Setting up a home-based business doesn’t have to be stressful or challenging. Here are 7 activities you should do immediately to get your business off-the-ground.

1. Set up your business as a legal entity. Speak with an attorney to set up the appropriate legal entity, such as a sole proprietorship, partnership, limited liability company or corporation.

2. Create your business plan. Having a sound business plan will help you focus on the most important, income-generating tasks for your business.
3. Decide how your business will run. Create a strategic approach for how you will manage the day-to-day aspects of running your business, such as your hours of operation, how you will accept payments, and what tools you might need (computers, printers, phone line, internet connection, etc).
4. Create a marketing plan. How will you attract clients in the most cost-effective way possible? Most businesses need business cards, stationary, a website and a brochure. Can you create these yourself or will you hire a designer? How will you advertise your business – newspaper ads, pay-per-click advertising, networking, mailings, speaking engagements, etc?
5. Create your budget. How much money can you invest in your business? Do you have other sources for funding such as a bank loan or friends/relatives who might invest?
6. Decide where you will work. Will you work from home or rent office space? If you choose to work from home, where will you meet clients? How will you organize your work space so you can be productive?
7. Determine what type of equipment is necessary. If you are freelancing, coaching, or consulting, you probably need a computer, desk, phone, filing cabinets and other office supplies. What computer software will you need?

If you are considering a major purchase, ask yourself if this is the best use of your time and money. Your primary activity when starting a business should be attracting clients and getting paid work. Focus on getting the fundamentals in place for your business. Then, worry about upgrading your marketing materials, computer equipment, and office decor when you have more income to work with.

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