Tips How To Start Business When Laid Off

Thursday, April 9, 2009, 7:15 AM | Leave Comment

You are laid off or afraid to be laid off or maybe you just retired. Perhaps it could be the right time to start a home-based business.

Depending on what you think about starting your own business, the economy is bad, to say the least, one has to do something to put food on the table for the family.

Starting a business from home is a good way to test the entrepreneurial waters while saving lots of money on overhead such as rent, utilities, insurance and more.

Home work is booming. More and more people are starting businesses every week from their homes. These range from small part-time micro-business ventures to franchises.

If you have a job, then you could start on a part-time basis and develop this business into a full-time homemade success.

Let me outline some of the basics of running a business from your kitchen table, garage, attic or spare bedroom.

Use these basic tips to help you start your own business.

Tips How To Start Business When Laid Off

  • Pick a business you really love

    In searching for the right business to start, make sure you choose something that you love to do and will continue doing it. You will be spending a lot of time making the business work, so you must enjoy what you do.

  • Base the business on your hobbies, talent and interests

    In researching the type of business you would love to start, make a series of lists of what you are interested in and see what you are good at.

  • Check out your local zoning rules

    To find out about local zoning laws, call your town office and county clerk’s office.

  • Best to register your company

    Go to your county clerk’s office and register your name. You will receive a Business Index number and can then use that Business Index number to open a business checking account.

  • Always have a professional image

    Most of your customers might never see your home office, so impress them with your professionalism and attention to detail by selecting a good looking stationery system consisting of high-grade letterhead and business cards. Get a separate phone line so no one else answers the phone. Get a fax machine, an answering machine or voice mail and you are in business!.

  • Have insurance for your business

    Examine your insurance policy to see if you need to beef up your liability insurance or add on any other type of coverage. Look into including business interruption insurance, business property insurance, disability insurance, non-owned auto insurance, product liability and much more.

  • Have reliable and good accountant

    Even though you might not plan to do your own taxes, it’s a good idea to get a grip on basic accounting principles and bookkeeping skills. And then hire an accountant.

  • Market your business

    Print up a flier, get involved in local clubs and other networking opportunities, send out a press kit to local newspapers, prepare a direct mail piece. Investigate advertising , become active in local civic groups and associations.

In a Nutshell
Start with something small, especially on a part-time basis. Then if you think you can fully swing the business, then by all means roll up your sleeves and just continue doing the business on a full-time basis.

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