Part 2: Business Plan and Workspace In the previous episode, I talked about whether or not running a home-based business is for you as well as things to consider before deciding to start one. This episode I’m making the assumption that you’ve decided to go ahead with your plans and discuss the next steps in the process. Some startup advice. There is a cost involved with starting any business, even one run from your home. You may not be paying to lease office space, but you will still need to fork out money to get your design business started. Some of the costs may include a separate phone number to keep your business and personal communications separate, preferably a plan with voicemail and call display. You’ll need a computer and design software required to do your work. And then there are things such as a desk and chair, bookshelves, maybe a file cabinet. Don’t forget your internet. If web design is part of your services, or you'll need to upload and download large print files you may want to increase your internet plan for more bandwidth. Other costs include business cards, We may be living in a digital world, but you really should have business cards. And maybe you’ll want a printed flyer or brochure to help spread the word of your new endeavour. An Intro Packet might be a good idea as well. Plus, there’s the fee involved with business licenses and permits, the cost of accounting and legal fees, and memberships, clubs and communities to help you get started. It all adds up. Sure, starting a home-based design business is the least costly option to begin your entrepreneurial life, but there’s still a start-up cost involved. And that's not taking into account the cash buffer you should have to tide you over as you build up your clientele, start designing and wait to get paid. Suggestions to help with costs. You should set long-term goals to acquire some of the above-mentioned things which allow you to spread out the costs. Buy only what you absolutely need right now. Buy used or refurbished to save money, or purchase lesser models until you can afford top-of-the-line equipment. Make do with what you have and grow along with your business. For the first two years of my business I sat at a desk I picked out of the trash bin at the printer I used to work for. I had to replace one leg with a 2x4, but It got me by until I was able to barter a better desk by exchanging services. Even though you’re starting a home-based business, there will be costs involved in the beginning so do what you can to save money. Let’s talk about business plans. A business plan is a written document describing the aspects of your proposed business. Although not absolutely necessary to start a business, a business plan can help you when it comes to business decisions and keep you focused on the right path. A business plan is a worthwhile exercise because it helps you think through your ideas, focus on what needs to be done, and identify what information or assistance you still need. A business plan will improve your chances of success by setting out realistic goals and financial projections that you can measure your progress against. Plus, if you plan on securing a start-up loan or applying for any grants, you will need a business plan. There are various ways to write a business plan, and if you’re doing this just for yourself then whatever way you choose is fine. However, If you are applying for a loan or grant, I suggest you reach out to the organization and ask them what their preferred format is. It will save you time and trouble in the long run. There are plenty of online resources, some free and some paid, that can help you write a business plan. But here are the general elements that should be included. Background Information: Your business concept: Describe the services you plan on offering in your design business. Perform a SWOT analysis of your business. Operations: Describe your working environment. List the equipment and supplies you