Chris Gattis left an excellent comment on Homepreneurs blog today: “…Most small business start-ups begin with bootstrapping techniques to offset a lack of cash. However, many hopeful entrepreneurs are sitting on the sideline waiting on the economy to get better before starting. Now is a great time to get started. The generally down economy will keep you focused on finding sales and keeping costs in check. Once the economy picks up, and it will in time, you’ll have an organization and systems in place ready to leverage for growth.”
In our opinion, Chris is right on target. The economy is still down, but starting to show signs of life. Planning for a small or home business should start now. As suggested, bootstrapping – to help oneself without the aid of others – is cost-effective and an educational way to learn all aspects of running a business.
Following the idea of bootstrapping, we’d like to suggest some resources and articles that can help you in this effort:
Financial
This is often the biggest issue when considering entrepreneurship. Here are some suggestions to consider:
Use personal savings to start. Ask family members if they can add a little here and there, look at CrowdFunding options, read these articles for startup funding options and creative funding ideas.
Benefits
Next to financial concerns, many younger entrepreneurs are concerned with medical benefits. This is a valid concern, given the lack of national heathcare in the United States and the high cost of buying medical plans for yourself and perhaps a family. If you currently have a job and are planning on quitting to start your own business, take the COBRA option from the employer. This will cover medical costs for up to 18 months though you will pay 102% of the personal plan cost. Paying for COBRA coverage will be far less expensive than an independent plan.
Consider a hybrid of working part-time and running your business on the side. Hompreneurs recently posted 2 lists of companies that provide benefits for part-time employees. For as little as 20-25 hours per week, one can get medical coverage and more while working on your dream.
You may also consider starting a business on the side while working your full time job. This allows you to maintain benefits and financial health while starting the business you’ve always wanted.
Business Ideas
Startup ideas are easy for some, very difficult for others. Homepreneurs lists dozens of home business ideas for you to consider or perhaps spark an idea of your own. Here are a few highlights:
8 Great Work-at-Home Business ideas
Starting a Business in a Rough Economy
Home Healthcare Business Options
Home Business Options with Good Income Potential
and for part time business:
Business Resources on the Internet
The Internet is a home business and small business owners best friend, confidant, and resource for information. The article about free or low cost Internet resources will help guide you and suggest technical and business assistance.
Marketing and Branding Your Product
Successfully launching a business requires considerable effort in marketing, branding, and getting exposure for your product or service. Here are suggestions for low cost marketing, and bootstrap branding.
Many resources are available to help the novice – or experienced – entrepreneur plan and launch a business for as little startup capital as possible. We suggest using this free one-page business plan to get started and put your ideas on paper.
We hope this list of resources gives you ideas for a business and provides some helpful tips. Best wishes for your success!
By Dion D Shaw
Dion D Shaw is the founder and owner of Homepreneurs
Homepreneurs. New Day. New Opportunities.
Disclaimer
Homepreneurs does not endorse nor have any relationships with any of the services listed. Homepreneurs receives no compensation or consideration for its suggestions. Homepreneurs strongly urges all interested parties to conduct research and accepts no responsibility for any losses incurred.
© Homepreneurs 2010 – 2012
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In 1991, Dion Shaw was diagnosed with multiple sclerosis (MS). Over the years, his health has declined, including ongoing vision problems associated with optic neuritis, and doctors now say a stem cell transplant is essential to his well-being and perhaps, survival.
