You Can Invent Or Reinvent Your Home Business If You Have One When You Grow Up
Part 1. An anomalous tale of blossoming
Business person Developing business ventures
I lost some of that loyalty that kept me just plugging along and I just had to branch out. I worked for 20 years with major automotive supplier , but wanted something dissimilar and satisfying. I had a good job, a modest salary, and was working in my chosen area of IT. Hence I did think and found out many related things. Here are some bullet points outlining my thought processes during the earliest of days.
Each point is important and worth in its own way!
1. What really motivates me? What would I not only enjoy, but also gain personal satisfaction doing that would pay me adequately? I had in mind to involve in some small industry. My target initially were Mom and Pops with 3-4 other workers .
2. In which ways I can be useful for these businesses ? As so many businesses didn't have website at that time , so I decided to start web development only.
3. How was I going to structure my new company? I also decided that inorder to form corporation I had to keep my personal and business finances separate More precisely can be said as "S-corp". It may not be the best model but still research is needed to grow further.
4. I also knew that to start with I would need to do the bulk of the accounting work. Rather bothering about my financial software, I hired analyst to help me initially. My 2 years college experience was enough to help me start accounting well . It is known as wise spending.
5. Later I even hired attorney. The lady drafted some documents for me and coorected some minor details for me , here money was spend, hence I had to develop skills here. I hired best what I could afford, keeping in mind that she didn't require any much fee.
6. What could I charge? My rate would need to be affordable to these small businesses. Though I also wanted to make money of my time. I came up with client necessities and decided the cost about $15 per hour, this made me realise that I should deliver product well without undercharging.
7. Branding. With branding in mind, I came up with logo design, inexpensive business cards and some tri-fold handouts too. I even added my brand on my portfolio too.
8. Will I need other office too? The work could be carried out easily from my home office too, hence - there was no point to to load my new company with office and equipment leases.
9. Should I quit my job and just run with it? In my case I was able to say firmly NO. I managed working with my job in beginning and also prevented me from failing badly!
But that is a tale for next time in Part 2 of our series.
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