Getting Rich in your Underwear
By Peter Hupalo
Rating – 5 stars
March 15, 2006
Sober Advice for Would-Be Entrepreneurs
If you are thinking about starting a home-based business,
spend some time pondering this book.
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
• Zoning
• Insurance
• Intellectual Property
• Limiting your Liability
• Business Expenses
• Taxation
• 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.
