Chapter 4

Starting a Home-Based Business

In This Chapter

  • Understanding the basics of home-based businesses
  • Looking at the pros and cons of having a home-based business
  • Beginning your business from nothing
  • Making the transition

There are nearly 30 million businesses in the United States today. Of these businesses, 99.7 percent are small businesses (which the government defines as businesses with fewer than 500 employees). Of these, a little more than half — 52 percent — are home-based businesses. Now that's a lot of home-based businesses!

Owning your own home-based business may be the most rewarding experience of your entire life — and not just in a financial sense (although many home-based businesspeople find the financial rewards to be significant). Having your own home-based business is also rewarding in the sense of doing the work you love and having control over your own life.

Of course, every great journey begins with the first step. This chapter looks at the basics of home-based business — including getting started, managing your money, avoiding problems, and moving ahead. It also considers some of the good news — and the bad — about starting your own home-based business and explains how to know when it's time to make the move. It talks about starting your business from scratch and ends up with some advice on making the transition to working at your home-based business.

Looking at the Basics of Home-Based Business

Not surprisingly, a home-based business is a business based ...

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