It's your home business - Will it sink or swim?

by Michele Miller

Businesses fail for many different reasons. Here’s what you should be thinking about so that your business is not one that sinks, but one that swims and stays afloat!

If you’re looking at a new business, make up a business plan, include your goals and financial projections. YOU need to know more than anyone where you are headed. Your business plan doesn’t have to be drawn up by a professional business planner, you can do it yourself. Write down the hard costs of getting the business started and maintained, including costs of licenses, equipment, inventory etc. Don’t forget to include how much income you will need to be bringing in, or have saved up until you start to show a profit. Always have a Plan-B in place. Lack of planning will have your business sinking in no time at all.

Business owners are generally “go-getters”, which means they are usually hard workers. Staying disciplined, even for the hard worker can be difficult at times, especially when there is no boss or supervisor around to crack that whip and make you do your work. Getting lazy and not being productive with your business is a surefire way to sink it.

Here are some tips to keep you on track and keep your business afloat.

Daily “to do” lists are constant reminders that keep you on track. They keep you motivated, and it feels good to cross things off as you get things done. You need to have a sense of accomplishment, and this helps serve that purpose.

Push your business to new heights every day by doing just a little bit more than you need to. This will ensure that it will SWIM.

Break up your day into segments; plan your day properly. Give yourself a proper work time schedule and try to stick with it. Even if you don’t work 9-5 anymore, pretend you do. Having your own home business often means working more than eight hours a day to turn a profit. Be prepared for that. That way you will SWIM and not SINK.

Give yourself a proper lunch break. This will give you a routine and give you something to look forward to. Reward yourself for keeping up with your work. It will keep you positive and motivated.

Post inspiring quotes and verses in your home business area.

Don’t allow friends and family to drop by and take up your time. In the beginning, I had friends that thought because I worked from home that I could sit around and chat with them all day long… It’s amazing that they think this, but they do. Be firm with them. My friends now know that they had better call before they “pop in for a coffee”, and I do tell them “no” if it’s not convenient. Lazing around watching TV or chatting with friends is 100% guaranteed to help SINK your business.

Another time taker is the telephone. I screen my calls and let the machine pick up almost all day, unless it is about business. Caller ID was a super investment! It will help your business to have Caller ID. I promise.

Mentally remind yourself from time to time that one of the reasons your home business can fail is procrastination. The fear of this should help keep your business on the right track.

I think you know what bad employees can do to a business; be careful who represents you/works for you.

If you don’t have time to do your work and work your business, it’s bound to SINK! Don’t let other aspects of life get in the way. Sure the car needs washing, the laundry needs doing, the house needs cleaning, you need to get other things done, but not during business hours. The key here is to PRIORITIZE properly and take your business seriously.

Try and get some daily exercise. It refreshes you and clears the mind. It will help you stay positive. Plus, it’s good for you.

Network with other “successful people” who own a similar type of business. If you are having trouble finding these people, try your local Chamber of Commerce, or just contact other business owners. Try to learn from people who have been successful; make sure they’ve walked the walk before you take their advice.

Taking this advice will hopefully give you some ideas about keeping your business afloat, swimming, and very successful.

To Your Success!


Michele Miller is a home-based business owner and medical transcriptionist. She is also the author of an E-book about medical transcription. You can visit her website at: http://www.medical-transcription-at-home.com

How to be Successful Working from Home!

By Michele Miller

So, you’re interested in starting a home business?
How can you make it happen?

Many people only dream of working from home and don’t think it’s really possible for them to do so. Sometimes it’s the fear of failure that holds people back.

I’m here to tell you IT IS possible and you can make money and enjoy working form home, you just have to be willing to try.

First of all, you have to have a business idea. Let’s look at some legitimate home business ideas to begin with; let’s get some ideas going here…

Web design, Graphic design, Internet marketing, Secretarial Service, Medical Transcriptionist, Home Parties, (there’s lots of these around and you can definitely make good money if you stick with them), Pet Sitting, Errand Runner, Copywriter, Real Estate, Photographer, Caterer, Furniture Maker, Candle Making, Wedding Consultant, Computer Tuition, Music Lessons, Insurance Agent.

