Starting a Home Business out of Your Apartment

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Starting a Home Business out of Your Apartment

Staff Writer · May 28, 2010

Starting a home business out of your apartment doesn’t require much money. There are many online business ideas that you can start with only the costs of web hosting and a domain name, which can be as low as $105 for the year, or $8.75 per month. Other business ideas that require materials, supplies or inventory will cost more, but you can limit what you buy each month according to what you can afford. Join many entrepreneurs who earn an income from their apartments every day. Here’s how you do it:

Choose the Right Business for You

When starting a home business out of your apartment, it’s important to choose one that you’re willing and able to invest your time, emotions and money into. If you’re pursuing it full-time, you can expect to work 12 hours or more each day to get your business off the ground. Avoid any get-rich-quick schemes that promise you a few work hours per day. Entrepreneurship is hard work, but it pays in the end with the freedom and money-making potential it provides. Ask yourself these questions when deciding what business to start:

  1. What is my work history?
  2. What work do I like the best?
  3. Is there a small business or two in my family (immediate, or extended)? Can I build upon that?
  4. What business or work excites me?
  5. What kinds of people do I like to work with?
  6. Will my landlord or co-tenants get upset with me for running this business out of my apartment?
  7. What are my skills? How can I use those to make a living?

As you answer these questions, keep a running list of business ideas that come to mind. After you generate a list, put a star next to the businesses that you can start today without additional training. Then, do your research on those businesses.

Draft a Plan

Don’t dig yourself in a financial pit by taking on debt to run a business. Starting a home business out of your apartment doesn’t require the use of credit cards or bank loans. The key is to start small, and reinvest in your business so that it can grow. You’ll need a plan to avoid debt and manage your business finances. You don’t need a full-fledged business plan, but you should write or type the following:

  1. A business budget
  2. Daily, weekly and monthly business goals
  3. Start up costs
  4. How you plan to market your business
  5. List of vendors and supplies to work with
  6. Team members (such as independent contractors and business partners)

Your plan is a work in progress. It can change weekly, monthly or yearly. You’ll learn new things as you get started and make improvements or changes where necessary. However, it’s important to start with one so that you have some direction in the beginning.

Protect Yourself

The level of protection you need for your business depends on the business activities you engage in. Some ways that you can protect your personal assets when starting a home business are:

  1. Business insurance
  2. Business license
  3. Copyrights and trademarks
  4. Contracts
  5. Incorporation (such as a limited liability company)
  6. Malpractice insurance

Research your business idea to find out the industry norms and requirements for protecting yourself in your business.

Find others who are interested in starting a home business for support and help. It’s encouraging to know that others are working towards the same goals.

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