Whether residing in Michigan or elsewhere, the idea of working from home is appealing to a lot of people. Who wouldn't want to cut out commute times and set their own working hours? If this was an opportunity given by employers, it is reasonable to believe that quite a few employees would jump on board. Starting a home-based company requires more than just the desire to be one's own boss. Having a solid product and taking time for proper business planning is also needed.
Starting a home-based business can seem challenging, stressful, frightening and exciting, all at the same time. Everyone knows that small businesses come and go. Taking the time for business planning is crucial. It can mean the difference between meeting goals and having a thriving company or limping along and, eventually, having to close doors.
A story of one small business owner was recently shared, and the keys to her success may prove helpful for others who want to enter the home-based business world. Better Back was started in 2014, and the company has already reached over $1 million in revenue. The company's owner believes that setting clear goals, taking time to perfect one's product and finding highly motivated employees and/or contractors all play a part in her business' success.
Better Back is still a young company, and mistakes may be made as the business continues to grow. However, successful business owners learn from any mistakes made, make changes and move forward. Business planning is not a one and done deal as these plans evolve over time, but having a solid plan to begin with is a great starting point. Potential and current business owners in Michigan can seek help to discuss company goals, to determine what legal protections will be necessary to meet those goals and to provide representation as needed to help the business grow.
Source: TIME, "How to Build Million-Dollar Small Business at Home", Elaine Pofeldt, May 28, 2015