Home Based Business Program Notes

I tried to capture a few video clips of last night’s presentation on homen based businesses for the blog, but the camera’s microphone apparently wasn’t up to the task. That’s a real disappointment, because our speaker was really funny and engaging! Oh well.

Instead, I thought I’d provide highlights from my notes of the presentation. Here we go!

Home Based Business Success, 1/28/08
-has an MBA & 15 years in jewelery design business
-goal: tell us what NOT to do. Mistakes are costly; learn from hers!

1. What NOT to do:
-Don’t let people walk over you

What TO do:
-Create policies that protect your business.
-Consider saying “no refunds” and offering a trade-up program instead.

2. What NOT to do:
-Underestimate costs of doing business

What TO do:
– Write a real business plan, in pen and paper. Be sure you have the proper licenses, insurances, bond, obey residential requirements (not all cities allow home based businesses), web site, domain name, shopping carts, search engine placement services costs are higher than you think, don’t underestimate theft of items at trade shows or on consignment

3. What NOT to do:
-Have no vision or excitement for what you do, or be scared to network

What TO do:
-1/2 of all new businesses fail – use any opportunity to stay fresh, be first to the marketplace, and talk to people to learn new things about your business.

4. What NOT to do:
-Go cheap with expensive components purchased at retail (or sometimes, even wholesale) pricing. Don’t pay for a catalog.

What TO do:
Use networking [and your public library! – arh] to locate source with the best balance between quality components and price. In many cases, this means to buy in BIG bulk direct from manufacturers. [One great online source for manufacturers in the US and Canada is the Thomas Register. It’s also a standard library reference book, but it’s free to search online at thomasnet.com. – arh]

5. What NOT to do:
-Spend all your time and money trying to do things for your business that someone else can do for you.

What TO do:
-Hire a good lawyer, accountant, or a website designer instead of doing an ineffective job of it yourself.

“If, after you hear all this stuff I did wrong, you still want to do it–then congratulations! You are addicted to your home-based business!”

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About CCPL Business Center

Whether you're interested in starting, improving, or expanding a small business, Charleston County Public Library's Business Center has the resources you need to achieve your goals.
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