Starting a Home Business For Dummies E-Book

Rachel Bridge

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 546

Veröffentlichungsjahr: 2013

Beschreibung

How would you like to work for yourself in your own home?  Sounds good right?  The commute would be a breeze.

Starting a small business from home can mean minimum fuss and minimum start-up costs - so it’s no wonder that around 60% of new businesses are started from home. Whether you’re looking to go freelance, start a home-business full-time or a new venture on the side of your existing job, you need Starting a Home Business For Dummies. It includes tons of ideas for home businesses and gives you all the straight-talking advice you need to get up and running.

Inside you’ll find:

• Ideas for businesses that you can start easily from home
• Step-by-step guidance for getting your business off the ground
• The low-down on managing your money and taxes
• Tips for making technology and the web work for you
• Advice on how to attract and keep customers/clients
 

Leseprobe

Starting a Home Business For Dummies®

Published by: John Wiley & Sons, Ltd., The Atrium, Southern Gate, Chichester, www.wiley.com

This edition first published 2014

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A catalogue record for this book is available from the British Library.

ISBN 978-1-118-73757-6 (pbk), ISBN 978-1-118-73754-5 (ebk), ISBN 978-1-118-73755-2 (ebk)

Printed in Great Britain by TJ International Ltd, Padstow, Cornwall

10 9 8 7 6 5 4 3 2 1

Starting a Home Business For Dummies®

Visit www.dummies.com/cheatsheet/homebusinessuk to view this book's cheat sheet.

Table of Contents

Introduction

About This Book

Foolish Assumptions

Icons Used in This Book

Beyond the Book

Where to Go from Here

Part I: Getting Started with Your Home Business

Chapter 1: Where the Heart Is: Welcome to the World of Home-Based Businesses

Looking at the Basics of Running a Home-Based Business

Determining the kind of business you want to have

Managing your money

Avoiding problems

Moving ahead

Leaving your full-time job for your part-time business

Examining the Good News and the Bad

Good reasons to start a home-based business

Knowing the pitfalls of owning your own home-based business

Taking the Home-Based Business Quiz

Chapter 2: Mirror, Mirror on the Wall, What’s the Best Business of All?

Starting Something from Scratch

Sticking with what you know

In with the new: Doing something different

Buying a Business

Home-based franchises

Direct-selling opportunities

Business opportunities

Identifying Which Option is Best for You

Chapter 3: The ABC of Starting Your Own Business

Making the Move to Running Your Home-Based Business

Knowing what to do before leaving your day job

Understanding what you have to do to start your own home-based business

Six Ways to Get the Cash Flowing

Working Out Where to Get Your Start-up Funds

Putting Together a Business Plan

Chapter 4: Attracting Customers

Identifying Your Best Customers

Tapping into Your Customers’ Needs

Understanding the WPWPF principle

Researching your idea

Finding Your Niche by Specialising

Being one in a million

Carving out a niche

Marketing: Taking Different Roads to Meet Your Goals

Generating word of mouth

Acquiring referrals

Making use of public relations

Taking advantage of direct marketing

Investing in advertising

Going hi-tech with websites, blogs and e-commerce

Developing a Marketing Plan – Now!

Part 1: Overview

Part 2: Marketing objectives

Part 3: Situation analysis

Part 4: Marketing strategies

Part 5: Financials

Chapter 5: Creating a Sustainable Income in Challenging Times

Recognising that People Behave Differently in Bad Times

Identifying Businesses That Work Well in a Low-Growth Economic Climate

Helping others reduce and reuse

Fulfilling day-to-day business needs

Selling affordable luxuries

Creating a Business That Can Ride the Economic Waves

Cushioning yourself locally and virtually

Crowdsourcing locally and virtually

Telescoping your niche

Cashing in on Barter and Trade

Taking advantage of bartering

Bartering in action

Trading time and goods when cash is short

Businesses Best Suited for an Improving Economy

Offering services to other businesses

Appealing to clients who have money to spare

Part II: Managing Your Money

Chapter 6: Keeping Track of Your Money

Organising Your Finances

Setting Up a Business Account

Accepting Credit and Debit Card Sales

Knowing the costs of credit card transactions

Establishing a merchant account

Obtaining credit reports

Using the PayPal option

Choosing the Best Bookkeeping System for Your Business

Balancing payments made and bank statements

Analysing the two most important financial statements

Happiness is a Positive Cash Flow

Treating cash as king

Kick-starting your cash flow

Understanding late payments

Getting a Loan

Discovering different kinds of credit

Getting the loan you want

Chapter 7: The Price is Right: Deciding How Much to Charge

Working Out What Your Prices Must Cover

Calculating your salary

Establishing your overheads

Incurring direct costs

Striving for profit

Sizing Up Your Potential Customers and How Much They’ll Pay

Researching Your Competition

Pricing Strategies That Deliver Sales

Creating perceived value

Setting your prices: Five approaches

Changing your prices

Deciding whether to discount

Taking a stand on prices

Chapter 8: Considering Taxes, Deductions and Benefits

Knowing Which Taxes to Pay – and When to Pay Them

How do I file my tax return?

