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How to Start a Home Business in 10 Steps

A Comprehensive Guide

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So you've finally had it with corporate America, and are considering starting the home-based business of your dreams.  The problem?  You have no idea how to start a home business.  But don't let that stop you!  Take the time to review this comprehensive, step-by-step guide on how to start a home business.  It will be your tour guide and detailed map as you learn how to determine whether or not your idea is a good one, write a business plan, find appropriate funding and set-up your company.   

1. 10 Questions Before Setting Up a Home Business

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Before starting a business, answer these 10 questions thoughtfully. Your answers will help you determine whether or not to proceed in creating a home business, and whether or not your home business dreams match with your current reality.

 

2. Simple Feasibility Study

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Conducting this simple three-question feasibility study will help you discover whether or not your home business idea is a good one.  Taking time to answer these questions could save you from sinking too much time and money into a lousy home business idea.

3. How To Do Your Own Market Research

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Without taking the time to do some simple market research, a business can stumble around blindly.  This article teaches you some simple methods to learn about your market, potential customers and competitive environment so you'll have a solid 360-degree view of the lay of the land.  

4. Every Business Needs A SWOT Analysis

Mindy Lilyquist

No matter the size or scope, every business will find incredible value in conducting a routine SWOT analysis.  A SWOT analysis is simply the strengths, weaknesses, opportunities and threats currently facing your business. Learn how to conduct a quick SWOT analysis for your business and view a real-world example.

5. Writing a Home Business Plan

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A business plan is just like a map which establishes the route to a successful and profitable business.  Learn the basics of both a formal and informal business plan approach, tips on how to build each recommended section, and examples to help you write your business plan.

6. Home Business Loans & Financing Options

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Home businesses vary widely in size and scope, making financing needs vastly different.  Whether you decide to invest 100% of your own money, seek funding from outside sources, or do a little bit of both, make sure you review all these funding options before making a decision.

 

 

7. Establishing Your Business Identity

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Before you can formally register your business or start marketing your business, you must set-up your business identity.  Learn how to select a business structure, create a winning business name, and purchase the right website address. 

8. How To Register a Home Business

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Properly registering a business is essential, as there may be legal consequences for not doing so. This article explores how to register your business and name, how to obtain a federal tax ID number, and how to acquire other necessary licenses and permits.

 

9. Home Business Insurance

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Opening a business can put your personal assets at risk.  That is why it is crucial to consider the protection different types of home business insurance can offer.  This article offers information on the following insurance products that may benefit your business, property, personal assets, family and clients. 

10. 3 Ways To Improve Managing a Business

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To avoid failures and missteps in managing a business, it is important to create back office best practices right from the start. Learn tips on proper accounting and financial tracking, organized filing systems, and effective time management so your business can grow unrestrained.

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