There’s loads more, but as you can see, it is possible to find something you enjoy that can be a great home business. You might have to take some classes to begin with if you don’t have a skill. It depends what you are looking for.

The trick with any home business is to ease your way into one. Keep your regular job while you “develop” your home business. Start your business part-time and let it build. When it reaches the point where you are making enough money, you can quit your regular job. This way, you won’t be taking risks and depending on a new business to support you right away.

All the above mentioned businesses are relatively low cost start-up businesses. Forget having to invest hundreds of thousands just to start your own business. Some of the most successful businesses were started on a shoe-string, or thereabouts…

So now you’ve got some ideas, what else do you need?

You need DISCIPLINE AND MOTIVATION. That’s as important as your business idea. You need to be a go-getter kind of person to have your own business. You need to be willing to get things off the ground yourself, and often willing to work for no financial return at first, or very little financial
return. It helps to have vision; you have to sow the seeds to see the flowers. Overnight success is quite rare.

You can help yourself stay motivated by making a “to do list”, and “working your business” every day in some small or big way. It doesn’t really matter as long as you have a “plan” and keep chipping away at it until it happens.

You hear people say all the time that you need to set your goals, well you do, and a “to do list” will enable you to cross off things as you work through them, giving you a feeling of accomplishment as well.

Okay, what else do you need?

CONFIDENCE

As you begin starting your own business, you may come across negative people who will discourage you and make you feel less confident. You must ignore these people and only let yourself focus on the positive. One day these people will eat their words. Try to find people who want the same out of life as you do and mix with them. If you can, find yourself a mentor in the field you are going in to. This is a great help. You will be able to stay motivated about your future goals if you have someone to share them with. A mentor will also give you insights into your business and hopefully share
with you how to avoid certain mistakes along the way.

The last thing you need is FAITH – in yourself. So go ahead, start a home business – You won’t look back!


Michele Miller is a home-based business owner and medical transcriptionist. She is also the author of an E-book about medical transcription. You can visit her website at: http://www.medical-transcription-at-home.com

Choosing a Name for Your Home-Based Business

By Julie Frost © 2003
www.YourHomeBiz.com

One of the more fun aspects of starting a home-based business is giving that business a name. Much like naming a child, the name of your business will be around for many years to come, so you had better choose it wisely.

There are many aspects of choosing a business name. But the bottom line is, well, will it add to your bottom line or take away from it?

Stand Out From The Crowd.

The other day, I met a business owner who had named their business something very similar to "THH Enterprises." How would I ever know what their business was, by the name of their business? I wouldn't. This is a classic "new" business owner mistake. But if you're naming your business, you're likely a new business owner! (Catch 22, huh?)

So what do you do? There are a few options, and you'll have to choose the one that works best for your business.

One could be to simply use your name and what you do:

"Johnson Telemarketing" Or "Lane's Web Design"

You could describe what you do in a more creative way:

"Home Away From Home Daycare" Or "Orderly Office Organizing"

But here is where you have to think ahead, so to speak. If your business name is "Orderly Office Organizing" and 6 months into your business you realize that more and more of your clients are asking you to organize their homes, and a few months after that, your efforts in organizing homes is actually 75% or more of your business, what do you do about your business name? Change it and lose momentum? Keep it a possibly confuse your prospects? It's probably better to consider these possibilities now, and not have to fix them later.

Make Up a Sensible Nonsense Name.

Some huge businesses online have simply made up names or used words that have no relative meaning, and succeeded wildly (think auctions and books). But for most of us home- based business owners, we don't have the huge budgets (usually) required to make such names work.

But if you want to use a name like these, try making it a word that isn't real, but by combining two or more words, it will make sense to those who read it. For example:

"LimoScene" (Tours by limo.) Or "Callacaterer" (Get it -- "call a caterer.")

