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How to Run a Small Business from Home

Nov 7, 2007
Running a small business from home can be one of the most rewarding things you will ever do. However, it does have its share of problems, compared to your 9-5 jobs. You will need to make some adjustments and exercise a good deal of discipline to achieve success.

5 tips for running a small business from home

1. Organize your time: One of the most important adjustments you will need to do when you decide to run your own small business from home is organizing your time. On a 9-5 job, this is easy because it is done for you. At work, you are regimented into a time schedule. Everything is centered on one important fact, "time is money". So naturally any employer will make sure an employee is working as many hours of the day as is legally possible.

2. Moreover, at home it is a completely different scenario, because you are the one that needs to organize your time. You know that the same principle of time is money- so you need to organize your time well. One way to do this is to list all your home and business tasks and prioritize them. Make a daily schedule and a weekly one. Fit all the tasks in and be sure that you will spend at least 3 hours everyday on your business. Once you have everything organized into time slots, it will be easier to accomplish them.

3. Discipline yourself: To be successful in business, it requires courage and discipline. You will need to discipline yourself to work at least 3 hours everyday at your business. Do not work 6 hours one day and none the next. You need to keep a tight hold on yourself, and not allow yourself to get despondent when things go wrong. Learn from your mistakes and build on your victories, but whatever you do, never relax your discipline and you will be successful

4. Allocate a special area for your business: This is very important. You should have a special place in the home, which is specifically assigned for your business. It should be off limits for the children and used only for business. This will help you to discipline yourself and get into your zone. Keep all your business equipment like fax machines, computers, etc. in this area.

5. Budget: Always keep a budget. Make a separate account at the bank for your business. This is important as you do not want to be mixing up your household and business budgets. Always remember to keep them separate. When you first start to run your small business from home, you will need to allocate a certain amount of money each week or month to your business. Do not expect to make any real profits for the first 3 months.

Keep detailed records: An important part of running a small business is keeping records. Budget, testing, and business progress are just 3 examples of where you need to keep detailed records.
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