A specialist does better in business than people that do not specialize. If you can specialize in a single product for your home based business you will reach a high level of competence rather than trying to represent dozens or even hundreds of products. After you are successful with a single product, then it might be a good idea to introduce an associated product or product line. Be careful not to over burden your business and start to break down your business. It is vitally important to continue operating a smooth trouble free business without confusion. Expansion in business is often the fatal flaw that cause successful business to suddenly fail. Adding on and bigger isn’t always better, watch out for those commitments that are not assets. Remember overloading your commitments puts a drain on your assets. Never think of a commitment as and asset, they are liabilities however they could be a cost of doing business.
In guarding your home based business, watch out for freeloaders. They are the kind of people that want the money but don’t want to contribute to the business. It’s kind of a sorry comment but usually relatives and not necessarily immediate family fall into that category and try to use your relationship to get into your billfold. Those kind of people are the takers and cons which you will do better without. Your home based business is your life line and guard it as though your life depends upon it, because it does. If you have people come to work for you, put a lock on your back door and your mother on the cash register. This is especially true if you are dealing with food services.
Another point in considering a home based business is your insurance requirements. You need this base covered just as fast as you can. Ask yourself all kinds of what if type questions in evaluating your overall insurance program. One item often overlooked is do you have a back up replacement plan in case you are unable to work? Can your business afford to hire someone to replace you while you are ill or unable to work? How much coverage would you need with insurance? This is just one area, there are more and need to be considered. What if?
If you are not an accountant you need to learn how to read and understand an accounting business plan and then write one for your home based business. You may need the help of an accountant. Doing this will help you to understand your business and be able to see where you are going with it. A business plan is like a road map for your business. Don’t go anywhere with out one. A good business plan will be a tremendous aid in remaining focused with your business. There are good books written on writing business plans and it is recommended that you purchase a couple or at least go to a book store just to see a little about what it is to write and produce a good business plan. Then find an accounting friend and proceed.
Brad Vigansky
Skype: bradley.vigansky
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