Home Business Startup Checklist

Interested in starting a home based business but not exactly sure where to start? Follow this checklist and start with a solid foundation.

1) First and foremost you have to have “total commitment.” Without total commitment from yourself you will never make it through the first hurdle or storm that comes your way. And “YES” you will have hurdles to jump.

2) A Solid Business Structure. Study the different types of businesses and decide which is the best for you. Proprietorship, partnership, C-Corporation, S-Corporation, LLC, etc.

3) A Business Name. Your business name needs to be congruent with what you are selling or offering. Your business name will go a long way in letting your customer or prospects know what you are about before they actually meet you personally. Think about this one.

4) The Mission Statement. This needs to be a phrase or a short paragraph of why you are in business and how you plan to serve your customers.

5) The Business Plan. This is the raodmap that you will follow and should include points such as: a general description of your business, goals, objectives, source or sources of start-up captial, your target market, who your competition is, your strategy (marketing plan), executive summary.

6) Licenses. You must check with local government and officials and see if you are required to have any special permits and or zoning licenses. This will be different for different business models and you may not be required to get anything in the form of licenses.

7) What will you sell? That is a main question that must be answered. Get this point nailed down and stick with it! This will make up your niche and target market.

Start-up Funding. If you need start-up funding this is where you take your business plan and information gathered and work on your funding. Keep in mind that the less you have to borrow, the quicker you make money.

9) Your mentors. You must have some mentors that you can ask questions to and they can advise you on certain issues. You may think you have all of the answers but you don’t. Find some people that you trust that have a good track record in the business world and the target you are in.

10) Define your target market. Who do you want to sell to? Who will want your product?

11) Competitors. Think about your competitors and what they are doing to be successful. Don’t just copy them. Think in innovation and move ahead of them!

These are a few areas that must be figured out before the business starts. When starting any business you must make time to work on your business or you will fail. Most startups fail but you don’t have too.