qprev_HBB Manual 2.qxd - Small Business BC

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Search through SourcesYou’ll find a variety of lists available that nametypes of business opportunities you couldconsider for a home-based business: Here aresome examples:Canada/BC Business Service Centrewww.smallbusinessbc.ca/workshop/workshop.htmlProvides an on-line small business workshopwith details of forty business concepts inSession OneCanada WorkInfoNetwww.workinfonet.caProvides career and labour market informationincluding entrepreneurial adviceKauffman Centre EntreWorldwww.EntreWorld.orgProvides articles, information and links to othersitesAlso check out the business section in your locallibrary or bookstore. Several publishers, such asSelf-Counsel Press in Canada or McGraw-Hill inthe USA, provide series of business start-upguides, tailored to starting a specific business.Usually, these include sample business plans andcomplete instructions on how to set-up thebusiness from scratch.Appendix D also provides a list of some commontypes of home-based businesses.Emphasis on qualityLarry Easto, author of How to Succeed in YourHome Business, says:For the most part, the home businessenvironment is free of the factors that makequality service so difficult for largeorganizations.I became acutely aware of this after I left themajor professional services firm for which I hadbeen working. While with the firm, the decisionwhether I should accept specific consultingassignments was guided by considerations suchas: How important is this client to the firm (ormore likely my supervisor and his career plan)?How much revenue is this client likely tocontribute this month? This year? and Whatother business could this client refer to our firm?Operating my business from my home office, theconsiderations became: What does this clientneed, want and expect from me? Do I have theresources to profitably meet these needs andwants? And What is the client willing to pay forthis service?Because corporate agendas and supervisor’scareer plans no longer exist for home businessowners, they cease to be obstacles to qualityclient services.Explore Several IdeasProspective entrepreneurs often make the mistakeof narrowing their choices too quickly, startingthe first business that comes to mind.If you think you already have a good idea fora business, don’t rush. Slow down a moment toevaluate the strengths of your idea. Compare itagainst other ideas.16solutions for small business home-based business
Exploring the merits of several ideas helpsyou to:• Avoid blinders – Entrepreneurs can be soanxious to get started, they miss obvious flawsin their ideas.• Have a back-up – If your first idea fails early,have another waiting to take its place.• Make improvements – Look for ways toimprove even good ideas by enhancements ormodifications.Expand your choices and come up with ideas forbusinesses that you would actually enjoy running.Discover business opportunities that would beprofitable and personally rewarding. The trick isto match the business to your preferences, ratherthan vice versa.Evaluate Your BusinessOpportunityHaving an idea for a business isn’t enough toensure success. It’s simply the first step. Nomatter how good your business ideas are, theyneed to be feasible and realistic.A business opportunity becomes feasible for youwhen your idea has a chance to succeed as abusiness. This means you’ll need to examineyour idea carefully to see how a profitablebusiness can be created out of it. You’ll needto examine:• how best to organize your business• who the best target market of customerswill be• where to locate supplies• how much capital investment is neededLet’s see how you can assess the chances ofsuccess for your business idea. The processbegins with research. Don’t get frightened by thatword. Doing business research simply involvescollecting information about either your idea oryour type of business. The information is used tohelp you see what your chances of success arelikely to be and what adjustments to your ideasmight be needed.Make the Task InterestingA hunt for information can be fun. It doesn’tneed to be tedious and boring if you involveothers to help you. Ask family members if theycan help out with some of the tasks:• Set aside time to search the Internet with afamily member.• Ask friends to come with you to libraries orgovernment offices when you go to collectinformation.• Join a local home-based business associationand get help from other members who havedone business research before. They can showyou the ropes, offer tips on where to go andwho to contact in your area. They may evenhave some of the information you are lookingfor.If you really hate collecting information andwading through catalogues, you can always hirea researcher to do the work for you. Indeed, localcollege and university students taking businesscourses may even be willing to do some of thework as a school project.Allow for Enough TimeBe warned: lots of time is needed. Researching abusiness idea will take at least several weeks fulltimework, probably close to six months parttime.Depending on the type of business you areinvestigating and how much you already know, itcould take even longer. This delayed return maysolutions for small business home-based business 17
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 and 18: Find Out if You are Permittedto Ope
Page 19 and 20: 2What Will You Sell?Davey Mountainv
Page 21 and 22: Some work-at-home schemes are legit
Page 23: • Cleaner to use• Quieter to ru
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
Page 71 and 72: • Travel• Filing Systems• Equ
Page 73 and 74: help. Two methods of keeping record
Page 75 and 76:
payment (usually a minimum of three
Page 77 and 78:
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
Page 83 and 84:
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
Page 97 and 98:
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
Page 105 and 106:
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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