Setting Up a Home Based Business

Ah, the American Dream! Own your own business. Be your own boss. It's not for everyone but if you think it's for you, here are a few things to consider before you start.

Up Front Money
As in the well known Biblical teachings on sowing and reaping, you will need some startup funds. How much will depend on the type of business you plan to operate. In addition to any equipment, fixtures, materials and supplies you may require, there will be business cards, office supplies, promo materials and marketing to pay for.

Under normal circumstances, I would suggest avoiding borrowed money. It's far better to save up and start on a very thin shoe string than to try to carry a heavy debt load which may crush not only your fledgling business venture but the family financial health as well.

Don't forget to consider lost income if you will be quitting a job to start your home based business. You may need to save enough to fill the gap for a number of months depending on what sort of new venture you are setting up and how much business you have lined up ahead of time.

Jump Start Your Business
Starting a new business requires careful planning based on plenty of research. Talk to others who are presently doing what you plan to do. Ask loads of questions, take notes, learn from all, you can. Talk to potential clients or customers. Ask how you could best serve them, what they think about prices or rates, what they think of your competitors. And as you do all this, ask for their future patronage and make a list of those who agree. Don't be shy. Sell yourself and your new business. Build your contacts list all through the planning phase.

Keep in touch with those folks on your contact list. Send out a card from time to time letting everyone know how your project is progressing and announcing the Grand Opening. It will make your listees feel they are a part of this new venture and increase their future loyalty.

Marketing is Key
Without marketing, you'll have no business. It's that simple. It's that brutal. You must market! How and to whom you market will depend on the sort of business you go into, but try to be as focused as possible. Squeeze as much from each marketing dollar as you can and don't be afraid to ask for free promotion.

Contact the top person at local newspapers, radio and TV stations, etc. and ask that a story be done about your business. The worst they can do is say is no. Tell friends at church about your new venture and ask them to pray for God's blessings for it. Observe and mimic the marketing strategies of successful competitors. Plan and publicize a Grand Opening.

Keep Business Hours
One of the most common mistakes made by those doing business from home is failure to separate home and business. Your new business will require a fantastic amount of time and energy, especially at the start. If you allow all sorts of homey things to interfere and distract, you won't succeed.

It's a good idea to decide on the hours you will devote to business and do the housework, cooking, etc. at other times. Be sure the rest of the family understands that when you are "at work" you are unavailable for other duties or activities. The mere fact that you are also "at home" can cause problems if this isn't addressed early on. Ideally, these issues have been agreed upon very early in your planning stage, but you may have to advance some gentle reminders from time to time.

Set Up Your Office
If at all possible, set up an office or work area in one room used exclusively for that purpose. This will help you stay focused on your work and act as a tangible reminder to family members that when you're there, you are "at work."

Another benefit of your private work area is that it's a good place to keep the records, etc. vital to any business. You will probably be your own bookkeeper at least for the first little while, and you will need to keep your paperwork under control or it will bury you! Set up a simple filing system and file things as soon as they are processed. Do accounting chores at least once a week, and always keep client - customer records up to the minute.

Include the Family
This new business is going to be a family venture. It operates out of the family home and involves a central family figure - you. So, no matter how young or old, every member of the family is effected by and effects the business. Because of this, the family should be a part of every stage from the earliest planning to the full blown operation of this dream business of yours.

Try to make everyone feel involved and assign some duties to everyone. Kids love to help in business and you can even deduct what you pay them up to a certain point. They'll be proud to be a part of things and it can teach some valuable lessons.

Share your failures (there will be some!) as well as your successes with the family. Ask for their advice and input. Make everyone feel important to the project. This way, instead of feeling crowded out or neglected, family members will feel included and won't begrudge time you spend "at work."

Include the Lord
Time will be at a premium, especially early on, so it may be easy to postpone quiet times of prayer and Bible study, but DON'T! Make a daily appointment for God in your work schedule, if needed, but spend time with Him every day. Not just a quick morning or evening prayer with other things on your mind, but a dedicated time of worship and fellowship with the Master. There is no more important factor to your success. There is no more important activity for any day of your life.

Author: Iona Hoeppner
Copyright © 1999 ionanet. All rights reserved.
Revised: April 20, 2006.