Setup Small Biz

Before setting up the Small or Home Business follow the below steps to start quickly and set up successful business:

Step 1: Decide What Products or Serivces Your Small Business will Offer

Step 2: Know Your Market and Your Competition

Step 3: Make Sure You Can Do the Tasks Needed Before Starting a Small Business

Step 4: Make a List of What Needs to be Done to Prepare Your Home for Business

Step 5: Understand Legal Barriers to Starting Your Business

Step 6: Review Your Small Business Insurance Needs

Step 7: Learn the Risks and Benefits of the Legal Forms of Business Organization

Step 8: Determine Your Startup Costs

Step 9: Consider Your Break Even Point, Your Cash Flow and Your Funding Options

Step 10: Gauge Your Family's Support for Your Home Business

• How much will you need to pay your bills until the money starts coming in from your home business?
• Will you be keeping your full-time job or is there another breadwinner in the family that can help you until you develop an income stream?
• What will your continuing outlays be for items like equipment, salaries and/or inventory?
• How many products must you sell or how many hours of service will you need to provide before you reach the break even point?
• Where will the money come from? Will you need to borrow or draw down a savings account or sell some investments and/or assets?
• Will you need a silent partner to help provide working capital, especially until you reach your break even point and being making a profit?
• Are you willing to use your home equity to finance your business?
• Is there any possibility of getting a grant to start your business?

Members of your family, at least those still at home or any family members who may need to make sacrifices or lifestyle changes in order to accommodate your business, need to know what you're up to and how it might affect them. If you have a spouse or significant other or children living with you, your home business will be a big part of their lives too.

Communication is key to helping them understand. Ask for their support – you'll find that's much more effective than demanding it. Try to understand where they're coming from. If they have questions, issues, or objections, discuss them openly. Caring and open discussions now help you avoid problems later.