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The Business Plan For Homebased Business GOV11
By Carol Eliason
Research Management Corporation
Falls Church, Virginia
Introduction
Homework has taken on new meaning for more than 10 million Americans. The drive for economic self-sufficiency has motivated large numbers of persons
to market their skills and talents for profit from home. More than 400,000 persons launched home enterprises in 1985. Our increasingly service
oriented economy offers a widening spectrum of opportunities for customized and personalized small business growth.
Though untrained entrepreneurs have traditionally had a high rate of failure, small businesses can be profitable. Success in small home based business is not an accident. It requires both skills in a service or product area and acquisition of management and attitudinal competencies.
The purpose of this SBA Management Aid is to help you take stock of your interests, aptitudes and skills. Many people have good business ideas but not everyone has what it takes to succeed. If you are convinced that a profitable home business is attainable, this Management Aid will provide step by step guidance in development of the basic written business plan.
Information Gathering
A helpful tool for use in determining if you are ready to take the risks of a home based business operation is the SBA Publication #MA 2.016, Checklist for Going Into Business. It will help you focus on the basic steps in information gathering and business planning.
While the reasons for the rapid growth of home based business operations may vary from the need to supplement family income with a few hundred
dollars all the way to a sophisticated technical consulting service billing hundreds of thousands of dollars, there are many common characteristics and
challenges to be considered in launching most home based businesses, regardless of size. Some tasks are universal to all small business startups, while others are unique to a home base.
The experience of the author and interviews with dozens of home based operators over the past decade indicate that special planning is required to research legal and tax issues, proper space utilization and to establish
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