Or even emphasizing a letter with capitalization to make a point:

"SmArts" (Art projects for intelligent kids!)

Choose More Than One.

Some people think "all the good names are taken," but that is far from true. But that certainly is one of the considerations you must make when choosing a name. When filing a fictitious business name (or DBA -- "Doing Business As" as it is known in other areas) you will frequently have to list at least three different choices, in case one or more are already taken.

What If You Just Can't Choose?

If you can't decide on a name, ask trusted friends, family, and business associates for their opinion. Have a mini market research feedback forum and get their opinions, good or bad, either as a group or individually, and write them down. Hear all sides, and decide from there.

On the other hand, if you really feel like you can't come up with any good ideas, you could hire a business naming firm. But if you go that route, realize that it may cost you a few thousand or (possibly) much more. Most of us home-based business owners simply don't have that in our start-up budgets.

But remember, your business name will be associated with you and your business for many years to come. You'll want something that reflects you, what you do, and possibly, how creative you can be!

Subscribe to Julie Frost's free email newsletter, YourHomeBizWeekly at: http://www.YourHomeBiz.com. For more in-depth information, read the best-selling ebook "How to Find, Start, Grow, and Succeed in Your Own Home-Based Business™" at her web site: http://www.yourhomebiz.com/ebook.html

Choosing A Business Name

by Lisa Fraley

There aren't any certain "formulas" for choosing a great name for your business. The name should relate to your business, be distinct from your competitors, something that is memorable and easy to pronounce and spell. It should also appeal to your target customers.

To help get your creative juices flowing try these ideas:

*
Surfing the internet/do web searches
*
Ask friends and family members for ideas
*
Read publications that are in the same trade line (clothing).
*
Make a list of the names you like most and then eliminate names until you're left with only one.

Here are some things to keep in mind while choosing a name for your business:

Trademark law prevents another business from using your business name or logo. It's best to use several different methods to search for unregistered trademarks.

A great place to get information about trademarks is the United States Patent & Trademark Office http://www.uspto.gov. A business can establish a trademark just by using it so along with going to the US patent & trademark site, also do a web search on your desired name.

Check with your county clerk's office to see whether your desired name is already on the list of fictitious/assumed business names in your county. Your county's list will contain names that you won't find in other databases. If the name you'd like to use for your business is listed on a local fictitious/assumed name register, you SHOULD NOT use it.

Here's a free resource for finding unregistered trademarks:
http://www.thomasregister.com. Thomas Register is a cross-industry database which includes thousands of trademarks and also service marks.

Try the Network Solutions website at http://www.networksolutions.com and key in different variations of the name you want to use. Domain names qualify as a trademark as long as the underlying website is used commercially.

Once you find out that your desired business name is available, you may want to register it as a trademark. Registering it can help prevent a competitor from using your name or a name that is likely to be confused with your business name. You can file online at The United States Patent and Trademark Office (USPTO). Their Trademark Electronic Application system allows you to fill out a form, check it for completeness, and then submit the form directly to them over the internet. Here's their "Where Do I Start?" page http://www.uspto.gov/web/trademarks/workflow/start.htm
They also have a great FAQ page http://www.uspto.gov/web/offices/tac/tmfaq.htm

You can also register your trademark on the state level.

Federal Registration of your business name as your trademark is not mandatory.

There is also software that can generate business names for you. Do a web search for business name generator software.

Also check with your lawyer or a legal office for more information on business names, trademarks, and servicemarks.

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The Benefits of Creating A Business Plan

By Liz Folger, Work-at-Home Mom Expert

When I started my first business I didn't have a solid, well thought-out business plan. I threw together a rough one that I used to apply for a bank loan (which I didn't get, by the way). If you take the time to research and put together a small business plan, you will have a much clearer and focused idea of what you can expect from your business.

A good business plan will help you figure out approximately what your business will cost to get off the ground. You don't want to guess at this. Knowing your costs will help you decide what you're going to charge.

