Hyannis, Cape Cod Businesses

Hyannis Area Chamber of Commerce - Starting a Business

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Home-Based Businesses
Going to work used to mean traveling from home to a plant, store or office. Today many people do some or all their work at home. 
Garages, basements and attics are being transformed into the corporate headquarters of the newest entrepreneurs home-based business owners.

Getting Started
Before diving headfirst into home-based business, you must know why you are doing it. to succeed, your business must be based on something greater than a desire to be your own boss. You must plan and make improvements and adjustments along the road. 
Ask yourself these questions - and remember, there are no best or right reasons for starting a home-based business. But it is important to understand what the venture involves.
Working under the same roof where your family lives may not prove to be as easy as it seems. It's important to work in a professional environment. One suggestion is to set up a separate office in your home to create this professional environment.

Ask yourself:

• Can I switch from home responsibilities to business work?
• Do I have the self-discipline to maintain schedules?
• Can I deal with isolation of working from home?
• Am I a self-starter?

Finding Your Niche
Choosing a home business must be approached carefully.

Ask yourself:

• Does my home have the space for a business?
• Can I identify and describe the business I want to establish?
• Can I identify my business product or service?
• Is there a demand for that product or service?
• Can I successfully run the business from home?

Legal Requirements
A home-based business is subject to many of the same laws and regulations affecting other businesses.
Some general areas include:

• Zoning regulations. If your business operates in violation of them, you could be fined or shut down
• Product restrictions. Certain products cannot be produced in the home. Most states outlaw home production of fireworks, drugs, poisons, explosives, sanitary or medical products and toys. Some states also prohibit home-based businesses from making food, drink or clothing.

Be sure to consult an attorney and your local, city and state departments of labor to find out which laws and regulations will affect your business. Additionally, check on registration and accounting requirements needed to open your home-based business. You may need a work certificate or license from the state. Your business name ay need to be registered with the state. A separate business telephone and bank account are good business practices. 
Also remember, if you have employees you are responsible for withholding income and social-security taxes, and for complying with minimum wage and employee health and safety laws.
If you're convinced that working from home is for you, it's time to create your business plan. The SBA and its resource partners, such as SCORE, SBDCs and WBCs can help make that process easier.

Writing a Business Plan
After you've thought about what type of business you want, the next step is to develop a business plan. Think of the business plan as a roadmap with milestones for the business. It begins as a pre-assessment tool to determine profitability and market share, then expands as an in-business assessment tool to determine success, obtain financing and determine repayment ability, among other factors. 
Creating a comprehensive business plan can be a long process, and you need good advice. The SBA and its resource partners, including Small Business Development Center, Veterans Business Outreach Centers, SCORE and Women's Business Centers, have the expertise to help you craft a winning business plan. 
In general, a good business plan contains:

Introduction:

• Give a detailed description of the business and its goals.
• Discuss ownership of the business and its legal structure
• List the skills and experience you bring to the business.
• Discuss the advantages you and your business have over competitors.

Marketing:

• Discuss the products and services your company will offer.
• Identify customer demand for your products and services.
• Identify your market, its size and locations.
• Explain how your products and services will be advertised and marketed.
• Explain your pricing strategy.

Financial Management:

• Develop an expected return on investment and monthly cash flow for the first year.
• Provide projected income statements, and balance sheets for a two-year period.
• Discuss your break-even point.
• Explain your personal balance sheet and method of compensation.
• Discuss who will maintain your accounting records and how they will be kept.
• Provide "what if" statements addressing alternative approaches to potential problems.

Operations:

• Explain how the business will be managed day-to-day.
• Discuss hiring and personnel procedures.
• Discuss insurance, lease or rent agreements, and issues pertinent to your business.
• Account for the equipment necessary to produce your goods or services.
• Account for production and delivery of products and services.

Concluding Statement
Summarize your business goals and objectives and express your commitment to the success of your business. Once you have completed your business plan, review it with a friend or business associate and professional business counselor like SCORE or SBDC representatives, SBA district office business development specialists or Veterans Business Development specialists. 
Remember, the business plan is a flexible document that should change as your business grows.