Page 13 - The Notice Board JULY AUGUST 2021 edition 69

July-August, 2021 Page 13 Page 13
October, 2008
How to Start a Small Business at Home

lmost 69% of new Decide what you're going to business plans fall under the
entrepreneurs will sell category of a traditional
Astart their businesses A lot goes into starting a business or a lean startup.
out of their homes. If you've business, but the first place to You'll go into great detail in a
been thinking about starting a start is to figure out what you traditional business plan. These
small business at home, here plan to sell. Your success as a plans can be several dozen
business depends on your pages long, and are required by
ability to sell products or most lenders and investors.
services to your customers.
In comparison, a lean startup
Come up with a list of ideas for business plan focuses on a
products or services you can high-level overview of the
offer. From there, you should business. You'll summarize the
consider the following most important aspects of your
questions: business, and it will only be
· Is there a demand for this about a page long. This will be
product or service? much faster to create, but if you
· How will this benefit my seek out funding, investors
are six steps to help you get customers? may ask for more information.
started. · Would I purchase this Dilton Consult can help you
product or service? with your business plan.
Come up with your business · What could I reasonably
Decide on your business's
idea charge?
legal structure
The first step to starting a · Is there enough of a
small business is coming up demand for me to make a the correct legal structure is an
with a winning business idea. important part of running your
business. If you want to get
Ideally, you'll develop a
business venture that started quickly and with as little
hassle as possible, a sole
interests you and meets a
need in the market. proprietorship may be right for
you.
A great way to do this is by
identifying a problem that With this type of business
model, you don't have a partner
frustrates you. Is there an
issue that you continually or executive board to answer
to, so you're in complete
encounter that you wish
someone would solve? That control of all the decisions.
Keep in mind, though, there is
could be your next business
venture. no legal separation between
you and the business; you're
But you don't necessarily profit?
have to reinvent the wheel. responsible for any debts and
lawsuits that the business
Take a look at the businesses Write a business plan
that are already out there, and Next, you'll write a business incurs.
In contrast, a limited liability
ask yourself how you could plan. A business plan will help
improve upon what they're you gain clarity as you're company (LLC) provides more
flexibility and creates a legal
already doing. Are there any getting started, and it will help
gaps in the marketplace that tremendously if you decide to separation between you and the
business; however, there is
you could fill? apply for small business
financing in the future. Most more paperwork to fill out, and
you'll have to file your business
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