The bottom line - most businesses fail because they don't have a clearly spelled-out business plan. Don't make that mistake.

For those of you who have been in business for awhile, don't think a business plan can't help you. Because you'll be wrong. Your business plan should be taken out on a regular basis, reread and updated.

Below I have given you a list of questions you should ask yourself when starting your home business. For a complete list of questions, check out my book, "The Stay-at-Home Mom's Guide To Making Money", available at http://www.bizymoms.com or at your favorite bookstore.

1. What is your business exactly? Explain in one or two sentences. (If you can't describe your business in a couple of sentences, rethink your business and focus your idea).

2. Is your particular business needed? List the reasons that make you thinks so.

3. Where do you see your business in one year? In three years? In five years? (Be specific.)

4. How will you fund your business? Savings, credit cards, loans?

5. What equipment/office supplies/licenses will you need to get your business started? Total Cost?

6. What organizations and trade publications will you need? Total Cost?

7. Who is your target customer? Describe them.

8. What other businesses will you be competing with?

9. What makes your business different from your competitor's business? (Include price, quality, unique services, etc.)

10. Where will you set up your home office? Is it going to cost me money to make a nice workable office? Cost?

11. Will you use daycare everyday or once a week? Cost?

12. How much money do you need to make each month to help my family survive?

Once again, this is just a partial list, but there are enough questions here to give you a good idea of what you'll be facing with a new business and the costs involved.

A business plan is essential to any successful home business. As one great quote says, Those who fail to plan, plan to fail. - Author Unknown

Liz Folger is Work-at-Home Mom Expert and author of, "The Stay-at-Home Mom's Guide To making Money". Her book is available at your favorite bookstore or by calling, 800-632-8676. Liz has also created a resource site for work-at-home moms at: http://www.bizymoms.com. When you visit don't forget to sign-up for the free e-newsletter just for moms who work from home. If you have a question that you'd like covered in a column, e-mail her at: Bizymommy@aol.com.

How To Make Sure Your Home Business Is Legal

By Liz Folger, Work-at-Home Mom Expert

One of the toughest parts of starting a home business is dealing with all the legal and tax issues. This may seem complicated and scary, and may keep you from even starting a business. But don't let it be an excuse for delay. Just educate yourself.

Q: Do I need a business license and what type of permits will I need?

A: This varies by city. To find out if you'll need the following licenses or permits, call your local county or city clerk's office. They are usually located at City Hall.

* Seller's or Resale Permit -- If your state has a sales tax, and you plan to sell goods in-state, you will need this permit. It allows you to avoid paying sales tax on supplies when you buy from wholesalers.

* Food Permit -- If you plan to make or sell food, you'll need this one. Expect to receive a visit from your local health department.

* Zoning Permit -- Don't mess around with this one. Visit your local planning department or city zoning board to see if your area is zoned for a home business.

* State occupational licenses -- Day-care operators especially need to check this out. Your State affairs office should be able to help.

Q: Do I need a tax ID number?

A: If you have employees, are in a partnership or are incorporated, you will need a federal Employer's Identification Number. If you are a sole proprietor and have no employees, you can use your Social Security number as your tax ID number. You can obtain an EIN through the Internal Revenue Service.

Q: Is the naming of my business important?

A: Yes! Make sure you don't give your business a vague name. You want your customers to remember your name and you want future customers -- if they see your name on the street -- to know what it is you do. P> Make sure someone else doesn't have whatever name you come up with. First, check your phone books. If you don't see it, go to your county clerk's office. They have on file all the business names in your area.

There are two ways to name your business. For example, if you have a marketing service, you could call yourself "Make Your Business Known" or "Liz Folger's Marketing Service."

The first name will require a DBA (doing business as) registration. You can do this at the county clerk's office. Some clerks, for a charge, place your DBA in the local paper for you. If they don't, you need to run it once a week for four weeks. If you decide to put your surname into your business name (Liz Folger's Marketing Service.), you may not need a DBA. (Some states always require you to file a DBA and most banks won't cash your checks if you haven't registered your business name.) You also need a DBA if your business name includes words such as Company, Associates, Group, Brothers or Sons.

