Introduction:Patagonia, a large manufacturer of winter ski wear, started on the kitchen table. Martha Stewart, design and cooking maven, began her empire from her home. Home businesses allow the upstart company cost savings from paying rent or buying a building, but the operation requires careful planning and an eye to maintaining a home life. You don't want your home to become a full-time factory operation.
Plan on limited interest when your business first opens, but put a contingency plan on paper. Your business may be a rare hit and you'll need to quickly go to your contingency plan to keep up and running.
Don't promise more than you can personally produce. New startups want to compete with the big players, but don't under value your talents and your time. You'll be working for pennies and hating every minute of the work day.
Never borrow on the assets you have to start a home business. If you need working capital, go to a bank for a business loan. If the idea has real merit, you'll find someone willing to back you. Don't limit yourself to commercial private loans, tap family and friends who may want to earn a reasonable interest for their investments. Collect a small group of loans to fund your work as you need it to expand and grow.
Budget in a delay factor for your business to get attention. Plan for two years for the initial start up and then make up a budget for each year after that.
Set strict work hours so you'll have time with your family and time to unwind after the work day. Hours can be long and even on either weekend day, but do take time for yourself to recharge.
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