qprev_HBB Manual 2.qxd - Small Business BC

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Are You Ready to Be Home-Based?Use these questions to assess whether startinga home-based business is realistic for you at thistime:LegalitiesIs your business legal according to the zoningbylaws in your municipality? What legalrestrictions may limit you from operatingfrom your home?BalanceCan you be disciplined about maintaining abalance between home life and work, betweenyour business and your personal life, betweenyour own growth and that of your business?Asking yourself these questions – and answeringthem truthfully – isn’t easy, but it helps ensurefrom the beginning that your situation willsupport your success.Physical spaceDo you have enough space? Will you haveto remodel your home? What effects will achanged use of space have on your family?Family supportWill other family members actively help andsupport you, or leave you alone? Do you knowwhat your family truly thinks about your idea?NeighboursHow will your neighbours react? Will yourhome-based business affect them? Could theircomplaints to city hall close you down?Work styleAre you a self-starter, motivated and disciplinedabout working on your own? What social orprofessional development activities could takethe place of the interaction you’ll miss from anoutside place of work?10solutions for small business home-based business
2What Will You Sell?Davey Mountainview Guest Ranchby Olga HymersSpring mornings are full of activity at the guestranch that owners Jennifer and Ron Daveyoperate near Quesnel. There are horses andcattle to tend to, breakfast to prepare and roomsto make up. The Daveys tackle the work, taking amoment here and there to chat with a guest orexplain what they are doing. Guests are welcometo pitch in or just relax and enjoy their vacation.“For us it’s an opportunity,” says Jennifer. “Wesee it as a chance to retire into a lifestyle we bothenjoy. And we have the prospect of passing it onto our sons.”The choice of running a quest ranch was a wellthought-out one. Background research andinvestigation took several years. The couplelooked into providing a bed and breakfastservice, but discarded the idea when theyrealized provincial laws allow only a maximumof four rooms. They wanted more potential forgrowth. With 320 acres of cattle country theycertainly aren’t cramped.There was also the potential to offer trail ridingthrough the 1,400 acres of crown land thatsurround their ranch. Their home was largeenough, and the idea of providing guests witha full-service adventure holiday started tocrystallize. With a capacity of 80 people, a guestranch suited their philosophy of starting small,yet still allowed room to add cabins, trail ridesand adventure horseback trips as their resourcesand experience grew.“We’re pacing ourselves,”says Jennifer. “We’reokay with that because all the things we’re doingare brand-new experiences for us – and we’re inthis for enjoyment too. Our business plan is agood guide, and we try to follow it, but I’mamazed at how much the direction of ourbusiness is driven by suggestions from ourguests.”The days are full and the Daveys spend themdoing what they enjoy – sharing their love ofrural British Columbia with their guests.Assessing Your SituationThe backbone of your home-based business willbe the products or services that you offer for sale.But where do winning ideas for these comefrom? How can you tell if you have one? And doyou need to prepare a business plan before youstart? This section provides some answers andshows how to turn an idea into a businessopportunity.Explore Possible IdeasDo you Have a Solid Idea for the<strong>Business</strong>?Many people hanker after going into business forthemselves but lack an idea. If this is true foryou, the good news is there are several ways tofind an idea for a home-based business. One maybe closer to home than you realize!solutions for small business home-based business 11
Page 2: This document has been developed fo
Page 7: List of AppendicesAppendix AList of
Page 11 and 12: There’s truly no place like home
Page 13 and 14: People have all sorts of good reaso
Page 15 and 16: Make an Inventory of ResourcesAvail
Page 17: Find Out if You are Permittedto Ope
Page 21 and 22: Some work-at-home schemes are legit
Page 23 and 24: • Cleaner to use• Quieter to ru
Page 25 and 26: Exploring the merits of several ide
Page 27 and 28: Buy a Business - Advantages• You
Page 29 and 30: Get Off to a Good StartA “researc
Page 31 and 32: Licenses and PermitsOperating any b
Page 33 and 34: Sole ProprietorshipThis structure i
Page 35 and 36: Once your business starts to succes
Page 37 and 38: The four-part framework for a busin
Page 39 and 40: • Industry future (the view from
Page 41 and 42: 3How Will You ReachBuyers?Fabulous
Page 43 and 44: This framework stresses that a succ
Page 45 and 46: uy for them, such as parents for ba
Page 47 and 48: • What might make you more likely
Page 49 and 50: Select Methods of Direct SalesPerso
Page 51 and 52: esearch will help you identify even
Page 53 and 54: Determine Price StructurePrice is a
Page 55 and 56: (Variable cost per unit x Volume)+
Page 57 and 58: with a week to ten days between eac
Page 59 and 60: service information. Such newslette
Page 61 and 62: Guarantees spell out what you promi
Page 63 and 64: Organize Physical SpaceWhy is Locat
Page 65 and 66: What About Premises and Facilities?
Page 67 and 68: Basic office equipment list• stap
Page 69 and 70:
People with experience in small bus
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• Travel• Filing Systems• Equ
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help. Two methods of keeping record
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payment (usually a minimum of three
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5Will You Make Money?Custom Busines
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elatives and friends, who as a grou
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interest rates or rental charges fo
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Feel and Look ConfidentA lender loo
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• Estimates of market share of yo
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home-based business. This loss of p
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costs of all such benefits appear i
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flow. If the flow goes the other wa
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NET WORTH: The balancing mechanismb
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Personal StylePersonal style is the
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Keys to managing these relationship
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You may, however, choose to registe
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Recruit VolunteersDrawing on the vo
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• Strategic alliancesAnother name
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Future-gazing can never be accurate
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Where to find help with exportingWI
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production machinery and transporta
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Plan for changeAn “ideal solution
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7ConclusionFirst StepsThe previous
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• Do accountants and bookkeepers
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Western Economic Diversification:Sm
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Marketing: All the things involved
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• Canadian Internet Business Dire
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Communication CanadaCanadian Govern
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Glass blowing and design, retail an
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14. I find unexpected situations st
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Stability• Is my home-life financ
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Appendix HFiling System CategoriesU
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Appendix IPrimary Market Research T
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ProsConsMentor (experiencedbusiness
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Appendix KSample Cash FLow Statemen
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Appendix MRegistering a Company Nam
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solutions for smallbusinessThis pub
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