If you want to grow your home business, you'll need national name protection. You will then want to register your name as a trademark. To do this you should contact the U.S. Patent and Trademark Offices in Washington, DC.

Q: Do I need a lawyer?

A: If you are starting your business via a business opportunity ad or franchise, I highly recommend you discuss it with a lawyer. It's best to spend the money now rather than lose a lot more down the road because you didn't know what you were getting into.

You will also need to consult a lawyer if you will be dealing with a significant amount of money, are incorporating or are in a partnership.

Q: Do I need an accountant?

A: If you're starting a home-based business, there's a good chance you can save some money and do your own accounting. Some wonderful accounting programs let you do it on your computer. You can also keep track of your expenses and income on paper. If you stay very organized, you'll be OK.

If you absolutely *hate* paperwork or turn green at the mere thought of accounting, consider seeking out someone who enjoys it.

Q: Do I need insurance for my home business?

A: Most homeowners insurance will not cover a home business. Talk with your insurance rep. Your needs will vary depending on the nature of your business and whether you will have clients in your home.

RESOURCES YOU CAN USE

Small Business Administration
http://www.sba.gov
800-827-5722

Service Corps of Retired Executives (SCORE)
http://www.score.org
800-827-5722

The SBA's Online Women's Business Center
http://www.onlinewbc.org

Liz Folger is Work-at-Home Mom Expert and author of, "The Stay-at-Home Mom's Guide To making Money". Her book is available at your favorite bookstore or by calling, 800-632-8676. Liz has also created a resource site for work-at-home moms at: http://www.bizymoms.com. When you visit don't forget to sign-up for the free e-newsletter just for moms who work from home. If you have a question that you'd like covered in a column, e-mail her at: Bizymommy@aol.com.

About Your Copyright

by Susan Dunn, Marketing Coach


With the easy access of the Internet, more people are writing and creating and displaying their art publicly than ever before. As a marketing coach, I receive many questions about copyrights – how to get your own, and how to know about someone else’s work.

WHAT EXACTLY IS A COPYRIGHT?

According to the U. S. Copyright Office, a copyright is “a form of protection provided by the laws of the United States (title 17, U. S. Code) to the authors of ‘original works of authorship,’ including literary, dramatic, musical, artistic, and certain other intellectual works.”

You can see it’s a broad definition. One of the most important things to note is that it’s a misconception that you must use a copyright notice on your work, or see one on someone else’s for it to be copyrighted. This was required at one time, but is no longer.

So, just because you’re looking at someone’s Internet course, or reading an article they wrote, and it doesn’t have a copyright notice on it – either on the Internet or hard copy – doesn’t mean it isn’t copyrighted. In fact it is copyrighted the minute it takes tangible form. This has two ramifications. First of all, it’s still good to use the copyright notice on your work, i.e., ©. You can make this by going to “Insert” then “symbol” then “special characters” then click on the © symbol and then “Insert” and then “close.”

Of in a word document, simply type this – ( c ) (without spaces between) and it will automatically convert to the © symbol.

According to the U. S. Copyright Office, the following “works of authorship” are covered:

1. Literary works
2. Musical works, including any accompanying words
3. Dramatic works, including any accompanying music
4. Pantomimes and choreographic works
5. Pictorial, graphic and sculptural works
6. Motion pictures and other audiovisual works
7. Sound recordings
8. Architectural works

Immediately the minute you create your work in “fixed form” it is your property.

The U. S. Copyright office specifies that all these categories should be taken broadly. For instance a map could be registered as “pictorial work.” There are benefits to registering, of course.

But do understand that someone else’s work is copyrighted whether there’s the symbol on it. Respect the international copyright law! When in doubt, contact the person for permission.

For more information, go here: http://www.copyright.gov . And of course always check with an intellectual property attorney for legal information.