When do I have to pay?

How much do I have to pay?

What if I can’t afford to pay right now?

What if HMRC decides I’m not actually self-employed?

Taking a Look at Tax-Deductible Expenses for Your Home Business

Reviewing Other Important Tax Deductions

The ABC of VAT

Considering the Need for Benefits

Income protection

Life assurance

Retirement plans

Time off

Childcare

Part III: Avoiding Problems

Chapter 9: Knowing Your Legal Do’s and Don’ts

Understanding the Major Business Structures

Surveying sole traders

Perusing partnerships

Looking at private limited companies

Working Out What to Call Your Business: Name Registration

Differentiating Between Trademarks, Copyrights and Patents

Trademarks

Copyrights

Patents

Determining the Need for Licences, Permits and Registrations

Licences, permits and registrations

Regulations for home-based businesses

Chapter 10: Using Outside Resources and Experts

Establishing Trade Accounts

Using Support Services

Finding Good Solicitors, Accountants and Other Professionals

Hiring the right solicitor

Picking a good accountant or bookkeeper

Banking on the best bankers

Consulting business consultants

Working with insurance agents and brokers

Part IV: Making It Work: Moving Ahead

Chapter 11: Making the Internet Work for You

Bidding for Work Online

Taking advantage of sites that bring buyers and sellers together

Working out how to win bids

Keeping clients and building your business with them

Getting Listed in Directories

Online business directories

Association memberships

Local directories and review sites

Networking the Internet Way

Discovering the benefits of online forums

Improving your social networking

Making winning relationships the right way

Building and Maintaining a Website

Hiring someone to create and maintain your website

Creating a website yourself

Attracting and holding attention with your site

The ABC of SEO

Using Your Website to Attract Customers and Clients

Knowing what it takes to get traffic

Making it easy for visitors to become customers

Chapter 12: Balancing Your Business and Your Life

Starting with the Right Attitude

Building success from the inside

Counting on the outside for help, too

Separating Your Work from Your Personal Life

Avoiding Interruptions and Distractions

Managing interruptions

Dealing with distractions

Managing Your Time

Letting routines rule

Identifying priorities

Teaming Up with a Spouse or Other Loved One

Knowing when to team up

Working out how to team up

Building a healthy, long-term partnership

Being clear about the downsides

Chapter 13: On a Roll: Growing Your Business . . . or Selling Up

Becoming a Success

Identifying the Upsides and Downsides of Growth

Understanding why you may want to grow

Recognising the many different ways to grow

To grow or not to grow, that is the question

Bringing in Partners

Cashing Out and Other Exit Strategies

The price is right: Putting a value on your business

Now what?

Part V: The Part of Tens

Chapter 14: Ten Tips for How to Succeed in Your Home-Based Business

Do What You Love

Treat Your Business like a Business

Become an Expert

Don’t Be Shy

Charge What You’re Worth

Avoid Unnecessary Expenses

Manage Your Cash Flow

Keep Your Day Job

Build a Solid Customer Base

Ask for Referrals

Chapter 15: Ten Enduring Home Business Opportunities

Architectural Salvage

Catering and Food Preparation

Childcare Services

Cleaning Services

Debt Collection Work

Driving Instructor

Handyman Services

Party Entertainer

Personal Tuition

Providing Services for Elderly People

Chapter 16: Ten Things to Do When Times Are Tough

Save for a Rainy Day

Manage Your Cash Flow

Keep in Touch with Your Customers

Push Your Clients to Pay Their Bills

Minimise Expenses

Offer a Special Promotion

Subcontract for Others

Volunteer

Get a Part-time Job

Refuse to Give Up!

About the Authors

Cheat Sheet

Connect with Dummies

Introduction

Who doesn’t dream of starting their own business and being their own boss? Increasingly, this dream is becoming more relevant to the challenges of today’s economy. And it’s not just a pie-in-the-sky dream anymore; starting a home-based business is a reality that has created opportunity and satisfaction for many people who decided to take the plunge – just as it can for you.

Starting a Home Business For Dummies presents and explains an incredibly wide variety of information – aimed at ensuring your home-business success. Whether you need information on choosing the right business opportunity, avoiding scams, marketing your business, pricing your products and services, keeping accounts, understanding legal do’s and don’ts, or growing your business, you can find the help you need here.

This book provides you with the very best ideas, concepts and tools for starting and successfully operating your home business. Apply this information and we’re convinced that you can create exactly the kind of business you’ve always dreamed of and find exactly the level of success you’ve always wanted.

About This Book

Starting a Home Business For Dummies is full of useful information, tips, and checklists for everyone who aspires to start a successful home-based business. Your current level of business experience (or lack thereof) doesn’t matter. Don’t worry about not having years of it under your belt or about not knowing the difference between direct selling and franchising. For a fraction of the amount you’d pay to get an MBA, this book provides you with an easily understandable road map to today’s most innovative and effective home-based business techniques and strategies.

