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        Another AHBBO Article
        Checklist For The New Home-Based Business

        © 2014 Elena Fawkner

        So, you've decided to take the plunge and start your own
        home-based business.  Congratulations!  You're on your way
        to true financial independence. Protect your business and
        your livelihood by making sure you have paid proper
        attention to the following:

        1.  Cash Flow

        Do you have adequate working capital to support your
        business (to support you!)during its early stages?  Have you
        started your business part-time while continuing to work
        full-time to make sure it is a viable income producer for
        you and that income is adequate for your needs?  DON'T give
        up your day job until you can give an unequivocal YES to
        these questions.

        2.  Business Licensing

        Have you obtained all necessary licenses and registrations
        for your business?  Do you comply with your local zoning
        regulations?  This is especially important for both legal and
        insurance reasons if you expect to have clients visit your
        home office.

        3.  Insurance

        If you expect to have clients visit your home office, have
        you taken out insurance in case they are injured on your
        premises?  Your normal homeowner's insurance will NOT cover
        business visitors unless you notify your insurance company
        that you are operating a business from home and the insurance
        company endorses your policy to include this risk.

        In all other cases you should take out a separate policy
        to cover your business visitors.  In this regard, whether
        you comply with local zoning regulations may be important.
        Your insurance company may refuse to cover you if you are
        conducting your business illegally.  For these reasons it
        is imperative that you obtain all proper registrations and
        licenses for your business.

        Another type of insurance you should take out is public
        risk insurance.  No matter the nature of your business,
        if you are dealing with other people (and what business
        isn't?), you should have public risk insurance to cover you
        in case of a claim for negligence.

        A third type of insurance to consider is income protection
        insurance.  If you have made the transition from paid
        employment to self-employment, you no longer have the
        benefits that went along with your paid job which may have
        included disability or income protection insurance.  You will
        need to purchase this cover for yourself.

        4.  Benefits

        Once you have left the paid workforce, you may find that you
        have also left behind your medical, dental and optical
        benefits.  You need to make sure you purchase adequate
        insurance for these expenses.

        5.  Accounting and Tax Advice

        The best time to seek accounting and tax advice is before
        you start your new business.  Your accountant will be able
        to advise you about things such as the most tax-effective
        structure for your particular business and what types of
        expenses you can claim against your business income.  It is
        important to obtain this advice at the beginning of your
        business venture so you know exactly what records you should
        be keeping and whether it is best for you to purchase or
        rent capital equipment such as your computer.

        6.  Time Management

        Make sure you have thought through how you will deal with
        the day to day distractions that will come up when you work
        from home and plan accordingly.  For example, if you know
        you will not be working from 3:00 pm until 8:00 pm because
        this is the time between when your children return from
        school and when they go to bed, try to schedule as many
        non-business activities for this time period as possible
        rather than taking breaks during your business hours.  Need
        milk?  Get it when you're out picking the kids up from
        school, not at 11:00 am because it's easier than starting
        that new webpage.  Remember, self-discipline is your best
        friend and vital when working from home.  Procrastination,
        on the other hand, is your greatest enemy.

        Working from home is the dream of many.  Don't let that
        dream turn to ashes by overlooking the "basics" of sound
        business and risk management.

        More Information and Articles about How to Start A Home Business


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        Elena Fawkner is editor of Home-Based Business Online. Best business ideas and opportunities for your home-based or online business.

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