3: Home based businesses
This session will review the do's and don'ts of operating a home based business and will also state the case for not quitting your job at all. But keep in mind that operating at home will still require business skills just like any other business. And it will be important to gain understanding in all the other sessions contained in the My Own Business course as well.
- What have you got to
Lose Gain?
- What are the Special Benefits of a Home Based Business?
- Minimum investment
- Maximize communication technologies
- Start small and grow by compounding
- A built-in organizational structure: all in the family
- Open to all ages and walks of life
- A productive activity for the out-of-work
- Approaches to a Home Based Business
- Moonlight business (part-time)
- Full-time home business
- Picking the Right Business is Crucial
- Specialization works best
- One that will not conflict with your employment
- Appropriate for "all in the family" participation?
- Common Pitfalls
- Failure to compartmentalize
- Failure to limit financial risks
- Disregard for zoning requirements
- Physical limitations
- Work at home schemes
- Disregard for allowable business deductions
- Additional Resources
- Top Ten Do's and Don'ts
- Business Plan
- Further Learning
- Session Quiz