Think you’re ready to start your home business? You’ve saved some money for start-up costs; you know the ins and outs of your industry well; you’ve got the skills of a business owner and the personality of a work-at-home mom. What else do you need to start your own business? Here are four more subjects you may need to brush up on before you launch your home business.
1. Business Finances
If the most financial work you’ve ever done is balancing your own checkbook then, as a home business owner, you may eventually want to employ someone to help with the finances. But even that may bring up more questions.
As a home business owner, you need to make your product or service known to those who may want to purchase it. Marketing your business can range from simply networking with others in your field to creating a marketing and advertising plan to attract consumers. Either way this often costs money and takes some skill. Browse these resources for more information on how to market your home business.
3. Legal Issues
Unless you’re an attorney, you likely didn’t start your home business, so you can wrangle with the arcane intricacies of the legal system. But you’ll need to insure you are working within federal, state and local laws. And while you’ll want to hire a lawyer to deal with some legal issues, there are other legal issues you can handle yourself. Plus you’ll need a basic understanding of small business law to know when you need a lawyer.
- How to Find a Lawyer for your Home Business
- How to Incorporate Your Home Business
- Determining if Your Home Is Zoned for Business
- Liability Insurance
If your home business carries inventory, this brings up a lot of issues for you, such as where to store it, how to keep track of it, and how much of it to keep on hand. Use these resources to get a basic understanding of inventory-related issues.