Key Business Partners, LLC

Ok, you have made the decision that you are definitely going to start a home business. Here are a few other things to put into place in the beginning that will help you in the process:

1) Hire a business accountant:  Do your research, ask your family, friends and neighbors. And then do more research. This is the company that will be responsible for handling your business finances—do not take this task lightly.

2) Hire a business lawyer: Repeat #1. This is probably more important in a way then #1.  If you are not able to hire a business lawyer…another great option for a new business owner is to contact Pre-Paid Legal Services, Inc.

3) Create a business plan: This can take quite a bit of time however, it is important that you sit down and map out what your foresee for your business for the first year, then 3-5 years, up to 10 years.

4) Work space: When you start a home business it is important to ensure you have at least the essentials—a desk, chair, computer, printer, fax machine, internet access. If you are not technology savvy…hire someone to help. Believe me…this is not where you wish to be penny pinching for your business. If the technology doesn’t work…not too much work is going to be done.

5) Support: Having the support of your family and friends in your business is important to the success of your business. However, I do believe that it doesn’t have to be a “make or break” thing to your business. If you have the passion for your business and ready to learn the business steps that you may need to learn…then do it. It will be harder without the proper support however, you can do it.

6) Drive and Passion: A home business doesn’t succeed if you don’t want to do it. Thinking that it is easy to start a business at home…that is a myth. It is probably harder than working for someone else….HOWEVER, if your heart is in it and this is something you really want to do…then do it.

There are some pretty big steps to starting and creating a home business but in the end….it is worth it….as long as it is worth it to you.

P.S. If you need help about business….how to start up….ASK for it and don’t be afraid to do so.

There are so many people who like to do something so they decide to create a business from it.

Initially, that sounds like a great idea…right?

However, one thing to remember, there is more to business than just creating a product. You have to learn and have knowledge about business plans, taxes, invoicing, customer service, client relations, marketing, vendors, and suppliers….oh yes, and employees.

These bring up a complete new set of situations such as leadership, management, employee retentions, wages, workers compensation…whew! That is a lot to think about….and many things to do. So, now, how do you feel about starting your own business from home?

Do not be discouraged by what I am putting out here…just be sure to research the industry you would like and be sure to talk with  many people about how they got started before jumping in.

Now, that doesn’t mean that going into business doing something that you enjoy  is a bad idea. Not at all. The only thing to remember is that you need to be sure it is something you will enjoy doing.

Many people believe to work at home solves so many issues. You don’t have to drive to work, that is true. You don’t have to worry about office politics, that is true. I can work when I feel like it, that is true (however, beware…there is a trade off for this).

I remember that when I thought about working at home, my mistake was thinking I can work when I want to and when I don’t want to…I don’t have to. HA!!! There was the mistake for me and I believe many of people who wish to work at home for themselves….guess what? If you work for yourself, you are the ONLY one. So if YOU don’t do the work…there isn’t someone else to pick up the slack. I found out the I worked MORE hours then I ever did because I felt the pressure of doing more and more…because there is always things to do….marketing, promoting, networking. The list doesn’t stop.

Now understand this: I am not trying to discourage anyone from starting a business. I am just trying to put out there items to think about and be sure you are ready to undertake before you start getting into business for yourself.

Next in this series I will offer a few things to have in place when starting the process of starting a work at home business.

Now I know that got your attention didn’t it! You are saying…why would I want to be friends with my competition?

I will tell you the benefits of being friends with your business competition:

Research your competition – You may or may not have done this already. If you haven’t you will be probably be surprised about what you can find out about your industry. By researching your competition, you can find out about what products and services others in your field offer. Maybe you can figure out something to offer that they don’t or add into your menu of services something that they offer. Also, this is a good place to check out what others are charging to see if you are within the range of what is being presented to clients.

Co-opeition – The definition of co-opeititon is providing needed but different services for customes in the area. You have seen this done for about 10 years now. Co-opitetion exists with Home Depot and McDonalds or Hess and Blimbie’s. And not too long ago the fast food chains started teaming up together Pizza Hut and Taco Bell – did you ever thing you would see two fast food chains in the SAME building? But they realized that by being together and offering more of a variety to the customer…they would BOTH benefit because they customer wouldn’t have to choose one OVER the other but possible get a bit from each.

Run a event together and you both win!

First of all, could you actually efficiently take care of ALL the possible clients? No, you couldn’t. So, why not allow the competition to help on those things that you may not have the time or resources to take care of and vice versa.

This is also another way to receive good referrals…I know, you probably think I have really lost it huh? But this is really true. For example…even for me, as a virtual assistant there are things that I don’t have a passion or desire to do. I can do them…however, I prefer not to do them. So, I would look to another virtual assistant whom is good at a particular type of task (like accounting) and let a potential client to go to this virtual assistant for that need. The client will be happy for the connection because they get their need met and of course the other VA will be happy for the referral.

Also, by becoming friends with your competition…it is a quality way to receive references.  Clients really like it when you have great references from other people in your industry.

And don’t be worried about losing customers to your potential clients. There is so much work out there for everyone…you just do what you need to do and allow others to do the same. Now, you may meet a few unscrupulous people however, they will receive what they deserve so don’t worry about them either.

Enjoy and be friends with your competition…you never know…you just may learn something. Or teach something.