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The Business Plan For Homebased Business (2)Time ManagementFor both the novice and the experienced business person planning a small home based enterprise, an early concern requiring self-evaluation is Time Management. It is very difficult for some people to make and keep work schedules even in the disciplined setting of an employer's office. At home, as your own boss, the problem can be much greater. To determine how much time you can devote to your business, begin by drafting a weekly task timetable listing all current and potential responsibilities and the blocks of time required for each. When and how can business responsibilities be added without undue physical or mental stress on you and your family? Potential conflicts must be faced and resolved at the outset and as they occur. Otherwise, your business can become a nightmare. During the first year of operation, continue to chart, post and checkoff tasks on a daily, weekly, monthly basis. Distractions and excuses for procrastination abound. It is important to keep both a planning and an operating log. These tools will help avoid oversights and provide vital information when memory fails. To improve the quality of home work time, consider installation of a separate telephone line for the business and attach an answering machine to take messages when you do not wish to be distracted or are away from home. A business line has the added advantage of allowing you to have a business listing in the phone book and, if you wish to buy it, an ad in the classified directory.
Check the reasons below for and against working at home that apply to you. List any additional drawbacks or obstacles to operating this business at home. Pros Cons
Is A Home Based Business Site Allowable?Now you will want to investigate potential legal and community problems associated with operating the business from home. You should gather, read and digest specialized information concerning federal, state, county and municipal laws and regulations concerning home based business operations.Check first! Get the facts in writing. Keep a topical file for future reference. Some facts and forms will be needed for your business plan. There may be limitations enforced that can make your planned business impossible or require expensive modifications to your property. Items to be investigated, recorded and studied are: TO DO DONE____ ____ county or city zoning code restrictions ____ ____ necessary permits and licenses for operation ____ ____ state and local laws and codes regarding zoning ____ ____ deed or lease restrictions such as covenants and restrictive conditions of purchase ____ ____ parking and customer access; deliveries ____ ____ sanitation, traffic and noise codes ____ ____ signs and advertising ____ ____ state and federal code requirements for space, ventilation, heat and light ____ ____ limitations on the number and types of workers ____ ____ reservations that neighbors may have about a business next to or near themHere are some ways to collect your information. Call or visit the zoning office at county headquarters or city hall. In some localities the city or county Office of Economic Development has print materials available to pinpoint key "code", items affecting home based business. If not, check with the local Chamber of Commerce office. Even in rural areas, the era of unlimited free enterprise is over. Although the decision makers may be in the state capital or in a distant regional office of a federal agency, check before investing in inventory, equipment or marketing programs. If in doubt call the state office of Industrial Development or the nearest SBA district office. In some states the county agent or home demonstration agent will have helpful information concerning rural or farm business development. To cover the income tax rules regarding a home based business, be sure to secure the IRS Publication #587, BUSINESS USE OF YOUR HOME. Is The Home Based Business Site Insurable? In addition to community investigations, contact your insurance company or agent. It is almost certain that significant changes will be required in your coverage and limits when you start a home based business. When you have written a good description of your business, call your agent for help in insuring you properly against new hazards resulting from your business operations such as:
Overall Home Site EvaluationAfter you have gathered as much information as seems practical you may wish to evaluate a home based site vs. one or more other nearby locations. Here's a handy checklist. Using the "0" to "10" scale, grade these vital factors:Factors To Consider : Grades For Each Factor : Home Other
The greater the difference between the totals of the two columns, the clearer your decision should be. In the space below, write out what your decision and the reasons that support it. Decision: _______ _______ _______ _______ |
