You can improve your odds of home-based entrepreneurial success by taking the time to consider a few key points about your proposed enterprise. What’s more ideal than owning your own business? The answer is owning a company that you run from the comfort of your home.
A growing number of entrepreneurs are starting home-based online businesses. However, it’s essential to take the right steps to lay the foundation for success.
The fun part: Choosing a name
Business is about conducting transactions with people. You should think about that when choosing your name. Effective and professional communication can make or break your business, so you want to choose a name that projects the right image.
Your business name is one of the most important parts of shaping the image of your brand. Of course, your tastes will influence the business name that you choose, but you should also think about how you want customers to view your enterprise.
You must choose a name that’s creative and unique. You want a business name that makes sense for your service or good. Also, you don’t want to choose a name that customers may confuse with another business. Nor do you want one that may compel an existing proprietor to sue you.
However, it’s essential not to overthink your choice. In the beginning, you don’t need to pick the perfect business name. You can change it at any time between now and when you launch your business. You do, however, need to solidify your decision by the time you’re ready to start registering your business. Before you open your doors, you need to register with the appropriate municipal and government agencies.
Military veterans are almost twice as likely to become entrepreneurs as non-veterans are. As one of top organizations in the U.S. for producing business owners, the military has a strong track record of teaching valuable lessons that are crucial to owning and operating a successful business and helping veterans succeed after service.
In fact, there are many programs and financial resources specifically for veterans looking to start a business. Some quick online research will turn up a handful of small business loans and grants, as well as excellent entrepreneurship programs and experiential training opportunities for veterans to explore. In addition to these resources, I believe veterans should learn from each other’s firsthand experience in business. Sharing experiences and lessons learned is a great way to help a fellow veteran start their own business journey.
As a veteran myself, I can attest that many of us apply lessons from our military service to business. Vetrepreneurs, as veteran entrepreneurs are often called, do things a little bit differently. Veterans have an inherent entrepreneurial spirit. They’re generally quick learners – and hungry to continue learning, which is increasingly important as the shelf life of a skill dips below five years. Perhaps more obviously, veterans tend to be fundamentally loyal, honest and accountable. These characteristics are also the qualities necessary to become a great entrepreneur.
Based on my experience, I believe you learn four key lessons during military service that can help mold an entrepreneurial spirit, and I hope to help veterans start their own business ventures by sharing these insights.
1. Lead from the front.
“Lead from the front” is a military mantra that is easily misapplied throughout business. Leading from the front in business requires many of the same strategies as in the military, such as target acquisition (goal setting), innovation and
There’s an assumption in the startup world that founders have to move to San Francisco, New York City, or another major hub in order to be successful. So you might be surprised to hear exactly how much of an impact a startup in the middle of Ireland can have – especially with the support of a corporate partner – and why staying put is so vital.
The benefits of staying close to home
Pest Pulse is headquartered in Dublin and is an alumnus of Start Co., an accelerator based in Memphis, Tennessee. Start Co. had already formed a strong relationship with ServiceMaster, the Fortune 1000 parent company of businesses like Terminix, by the time Pest Pulse was in the program. This existing relationship enabled Start Co. to introduce the well-established corporate, ServiceMaster, to the rising startup, Pest Pulse. ServiceMaster loved what Pest Pulse was up to so much that they decided to work together on a pilot. In doing so, the relationship proved to be successful in that it allowed Pest Pulse to build its product and increase its revenue without having to move out of Dublin.
Staying at home doesn’t just benefit the startup, though. Whether they’re in small Midwestern cities or on the coast of Ireland, startups can be especially important for their local economy because they give employees the means to save money and earn a living, equipping them to build wealth for not only their families, but also their communities.
Many startup owners are hard at work trying to find an affordable workspace for themselves and their employees, but that’s easier said than done these days. Partly because the real estate market is so crowded in major metropolitan areas, more and more startup owners have been resorting to coworking arrangements or sharing an office space with workers from another company who help split the bill.
More often than not, coworking makes sense for startups, but only if those in charge are familiar with the arrangement and know how to make the best of it. When does coworking make sense for your startup? Here’s what you need to know about making the move into a shared working space.
Working from home isn’t always the answer
Many startups begin in the home, which is only natural given that most have relatively little cash to spare on expensive offices. Just because you’re crunched for cash doesn’t mean you have to put up with squalid working conditions, however. When working from home isn’t the answer, a coworking arrangement may be an alternative way to establish your business without breaking the bank. There are also many benefits to a coworking space that you can take advantage of outside of shared rent; shared internet services, electricity, and 24-hour access, for instance, can go a long way towards supercharging your startup’s initial foraying into the market.
The average costs associated with coworking arrangements are routinely lower than those associated with traditional business offices. This should come as little surprise, as sharing your space necessarily means that it’s not as valuable as it once was before. Don’t fret about your startup going stagnant because of an inability to work in shared conditions, however; many of those who rely on coworking arrangements were initially opposed to the setup but
Do your homework to find out what your options are
Gather as much data as you can
Work with the SBA on a settlement
Running a business can be tough – it doesn’t always work out the way we planned. This can leave us worrying about paying back those pesky business loans. This guide is crafted to help anyone who:
I’m Jason Milleisen, the founder of Distressed Loan Advisors. As an SBA default expert, I use my wealth of professional experience to negotiate settlements. This is thanks to my stint as a workout officer for the largest SBA in the U.S., followed by the past 10 years of working directly with borrowers as a consultant, I’ve learned a lot I can share.
If you’re looking to cross a bridge (or perhaps a gauntlet would be more appropriate), you have to start somewhere. This means taking that crucial first step of admitting to yourself that failure (and the resulting default) is a real possibility. Where do you get started when you’ve defaulted on your SBA loan? How do you get from zero to one?
Take a look in the mirror
While it may be emotional to have your SBA loan hanging over you, consider your options wisely. Before the SBA will even sniff at a settlement, they need to know you’ve already done everything in your power to pay off your loan in full.
Your loan is likely secured by your business assets. If the collective value of these business assets will cover the loan, you’ll need to sell them to repay the full amount. If you’re lucky, you might not have to sell everything, and your business can still continue to operate on bare-bones resources. The reality, however, is that in most situations, the business folds.