- Paperback: 196 pages
- Publisher: HCM Publishing (April 1, 2005)
- Language: English
- ISBN-10: 0967162483
- ISBN-13: 978-0967162485
- Product Dimensions: 9 x 0.4 x 6 inches
- Shipping Weight: 9.6 ounces (View shipping rates and policies)
- Average Customer Review: 5 customer reviews
- Amazon Best Sellers Rank: #4,460,610 in Books (See Top 100 in Books)
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Getting Rich In Your Underwear: How To Start And Run A Profitable Home-Based Business Paperback – April 1, 2005
The Amazon Book Review
Author interviews, book reviews, editors picks, and more. Read it now
About the Author
Peter Hupalo is the author of Thinking Like An Entrepreneur and How To Start And Run Your Own Corporation: S-Corporations For Small Business Owners. He operates the website ThinkingLike.com for entrepreneurs.
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Peter Hupalo has done all would-be entrepreneurs a favor by presenting a sober picture of the joys and tribulations of going-it-on-your-own. While I am not so sure about the underwear part, Hupalo offers a clear, well-written guide to starting your home-based business.
I have been home-based for more than 20 years. In my experience, you will need something covering your underwear if you plan to succeed. In my home state, Connecticut, the vast majority of business formations have failed within two years of their filing. To me success is a matter of prospecting, networking, execution and performance. That translates into face-to-face meeting. You will need some cloths.
Once you get beyond that idea, the book is great. The author covers critical topics such as:
* Business Models
* Personal Success Characteristics
* Naming your business
* Intellectual Property
* Limiting your Liability
* Business Expenses
* Financial Management
In my opinion, the best chapter provides state-by-state resources for starting your business. It provides a detailed guide to local and state business regulations, licensing, state taxation, and name registration. This chapter alone justifies the book's price and any time you spend reading it.
If you have the proper make-up, working for yourself is great. But, as Hupalo correctly points out, there is an opportunity cost. If you understand it and accept the risks associated with that cost, you are well on your way to starting your business. This book will help you clarify those issues.
Basically this guy knows what he is talking about, so I'm only going to comment on those areas where I think I have something to add.
Chapter 3 is on naming your business. He gives some good advice, but I think he has the chapter backwards. For me, the most important thing is to have a good web domain name. Joe's Plumbing doesn't need a domain name, but most companies now do. He lists three companies to check on domain names. Network Solutions was the original Government set up monopoly. At that time everyone had to use them. [...] for exactly the same thing, and their customer service is great. (I have no connection with GoDaddy except being a customer of theirs.)
Chapter 4 is on locating the business with regard to zoning. There are a lot of restrictions on operating a home business and he mentions most of them. They come down to don't cause a mess -- a lot of customers parked at your neighbors, a big flashing neon sign, big delivery trucks coming by. These things annoy neighbors. The kinds of things he talks about in Chapter 9 don't need these things, and zoning won't be a problems unless a neighbor complains.
Most people say to form a corporation, Mr. Hupalo doesn't. I strongly agree with him, forming a corporation is expensive and probably not worth while. There is some protection under the law if you do business as a corporation, but lawyers are very experienced in getting around this shield. If you do want a corporation, you lawyer will do it for you for a few hundred dollars. For this few hundred dollars he will have his secretary type up the standardized papers he used for the last hundred corporations he did. Or you can get these same papers out of several books and file them yourself for only the filing fee.
One last comment, chances are your business will fail, most do. But with the failure you'll learn something. Work for a while to get back on your feet and your second business will work better. If this doesn't work, repeat the process -- it's worth it.
Basically this fellow knows what he is writing about.
Truly, Ernie D wecreatelifestyles.com
The author has succeeded in capturing and holding my interest and I strongly suggest that you buy it if you're serious about changing your financial position.
If you're looking for another suggestion for getting started on the right track and by this I mean staying away from those crazy foolhardy schemes, then please read "Untapped Wealth Discovered" written by Jeff Marquis and Kerry Harrison.
This book is a very fresh new approach to helping you discover home businesses and opportunities that are safe and scam free. You gotta be careful about choosing the right option for yourself.