Top 10 Things for a Home Based Business

You’ve got a brilliant idea for a home-base business and you’re about to start this work from home business. Good for you!

We certainly want to delay the launch of the home-business, but you should take a moment to read the checklist below of the top 10 things every home-based business needs:

1. A Market for the Product or Service

We hope you have done your homework, but if not then go no further, because this is the most crucial step to a successful business – finding a market for your products! Most beginning entrepreneurs are so excited about their product (and this is of good) that they forget to do some market research if people also like the product and who would buy the product (and this is bad of course.) You need to know if there are people who want to buy what you have to sell!

2. Separate Office Space

It’s not mandatory, but it would be nice if the office of your home-based business is in a separate room in your house. You need a space that is distinctly your workspace and that can be closed off from the rest of the house.

3. Ergonomically Workstation

You need to put money into a good and ergonomically chair and desk to put your computer on. Remember that years of sitting on the wrong chair can leave you with disabilities and poor posture. Spend money on this one, especially the chair!

4. Phone, Fax and Internet

Make sure that the phone line of your office is a separate line from the phone line in the rest of the house. You should also make sure that you have a good internet connection for your research and e-mails. This connection should have a high enough speed, but should for most be stable. Also a fax (with its own number if possible) is a must.

5. Business Bank Account

Try to keep your personal money separate from your business money by opening a business bank account. It’s also wise to use finance software program to keep track of your business and personal finance.

6. Licenses and Tax ID Number

Make sure that you have the appropriate business licenses and that you know the countries rules on running a work from home business. In most countries you also need to get a tax id number of some sort.

7. Business Website

Every business should have a business website these days, even if you don’t make money online. Make sure you register a .com domain name that matches the name of your business. (Come up with a name that is easy to remember, check here on how to choose a domain name for your business.) Don’t use hotmail or yahoo mail accounts for your business. This doesn’t look very professional. The good thing is that almost every hosting package for websites comes with unlimited e-mail accounts. These e-mail accounts are using your domain name. (Another reason to make sure that the domain name is your business name.)

8. Business Cards and Stationary

Get some stationary and plenty of business cards with your business name on it. Spent some money on the business cards by choosing a high grain paper and order in bulk! Hand out a business card whenever you get the opportunity, so you will need a lot of them.

9 Health and Liability Insurance

If the home-business is only part-time and you have a full-time job elsewhere then you probably don’t need separate health insurance, because in most cases the health insurance of that comes with your “normal” job will cover it (Check this!). If the home business is your full-time job you’ll need to get your own health insurance. In both cases you need liability insurance! Check with your insurance agent what types of insurance your need.

10. Business Hours and Personal Life

Try to don’t fall in the trap that many starting home-based business owners do and that is that they don’t have regular business hours. Before they know it they work all the time and don’t have time for a personal life, such as spending time with the family. So shut the door after business hours and don’t answer the business phone.

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