Expert Advice for Starting a Home Business

Starting a home business can seem like a daunting task, but with a clear plan and expectations, success can be achieved.

| April 4, 2014

Starting Your Own Home Business

Creating a business plan is an essential part of starting a home business, so that expectations and deadlines are realistic and clear.

Photo by Fotolia/violetkaipa

Start Your Own Home Business After 50 (Quill Driver Books, 2013) is the perfect book to help you take care of your retirement income. Robert W. Bly offers advice and proven plans for starting a home business and achieving the income you’ve always wanted. Excerpted from “Launching Your New Business,” this selection makes starting your own home business a matter of simple planning and achievable goals.

Launching Your New Business

No matter what business you have decided to set up, you will need to take some steps to make sure you can get off to a good start. These steps apply whether you are 25, 50, or 75; if you want to succeed in a home business, you must take the time to do it right. In this chapter, you will learn about some of the steps you need to take to get your new venture up and running. We will look at:

• Choosing a legal form for your business
• Choosing and registering a business name
• Creating a business plan
• Making the necessary financial plans
• Creating a website
• Announcing your new business

Choosing a Business Form

First, consider how you want to set up your company. Do you wish to set it up as a sole proprietorship (only you) or do you want to incorporate the business? Corporation types include S and C corporations, limited partnerships, and limited liability corporations (LLC). Each has different financial, tax, and legal ramifications and requirements.

You must make your decision based on what services you plan to provide and what liabilities you might incur during the course of doing business. Are you in a business that is at high risk of being sued? Are clients coming to your home to do business? You’ll need to be protected from anything that could occur on the premises, however obscure.

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