Do homework before working from home p1 - Military Transition - Military Times EDGE

Interested in starting a home-based business as a second career once you leave uniform? Before you jump in headfirst, make sure you’ve done your homework — not just about what kind of business you want, but also about how you want to do business.

Properly educating yourself on how to be an entrepreneur is as crucial to the success of your business as choosing the right product or service you are going to offer.

“Most people are very knowledgeable about their area of interest. They know that job very well,” said Beverley Williams, co-author of “The 30-Second Commute: The Ultimate Guide to Starting and Operating a Home-Based Business” and the Small Business Administration’s 2002 Home Business Advocate of the Year.

“What they don't understand and don’t often enough ask themselves is, “Do I have the skills needed to run a small business?’ ” Williams said. To figure that out, ask yourself practical questions, Williams said, including: Do I know how to keep the finances? Do I know how to read a profit-and-loss sheet? Do I know what the real purpose of this business is — not just to make money, but what it does for my clients?

From there, map out a plan for educating yourself about running a business.

Government assistance

Williams suggests visiting your local Small Business Development Center to learn more about running a small or home-based business.

The Small Business Administration’s Small Business Development Center program provides management assistance to current and prospective small business owners. There is at least one main SBDC in every state — as well as in the District of Columbia, Guam, Puerto Rico, Samoa and the U.S. Virgin Islands — with a network of more than 1,100 service locations.

SBDCs offer one-stop assistance to individuals and small businesses by providing a variety of information and guidance in central and easily accessible branch locations.

According to the SBA’s Web site, www.sba.gov, SBDC assistance is available to those who want to start a small business for the first time, or who want to improve or expand an existing small business but cannot afford the services of a private consultant.

Besides the small business development program, the SBA offers services such as training and educational programs, publications, financial programs and contract assistance. The agency also offers specialized programs for veterans, female business owners and minorities, as well as in international trade and rural development.

Continuing education

Both Williams and Jim Blasingame — a leading small-business expert and the creator and host of “The Small Business Advocate” radio/Internet talk show — also encourage those interested in starting their own business to contact their local community college for continuing education classes on running small businesses.

Do you need to invest the time and money into obtaining a business degree before you embark on your journey? Blasingame doesn’t think so.

“I would look more toward continuing education,” he said. “If you want to go back to college, that is fine, but why buy an atlas when all you need is a map to where you are going?”

Other resources

Blasingame’s Web site, www.smallbusinessadvocate.com, has a section on recommended books, resources and products.

If books aren’t your thing, you need look no further than the Internet to educate yourself about becoming an entrepreneur. Williams, Blasingame and Edwards are just three experts in the field of small business who offer indispensable free advice on their Web sites.

Of course, when looking for information and advice about how to run your own business, it also doesn’t hurt to talk to those who already have done it themselves. Williams said local chambers of commerce can be wonderful resources, not only for start-up information about businesses, but also for mentorship opportunities. Some chambers have specific mentoring programs set up among their members.

Former Army sniper Logan Coffey, who turned a home-based enterprise he started while still in the military into a lucrative custom sewing and design business called Tactical Tailor, cannot say enough about the benefits of educating yourself before embarking on a business venture.

“Actually, I believe that some of the books that I read were of the largest help,” he said. “Some of the books I read early on, I still go back to and read for inspiration.”