a good location

When you are starting a side business as a full time employee, the definition of a good location goes beyond “where your target clients are.” Your location must allow you to shuttle easily between business and work, and allow you to achieve maximum productivity in both capacities without distraction. So, it’s essential that you find a location that will meet these requirements.

6. Start an Online Business

Now I am not trying to say that you cannot build a brick and mortar business while working full time, however, it will be more easier if you start an internet business. Why? The reason is because an internet business is cheaper to start, requires less logistics and inventory; and offers flexible running time. So you are better off starting an online business.

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