When you decide to become an entrepeneur, it's important to get sound start up business advice. This will help you to avoid the mistakes of many who have gone before you, so that you can achieve work from home success. The following is a list of advice to consider:
Don't Start Without a Business Plan
You don't have to use a business plan for the purpose of getting financing. Use a business plan as a road map of how you plan to start, operate, and grow your business. Entrepreneurs who succeed, write and implement a plan.
It doesn't need to be complex and should include:
- a summary of your business (an executive summary)
- a business description
- a marketing plan
- analysis of your competition
- financial statements
- operational plan
When you work from home, you might be tempted to ignore the process of putting together a plan. The old saying is great home business advice: "if you fail to plan, you plan to fail."
Start More Than One Business
Starting a business takes lots of effort and requires a lot of attention. With family being a top priority, it may seem impossible to try to start one business, let alone two. However, it takes time to grow a business, and no one knows the outcome starting out: failure or success. Don't put all of your eggs in one basket. With two businesses, you can learn two business models and have income even if one fails. Online businesses provide a great opportunity to manage two or more businesses at once. For example, you can sell used books on Amazon as a business, while offering your services as a virtual assistant to clients. Consider selling products in one business and providing a service in another. You might decide later to close one and pursue another, depending on the business' success.
Don't Go in to Debt
One of the biggest mistakes you can make as an entrepreneur is going into debt to start a business. You can work from home and do well by starting small and growing over time. If you're considering a business that requires a lot of upfront cash, consider starting an online business in your niche first. Sell related products or start a blog or website, providing free and valuable content regarding your niche, and sell advertising and sponsorships. Reinvest some of your earnings back in the business to help you grow it. Eventually, you may have the funds needed to pursue your bigger business ideas.
Avoid Internet Scams
This start up business advice will save you time and pain. Don't fall for "systems" and "secrets" that promise you lots of money in a short period of time. Many people make money selling products on how to make money. There's no proof that they were successful themselves, other than their own testimony. Do your research before paying anyone to teach you what you can learn for free with diligent research on the internet.
If you stick to these tips and other sound start up business advice, you will see results from your efforts. The key is to plan, avoid debt, and avoid scams.
Daphne Mallory, Esq. is the co-owner of Mallory Writing Services and has written more than 100 articles helping home based business owners and entrepreneurs start and market their business. You can learn more about her here.