1. Be sure you are genuinely enthused about the idea of “making it work” with a home-based business. Being an entrepreneur is an exciting but challenging venture.
2. Research your product or service to determine if it will be a viable business and make you the money you need.
3. Make sure your new business’ name is available before you invest in product development or marketing. Start out by going on-line, calling your Secretary of State’s Office, and searching the U.S. Patent and Trademark Office’s website.
4. Protect your ideas! Consider asking people you share information with to sign a non-disclosure or confidentiality agreement before you reveal specifics.
5. Think twice before you offer others ownership in your business. Plan for a “business divorce” before you commit to a “business marriage.”
6. Surround yourself with the right legal and tax advisors. These individuals should not only have the necessary expertise, they should be passionate about your vision.
7. Make sure you determine what the right business entity is for you. There are several options available that can minimize your liability and protect your assets.
8. Work with a knowledgeable insurance professional to identify what type of insurance you need and the best policies available to you.