Tips For Starting A Home-Based Business

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June 28, 2007 by Angela Shupe | 0 Comments

SeattlePI.com:

It was on the sidelines of one of Danni’s soccer games that Holt was inspired to start the business that now allows her to make breakfast for her daughter and drive her to school. At the matches, Lindsay and her husband Tate noticed mothers complaining about having to run back home to fetch jerseys, shin guards and other items the kids forgot to pack.

After six months of research and patent searches, they launched Nagtags, electronic checklists that kids can attach to sports bags and backpacks. They put in $50,000 of their own money, excluding salary sacrifices, and raised about $575,000 from investors since incorporating in mid-2005.

Another “millionaire mom,” Lane Nemeth, founded and led Discovery Toys for 20 years. The business nearly ran out of money three times but eventually rang up $100 million in annual sales. Nemeth sold that company to New York-based Avon Products Inc. a decade ago and is now chief executive of Petlane, a home-based party-plan business that sells pet products. It’s based in Concord, Calif.

“If you’re serious about building a business, you’re going to marry that darned thing,” she said. “You do have more flexibility, but you don’t more have free time.”

Here are nine other considerations for those operating or considering a home-based business, according to small-business experts:

1. Start with research.

2. Do a detailed analysis of costs to figure out how much money you’ll need.

3. Overcome distractions and designate a space in the house for business activity.

4. Be your first investor and keep funding sources close to home at first.

5. Consider entering contests and business-plan competitions that can help fund and guide your business.

6. If you have trouble securing a bank loan, consider applying to the SBA or microlending organizations.

7. Outsource high-level business functions such as accounting if you don’t have the background or time to do a competent job.

8. Ask family for support or consider hiring someone to do the domestic work if you feel overwhelmed.

9. Have an exit strategy.