Figure out if you need additional insurance. Visit with your local insurance agent to determine if you are in need of any special insurance for your home based business. When you start a home based business, you immediately start exposing yourself, your family and your home to variety of risks and you want to make sure you are covered before it is too late.
Almost all home businesses should register as a legal business entity, such as a limited liability company (LLC). This would protect a business owner’s personal financial assets if a lawsuit ever occurs against the business. Incfile is an online legal service that assists business owners with registering their company as a legal entity with the state.
But be wary. Food service—even a delivery service, which is the most likely scenario for home bakers, as opposed to setting up a storefront—comes with built-in risks. Prepare yourself, and read up on your local insurance requirements. And don’t be afraid to start out by making just one or two really great treats. Consistency is more important than variety in the baking business.
Do you love woodworking? Even without a huge workshop, you can create some of the more popular crafts and sell them. And like most things, your success in business isn’t necessarily related to how skilled you are as a woodworker. So if you can figure out which products consumers want and just create those, you could have a good business plan. Etsy.com and farmers’ markets are a great place to start selling.
Many popular businesses, such as Microsoft and Apple, started their journey in a garage. If you have similar aspirations, start the process by learning how to start a small business at home. The process is similar to opening a brick-and-mortar business—sometimes with lower startup costs. Some of the steps are different, such as the need to obtain an at-home business license and learning online marketing.