The information you find here is firmly grounded in the real world. This book isn’t an abstract collection of theoretical mumbo-jumbo that sounds good but doesn’t work when you put it to the test. Instead, we’ve included only the best information, the best strategies and the best techniques – the exact same ones that top business schools teach today. This book is a toolbox full of solutions to your every question and problem.

This book is also fun – it reflects our strong belief and experience that running a business doesn’t have to be a bore. We even help you maintain a sense of humour in the face of the challenges that all home-based businesspeople face from time to time – after all, we’ve been there and done that!

And one more thing: the Internet has forever changed the world of business, which includes home-based businesses. This book contains the latest information on using e-commerce, starting and operating a successful business on the Internet, and using websites to your advantage. It’s also full of our own personal Internet bookmarks for the best home-business resources the web has to offer.

Foolish Assumptions

While we were writing this book, we made a few assumptions about you. For example, we assume that you have at least a passing interest in starting your own business! Maybe you’ve already started a home-based business, or perhaps it’s something you want to try. We also assume that you can produce and deliver products or services that people will be willing to pay you for. These products and services can be anything – you’re limited only by your imagination (and your bank account). Finally, we assume that you don’t already know everything there is to know about starting your own home-based business and that you’re eager to acquire some new perspectives on the topic.

Icons Used in This Book

Icons are handy little graphic images that point out particularly important information about starting your own home-based business. Throughout this book, you find the following icons, conveniently located along the left margins:

This icon directs you to tips and shortcuts you can follow to make your home-based business a success.

We’ve seen some pretty interesting things while working with home-based businesses. This icon points out some inspirational stories.

Remember the important points of information that follow this icon, and your home-based business will be all the better for it.

Danger! Ignore the advice next to this icon at your own risk!

We provide insightful (we hope!) answers to a variety of home-business questions. This icon points out these tough questions and their answers.

Beyond the Book

In addition to the material in the print or ebook you’re reading right now, this product also comes with some access-anywhere extras on the web.

Go to www.dummies.com/extras/homebasedbusiness for free online bonus content about starting a business from home and www.dummies.com/how-to/content/ten-steps-to-a-great-small-business-marketing-plan.html for a helpful article about creating a marketing plan for your business. And for a great article which debunks the myths about working from home, check out www.dummies.com/how-to/content/busting-myths-about-working-from-home.html

Where to Go from Here

If you’re new to business, you may want to start at the beginning of this book and work your way through to the end. A wealth of information and practical advice awaits you. Simply turn the page and you’re on your way! If you already own and operate a home-based business and are short of time (and who isn’t short of time?), turn to a particular topic to address a specific need or question you have. Use the table of contents and index to help you navigate. Regardless of how you find your way around this book, we’re sure you’ll enjoy the journey.

Part I

Getting Started with Your Home Business

For Dummies can help you get started with lots of subjects. Go to www.dummies.com to learn more and do more with For Dummies.

In this part…

Find out what’s involved in starting and running a home business.

Decide whether to start from scratch or buy an existing business or franchise.

Write business and marketing plans.

Get funding from different sources.

Choose a legal structure for your business.

Start to understand your customers and what they want.

Chapter 1

Where the Heart Is: Welcome to the World of Home-Based Businesses

In This Chapter

Understanding the basics of home-based businesses

Taking a look at the pros and cons of running a home-based business

Congratulations! You’ve decided to start a home-based business. You are joining many others who have already made the decision to start a home-based business. According to the home business network Enterprise Nation, more than 2.1 million home-based businesses operate in the UK, and between them these businesses have a combined turnover of over £364 billion. Over 60 per cent of all new businesses are begun at home, with 1,400 home-based businesses starting up every week in the UK. Take it from us: 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 terms of doing the work you love and having control over your own life.

Of course, every great journey begins with the first step. In this chapter, we provide you with an overview of this book and look at the basics of home-based business – including getting started, managing your money, avoiding problems and moving ahead. Finally, we reveal some of the good news – and the bad – about starting your own home-based business and explain how to know when it’s time to make the move.

Fitting work into your lifestyle

When Deborah Duddle was made redundant from her job with a workwear clothing company in 2009, she used her savings to start her own home-based business selling handmade personalised baby gifts. She turned the garage of the family home in Ruthin, Denbighshire, into a home office and sewing room, and named the business Izzy and Floyd after her daughter and the family dog. She has continued to run her business from home ever since, even relocating the business along with her family when they moved house to another part of Wales.

For Deborah, the real advantage of running a business from home has been being able to fit it around the needs of her family. She takes her two young children to and from school and nursery every day, and can take time off to spend with them during school holidays.

She says: ‘The benefits are being with the children. I don’t have to rely on anyone else to look after them, and I don’t have to worry about them. I really missed out when I worked for someone else, but now I can watch my children growing up.’