Submitted by: Kelly Walker
Starting your own homebased business is becoming
increasingly popular and these days the amount of women that are
becoming business owners equals that of men.
Starting your own business can be fraught with danger and before
you take the plunge there are many things that you must know,
and today I would like to discuss some of the most important
things women should know before starting their business.
The most important part of your initial research is to speak
with some business professionals. The first thing to do is to
speak to a good business coach, they have a wealth of resources
and they can help you formulate a plan for your homebased
business, they can also help in areas of bookkeeping advertising
Ensure that you have a budget for your business and stick to it!
Make certain that your business plan is thorough and stick to
This will ensure that you know as to whether you will need
financial support such as a bank loan, or whether you should
look for other outside investors. You can also search for
government grants that are purposely produced to assist women in
Another important part of planning is to decide whether you are
going to start your homebased business by yourself or with a
partner. When you run a homebased business by yourself you must
be prepared to take responsibility for all aspects of the
business whether good or bad. If your business is going to be in
partnership you need to speak with your lawyer and have
arrangements for both personal and asset protection in the event
the partnership goes sour.
When running your own business you need to have on hand a team
of professionals who can provide you with the correct advice
when you need it.
Cash flow and profit and loss statements can be shown to you by
a good accountant as well as the keeping of accurate records for
tax purposes. A lawyer who specializes in homebased business can
legalize your business name and counsel you on how to protect
yourself from possible business related lawsuits.
You also need to be sure of exactly what type of business
insurance that you need. Some homeowner’s insurance policies
have a provision for personal business coverage included in it.
If this is the case you can have your policy extended to take
advantage of this coverage. In the event that this is not the
case you can contact an independent insurance agent to arrange
for some quotes. Arrangements to evaluate your insurance needs
can be organized by a casualty or licensed property agent. They
are able to advise you of specific areas that you may need
additional insurance coverage.
There are numerous places that you can find more helpful
information. A great place to start is your local chamber of
commerce. There are also local women’s business clubs that can
steer you in the right direction. Be sure to check you library
for your local business directories.
By following the points listed above you can help to create a
solid base for your homebased business. Ensure that you actively
seek out business personnel as mentors, and do your own
research. When it comes to creating a homebased business
knowledge is power. The more business knowledge you can arm
yourself with the more successful you will be. Take some
business courses or seminars. Once you have a good understanding
of how your homebased business is to be set up and run you will
be well on your way to a successful business.
About the Author: Kelly Walker is a successful internet marketer
and the owner of http://reklaws.com. Kelly writes on a variety
of topics on business and marketing. To learn more about this
topic and other Homebased business opportunities Kelly
recommends you subscribe to her free newsletter at: