qprev_HBB Manual 2.qxd - Small Business BC

career transition. Others – retirees, people withdisabilities and hobbyists – also discoveredemployment opportunities in their homes. But therise of e-commerce has created many newoccupations – such as Web page designers,software developers, service technicians, and onlineexperts. The ease and availability of mobiletelecommunications is also liberating many whowere once desk-bound to function anywhere andanytime. Indeed, home-based enterprises areoften better positioned than large corporations torespond quickly to changing markets in theinformation age.Yet, success is hardly guaranteed. Small businessfailure continues to occur at alarming rates.Around 50 per cent of start-ups don’t last beyondtwo years of business, and by the ten year markalmost 80 per cent have disappeared. Smallbusinesses suffer a failure rate 14 times as highas larger corporations. Since many home-basedbusinesses don’t incorporate or purchase licenses,their failure rate is harder to track, but homebasedbusiness associations estimate failure ratesof their members at least this high, perhaps evenhigher.The home has many drawbacks as a location forbusiness. Despite your best intentions, you’llinevitably have problems separating home lifefrom work life. The temptation to respond to e-mail or phone calls can extend your hours wellbeyond a sensible day’s work. Maintainingadequate space in your home for an expandingoperation can be a constant headache. Somehome entrepreneurs soon become workaholics,others suffer acute loneliness and isolation.Overcoming these hurdles isn’t as easy as youmight think.The purpose of this manual is to guide the effortsof ordinary British Columbians like you who areeager to start a home-based business that willprosper and grow.Running a successful home-based businessdoesn’t require magical formulas – just a viableidea, common sense, appropriate planningand the dedication to carry out the plan.This manual is organized into six sections. Eachfocuses upon helping you answer centralquestions about the viability of your futurebusiness. The contents explain how to find solidanswers and make good decisions.The manual is designed to be a comprehensiveresource to assist the launching of any typeof home-based enterprise. You may not need toapply all of the information supplied here,but you will need to consider its implications.For example, you probably don’t need toincorporate your business at the beginning, butshould be aware of the steps needed if you decideon this route later.Other self-help publications are available in theseries called Solutions for Small Business:• Business Planning and FinancialForecasting• BC Business Resource Guide: Guidelines andRequirements for Business• Exploring Business Opportunities:A Guide for EntrepreneursThese guides can be downloaded from theInternet at www.smallbusinessbc.ca by clickingon Small Business Guides, Solutions for SmallBusiness series.2solutions for small business home-based business