Don’t Sell Yourself Short

By Amy M. Robinson




I recently spent a day meeting home-based business owners, hearing their personal stories about why they had chosen this route, the satisfaction they gain from their business and the impact it has on their families. Jill, for example, started selling jewelry as a hobby. When her husband lost his job she became the sole breadwinner. Now he helps her with the business. She had never considered her business anything more than part-time, but when her circumstances changed, her business provided a soft landing for what would otherwise have been a hard fall. 

Jill’s experience illustrates why owning a home-based business — no matter its size — is an asset that should not be underestimated. Even a small enterprise can be a lifesaver when unforeseen circumstances arise. But how can you make sure you’re prepared should you need to step it up a notch? 

Be sure you have a business plan.
Even if you consider your home-based business a hobby you should have a plan that details how you will operate. Something as simple as a plan scratched on the back of a j3rktail napkin is a place to start.

Know your bottom line.
You shouldn’t wait until tax day to calculate how your revenues stack up against your expenses. Having a working knowledge of the financial strength of your business will help you quickly assess the feasibility of any expansion plans should the need arise.

Always look toward the future.
In the 9-5 world, employees looking for a promotion are counseled to perform like they’re already in the job they’re seeking. It’s no different when you work for yourself: keep an eye on the next major milestone for your business and plan your future like you’re already there. That doesn’t mean you should run your business beyond its means, but it does mean you should always be thinking one step ahead in your planning.

Some of the world’s largest companies started in someone’s basement. Will yours be the next?