Starting Your Own Home Business

While getting advice when you start a home business, it can be easy to get confused. Chances are you don't know anyone else that has started a home business, and you may not know where to go for help. First go online. The Internet is a great resource for people who have a home business. You can find articles and newsletters with information and advice. There are also many message boards, forums and blogs where you can read, ask questions, and get advice from other SOHO (home business) owners. It is easy enough to use your favorite search engines to find lists of any of the above sources. Sample a few and continue to use the ones that strike your fancy. Go to your local library. Speak with the librarian. Libraries contain all sorts of home business books and resources. Your librarian should be more than happy to help you do research, and point you in the direction of the most popular resources. Find a mentor. They are usually volunteers who have had great business success, and will be glad to help you start up a new business. They often have years of experience and can be really helpful. Most cities have organizations for business owners, and members can answer your questions. Try to avoid the "big bucks" coaches who like to flash the hype online. Don't even think about paying one until you've seen some references. The SBA... The Small Business Administration provides a multitude of material about starting your own SOHO business. Visit http://www.sba.gov ... The Federal Trade Commission's web site has many resources too. Become familiar with the basic legalities at http://www.ftc.gov/ftc/businessinfo/consumer.htm ... Depending on where you live, you might find local government agencies that will give you free help and advice. Check your local yellow page listings for a small business center in your area. Also, do an online search for any specific topic you may need more information about. Don't overlook local colleges and universities. In particular, check their schedules for free or inexpensive public service classes, workshops, and seminars. Your bank should have been the first place you went if you were thinking of starting a business. While they're no replacement for accountants, most banks will have a business advisor on staff to help you open a business account. They can be especially helpful with the technical and financial elements of starting your business. Before signing up for a merchant account anywhere else, check with your bank's business services department. They are often much cheaper than independent companies. Furthermore, establishing and cultivating a relationship with a local commercial bank is one of the smartest things you can do for your business! Lawyers know all about starting a new business, of course. It can be well worth paying for an hour of a lawyer's time and just asking them every question you can think of. Look around, you may even be able to get a free consultation. Accountants also know all about business, and can be a less expensive alternative to lawyers. If you want your business to be profitable, you should take the advice your accountant gives you. If you don't have one, you should get one. It is very important to at least get your business' books set up by an accountant with knowledge of your particular field. Intuit's QuickBooks Pro and Microsoft's Small Business Accounting are excellent tools to assist you with managing a SOHO business. They can produce an accurate record of just about everything you'll need to know at tax time. They also give you a very precise report about how your business is performing at any given time and, more importantly, provide you with a snapshot of how your business is performing relative to other time periods. The included tutorials are also excellent ways to enhance your knowledge of both accounting and business. Depending on your individual circumstances, you may need to look for investors. There are people who back businesses in order to make their own living. If you think your business would be attractive to investors, then you can try going to an investor with your idea. If they like it, they will often have a quick, smooth process set up to have your company up and running as soon as possible. If they don't, they can explain why they think you might be assuming too much risk in your new venture. Visit your local universities. They are full of business students. They spend all their time learning about business, and many of them would just love to help get a real one off the ground. Business students can be a great source of free help and advice. They also will have access to research that may prove invaluable in making complex decisions. Remember, whatever industry you're thinking of entering probably has some kind of trade association, society or union. You should join one as soon as you can, and take advantage of all the resources that they offer to people getting started in their industry. We recommend iCOP, the International Council of Online Professionals for anyone who operates an internet business. Local Better Business Bureau offices are also excellent business associations There is an endless supply of help and advice out there. Just don't be afraid to ask! But do weigh the advantages and disadvantages of any given source. This article may be reprinted online or off as long as the resource box listed below is included. by Walter Boyd, CEO of Computer Expertise Ltd., an incorporated online home business serving entrepreneurs since July 1, 1995... http://ComputerExpertiseLtd.biz ...