Getting Ready to Find Your Business Opportunity

Key Questions To Ask Yourself

1. Why do you want a home business? To do what you love? Improve your lifestyle/ family life/location? Launch a big business? Lower the cost of being in business? To make ends meet? To get away from a job you hate? The clearer your reasons, the more likely you are to achieve your goal.

2. Do you intend to work full or part time? Starting part-time is usually safer, but can the business be done in the hours you have available'J

3. 3.Do you want to stay with work you know, so you'll experience less of a learning curve and have existing contacts’ If there is no market for you in your own field or industry, is there another field that needs your skills?

4. Do you need a change or want to do something more enjoyable? Don't end up like the person who said: 'I heard I could earn a good living in this business and I do. but I sit at my desk all day, and hate it. So now, I'm looking for something I'll enjoy doing.' Motivation is the key to persistence, and persistence is the key to success.

Factors To Consider When Choosing a Business

• How much you like the work
• What is the income potential
• Ease of entry
• Market demand for what you offer
• Your existing know-how, contacts and reputation
• Recession resistance
• Startup costs and overhead
• Long-range security
• Competition
• Hours of work/stress level
• Suitability to your personality

Free Business Counseling

• Small Business Development Centers: http://www.Sba.gov/gopher/Loc al-Information/Small- Business-Development-centers
• SCORE (Service Corps of Retired Executives): http://www.score.org
• Also try: . Minority Business Development Centers: http://www.mbda.gov/local/ MBDAcenters.html
• Chambers of Commerce: http://chamber-of-commerce.com
• Regional Economic Development Associations

Sources of Start Up Funds

• Earnings from job (reducing the amount withheld from your taxes; this requires changing your W-4 form).
• Savings
• Credit cards (for lowest rates, contact CardTrack, Box 1700, Frederick, MD 21702); www.cardtrak.com
• Cash settlements
• Disability grants
• Inheritances
• Retirement funds
• Credit unions
• Funds from investors
• Life insurance policies
• A line of credit through a home equity loan
• Bank loans
• Loans from relatives or friends
• Loans from suppliers or colleagues
• Microloan programs (for local lenders. contact the Small Business Administration at (800) 827-5722 or the Web at www.sbaonline.sba.gov/financing/microparticipants.htmI)
• SBA-guaranteed loans for 75ok to 80% of the

Tips: Check out your credit rating with the credit bureaus (Equifax, Experian, and TransUnion). To understand how your credit ratings are scored and weighted, see http://www.fairisaac.com (Note: if rejected by any lender, always learn why).

Loans For Women Only

• Count Me In for Women’s Economic Independence at http://www.count-me-in.com
• The Womens Net network at http://www.womensnet.net

Where To Find Grants

• Federal government: The Federal Catalog of Domestic Assistance at www.cfds.gov
• State & local government - contact your state representative or senator
• Corporations give where they have plants and offices.
• Council on Foundations to determine if there is a community foundation in your area www.cof.org

Start Up Costs Checklist

• Business licenses and fees
• Computer hardware and software
• Office furniture: particularly desk, ergonomic chair and file cabinets
• Initial marketing costs, including business cards, stationery, brochures, other collateral
materials, supplies, and organizational dues
• Insurance
• Office supplies
• Professional fees and services
• Printer or multifunction printer/fax/scanner/copier
• Telephone, answering machine or voice mail

Where to find legal help online

• http://www.attorneypages.com - listing of lawyers
• http://www.findlaw.com - current state and federal laws
• http://www.Jieetdvice.com - just what it says
• http://www.ilrg.com/forms - free legal documents
• http://www.legaldocs.com - legal documents'
• http://www.lexisone.carr forms, case law and 16,000 links
• http://www.nolo.com - legal encyclopedia and questions answered
• http://www.thelawyerDages.com - free advice

Business Insurance You May Need

• Liability - injuries to business visitors coming to your home - may be a rider on homeowner's
• Business property - losses to your business property - may be a rider on homeowner’s
• Small business - losses to inventory or equipment and various types of liability
• General liability - damage you are responsible for on other people's premises
• Business interruption - losses when you are not able to work because of disasters
• Special computer - losses of hardware, software and data
• Errors and omissions/malpractice/product liability - claims arising from your services or products
• Health - injury or illness - most people today are enrolled in HMO’s http://www.ehealthinsurdnce.com
• Disability - loss of income due to illness or injury
• Workers' compensation - injuries to those you employ
• Vehicle related collisions while driving for a business purpose and loss of business property while in your vehicle
• Partnership - protects against losses from suits of other partners
• Find rates at:
  • http://www.quotessmith.com
  • http://www.bestquote.com
  • http://www.e-insure.com
  • http://www.e-insure.com
  • http://www.insweb.com
  • http://www.insuremarket.com
  • Check out claims-paying record of insurance company with agency that regulates insurance companies in your state
• Check financial condition with:
  • A.M. Best Company, www.ambest.com
  • Duff& Phelps Credit Rating Company, wwv.dcrco,com
  • Moody's Investor Services, www.moodys,com
  • Standard & Poors Corporation.