If you are considering starting a home-based business, the following tips will help your venture survive and thrive.
1) Start small
The mistake some home-based business owners make when they start out is trying to grow too fast. Growth costs money. At first, you may have to make-do with less. You may have to live with your less than perfect office setup, an older but perfectly good desktop and laptop and the like. Starting your business on a shoestring budget and having the willingness to make do with what you have takes discipline. If you start your business, buy the latest desktop and laptop, purchase all new office furnishings and pay for advertising, you’ll chew through profit. While many of these items will be deductible come tax time, if your income is variable (and it often is when starting a home business), you’ll have cash flow problems that can quickly escalate and make it impossible to make ends meet. Read more