The Complete Idiot's Guide to Starting a Home-Based Business (3rd ed) by Barbara Weltman. New York: Alpha Books; 2007. 364 pages, paperback $18.95.
Now in its third edition, The Complete Idiot's Guide to Starting a Home-Based Business is updated to include valuable information for anyone considering venturing into the world of home-based businesses. Home-based business is the fastest growing segment of the business community today. In North America alone, it accounts for $424 billion a year representing 52% of all small businesses and 10% of the overall economy. Barbara Weltman, an attorney who has worked from home for more than 25 years, has seen the home-based business phenomenon grow and evolve into what it is today. Title aside, the book is chock-full of pertinent information and well worth the time for anyone brave enough to embark on the journey of starting their own home-based business.
The book follows the natural progression of 5 parts: (1) There is no place like home-to start a business; (2) finding your perfect (business) match; (3) show me the money; (4) let's get physical-setting up your office; and (5) running your home-based business. Each section identifies, in detail, information necessary to make wise business decisions and establish a solid foundation for starting and growing a successful home-based business. Key elements in each chapter include definitions of terms and expressions that may be new or confusing, facts and figures for running a home-based business, homegrown tips including phone numbers, Web sites, including or excluding tips that can help, and home hazards (things to avoid).
Weltman thoroughly identifies key components of starting and running a home-based business. There is practical information on determining what type of business you want to start (the list is endless), legal structures such as sole proprietor, limited liability corporation, S corporation, etc, developing a business plan, and setting up a budget. Consideration is also given to where and how you want to set up your home-based office and she offers suggestions on everything from office and computer equipment to convincing your friends and family that you actually are working. Critical points of interest such as how long it typically takes to begin earning enough to live on, what you would be saving by working from home, and new expenses to take into account are also addressed. She identifies factors in running a home-based business that may not be top-of-mind such as dealing with the potential isolation of working alone, how and where to market your business, accounting and collection strategies, and last but certainly not least, taxes.
Weltman's sometimes tongue-in-cheek sidebars scattered throughout make the book enjoyable as well as informative. And be sure to peruse the Appendices in addition to the main text for pertinent information such as a lengthy glossary, local economic development offices, and 100 of the most popular home-based businesses including Web sites for each category.
In all, Weltman does a commendable job in outlining and in some cases, demystifying, how to successfully become your own boss. As she so carefully identifies, there is more to running a successful home-based business than just having a vision; you also must have a well thought out plan of action. Utilizing the ideas and resources identified in the book is the first step to realizing your true career aspiration-setting up and managing a successful home-based business.
-Melinda L. Runkle, BSBA
Home-Based Business Owner and Lead Project Manager, Addison Paige Marketing Group, Loganville, Georgia