.Not everyone is cut out to be a home-based solo entrepreneur. For some, the idea of spending the whole day working alone is their very definition of the ideal day; while for others the idea of becoming your own boss can be very daunting.
According to the Today Show , here are factors to consider before deciding whether a home-based venture is for you:
- Devise a plan for attack – from determining whether a market really exists to preparing a business plan, it is always a good idea to do the ground work first
- Determine if you could fly solo and start the business by yourself
- Or whether you will need employees, in which case it becomes more complicated
- Know the tax deadlines set by the IRS
- Save for retirement, and get into the habit of setting aside money from each month.
- Think about your workspace in your home; preferably a separate space from your home
- Think about child care if you have children
- Consider installing a second phone line for your business, separate from your personal line
- Look like a pro, from your domain name to website to calling cards and brochures
- Be sure you have enough insurance, from life insurance for yourself and your family to business insurance.
