By Phil Holland, Founder, MyOwnBusiness.org

Starting out as a home based business offers some special benefits to entrepreneurs. Operating from a spare bedroom or a garage, a business can be run with a minimum of investment and exited with a minimum of obligations and risks. The Internet and computer technologies now offer home based entrepreneurs the same tools for communications, accounting and marketing as are employed by multi-national competitors.

There are two approaches to starting a home based business: as a moonlighter or as a full-time entrepreneur. Fortunately, many home based businesses can be operated on a moonlight basis. Starting a moonlight business (without quitting your job) has the powerful advantage of not burning your bridges of income and benefits provided by your job. Once you have established a foothold and your business is flourishing, you can quit your job and expand from the already proven home-based start. If your business doesn't work out, your job provides a fall-back to income and benefits. But moonlighting imposes some conflict of interest rules:

• Do not compete with your employer.
• Do not use time on the job nor job facilities for your own business.
• The moonlight business must lend itself to being compartmentalized well away from the job.

You can gain a powerful competitive advantage in a home based business by taking an "all-in-the-family" approach...

To view the full article please click here.

We are proud that MOBI was chosen as MSNBC's "Business Website of The Week" and featured as a resource in the BARRON'S article titled "Raising a Precocious Young Business."

MSNBC.com - May 20, 2007:
www.myownbusiness.org is part of a non-profit organization dedicated to educating entrepreneurs. The site offers a free 14-session course that covers a wide range of topics, like writing a business plan and building an effective website. For a fee, you can have access to templates, an online resource guide and the ability to consult with faculty members on any specific issues you might have.

BARRON'S - May 7, 2007: Raising a Precocious Young Business
My Own Business (www.myownbusiness.org) is another good site for entrepreneur hand-holding. It's hosted by a non-profit organization started by a businessman after the Los Angeles riots in 1992. The site collaborates with, among others, schools, the SBA, the World Bank, SCORE ("Counselors to America's Small Business") and the State Department.

The site is home to a free 14-session course that culminates in a completed business plan. For $34.50 you get the course and a textbook. For $79.50, you get the course, along with some templates and materials, as well as a certification that you've completed your studies. For $98.50 you get all of the above plus the textbook.

1. Not picking the right business to begin with.
2. Inadequate prior experience in the business.
3. Quitting job security too soon, before adequate plans are laid
4. Not having a progressively updated written business plan.
5. Inadequate cash flow management (running out of money.)
6. Opening a business in the wrong location.
7. Inadequate protection in business documents including leases.
8. Failed partnerships.
9. Lack of selling and marketing know-how.
10. Expanding too rapidly before adequate testing.

In this issue, business consultant and MOBI Trustee Gwyn Myers provides some refreshing and insightful advice on how best to reach people.

We welcome your questions to be answered in this Newsletter feature! Here is our Q and A for this edition:

Question:
 
I am so close to completing the course only throughout it I have constantly revised my business plan for it to be more professional and not slopped together and it seems that I have to start the course all over again. How do I know, once my business plan is perfected for certain people to review, so they don't think I'm pulling their leg?
 
Answer:
 
You raise a good question regarding the conundrum of getting to a "final" business plan. To begin with, you have already accomplished the greatest challenge: completing a rough draft. Now you should take the approach that the business plan will always be a moving target. It will be your ongoing and moving roadmap to be constantly refined and expanded as conditions change and your knowledge expands. The best way of avoiding the risk of people not taking it seriously is to be very conservative and honest in your assessments. Make special efforts to point out the risks and potential problems. Make a complete disclosure regarding competition. When people see you are not all "happy talk" they will more inclined to help you with valuable advice.