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WAHM > Business Ideas > The Most Important Steps to Starting a Business

Getting Started Tutorial - Step 1: The Most Important Steps to Starting a Business


Congratulations!

Sometimes the first steps are the most difficult steps. In the world of work at home moms, quite often the decision that you want a better life, a different life for yourself and your family isn’t an easy decision to come by.

Now that you’re here, now that you’re taking the first steps to changing your life, you’ve got a lot more decisions to make.

That’s where we come in. Internet Based Moms is dedicated to you. Helping you make business decisions with resources and information. Helping you own and operate a successful, and profitable, home based business is our goal. So let’s get started!

Before you can begin to decide exactly what type of business you want to own, you will need to have a real understanding of what you want your business to accomplish. What are your business goals?

Set Your Business Goals

For many, the idea of opening a home based business is frightening because they’re leaving a full time job and that means leaving a steady income. If this is you, you will want to establish exactly what you need monthly to get by. What are your financial goals?

If you are a parent that is simply looking for additional income then your goals may be different. That isn’t to say that you won’t have income goals however maybe your primary reasons for opening a business are different. Maybe you want to enrich your life, maybe you want to become more involved in the community, maybe there is a vacation that you want to save for or your child’s college education is on your mind.

Here are a few questions to get started:

• What are your financial goals for your business?


• What are your financial needs? (Needs are different from goals. I need $4000 a month to pay


my bills. My goal is $10,000 a month.)
• How much time do you want to invest each week?


• How much money do you have to get started?
• Why do you want to open a business?


Why do you want to be in business?

This may seem like an obvious question – to make money of course might be your answer. However if you dig a little deeper you might find that you have some surprising answers. Maybe you’re curious about your ability to own and run a business successfully.

Maybe you’re looking to make connections in your community. Maybe you’ve always been an accountant however you’re MUCH more interested in scrap booking and you simply want to make money doing something you love. Maybe you’re watching your children grow and you’ve decided that working out of your home just isn’t working for you and your family.

You see, when you dig a little deeper, your reasons for starting a business are varied and run much deeper than the desire for money. It’s important to recognize all of the reasons you want to start a business because they’ll help you narrow down exactly what type of business you’re going to start.

How much time do you really have?

When you first start a business it is easy to think that working 40 hours a week will be easy. After all, you don’t have to commute to and from the office, you don’t have to get dressed for work, and you don’t mind working a few evenings and weekends, right?

Wrong!

Setting, and sticking to, a schedule is a real challenge when you work from home. Little things like laundry, a dirty kitchen, taking the kids to the doc or the animals to the vet seem to get in the way. It is important to realistically evaluate exactly how much time you will have to devote to your business. It’s okay to underestimate, because you can always add to your workload as your business grows.

If you only have 20 hours a week to devote to your business, then that’s what you have. Knowing this in advance will help you make decisions about what type of business you’re going to start and how you’re going to reach your goals.


Resources and Skills

What are your strengths? Are you a good writer? Are you excellent at organizing? Accounting? Networking? Computer smarts. Artistic? Take a minute, or two, and jot down your strengths. Don’t be shy. What skills do you have to offer the world? I’m sure there are tons.

Secondly, what resources do you have at your disposal? Make a list of those too. Start with the things you might need to start a business like a computer, a desk, a printer. Once you have a list of the tangible things consider who you know that may be helpful.

Do you know an accountant or bookkeeper? Do you know someone who is excellent with computers? A great writer? A member of the local chamber of commerce or small business association?

These people, your friends, family, and associates may be able to offer guidance, networking help, and even their skills as you enter the work at home business world.

Now that you have your goals, an idea of how much time and money you have to get started, an understanding of both why you want to get into business but also how it will affect your life and your daily routine, as well as a list of resources available to you, it’s time to begin brainstorming your business.

Next in our tutorial: --> Getting Started: Finding a Business That's Right for You

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