qprev_HBB Manual 2.qxd - Small Business BC

7ConclusionFirst StepsThe previous chapters in this manual haveoutlined what’s involved in planning your homebasedbusiness start-up – what to sell, how toreach buyers, how to run your operation, how tocalculate your finances, and how to manage thebusiness.Now you are ready to launch the business. Thissection offers a review of the basic informationyou will need for taking your first steps intobusiness.Start-Up ChecklistUse the following checklist to review all of thesteps involved in starting a home-based business:Business Concept• What type of business will you start?• Is there a need and can you fill it?• Do you have a good understanding of how tomarket your business?• How will you create a positive professionalreputation?• Which business structure (sole proprietorship,partnership, corporation, business cooperative)have you chosen and why?• For partnerships, is your Partnership Agreementand Buy Sell Agreement part of your businessplan?The Marketing Strategy• What is your customer profile?• What is your business’s market or trading area?• Estimate total sales volumes for your business.• What will motivate prospective buyers to buy?• Compare competitors’ sales volumes.• What inventory will you stock or what amountof service will you provide (first, second andthird year projections)?• What benefits do your products or services offercompared to the competition?• What is your pricing policy?• What selling and promotion methods docompetitors use?• How will you distribute products or deliverservices?• What selling techniques have you chosen?• Have you explored e-commerce as a marketingstrategy?• What promotional methods will you use?Operations and Administration• What renovations or changes are needed to youroffice/shop space?• Will your work space be large enough, separate,quiet, well lit?• Is your work space organized: telephone, office,work area and equipment, and productionprocesses?• Is your business name registered?• Have you obtained professional advice: legaltax and accountingsolutions for small business home-based business 105