Starting a home business is an exciting time for you as you turn your back on the daily grind of corporate life and embark on your newfound enterprise. The really great thing is you can create a home business with just about anything – dolls, pets, clothes, writing, painting, etc. Whatever you choose it is best if you are actually interested in the product or service; it will be easier to work on and to promote. Here are a few tips to think about when starting a home business:
Location – yes, pick a spot in your home and make that your office.
Home Office Furniture – after deciding on your style, plan your furniture components to handle your equipment and maintain working space and room for your chair.
Equipment – get everything you need to function as a business office (computer, accounting software, office supplies, telephone, fax, copier, etc.).
Business structure – tax id number, consider incorporating, increased insurance coverage, advertising, website, marketing, business associations, etc.
Business Plan – This is vital if you want to succeed. You need to determine an effective and protracted business plan, one that you can follow and can use for commercial loans if necessary.
Leave your business inside your office – make sure you put your business to rest every day otherwise you will go nuts.
Motivation – you have to want to succeed as there will be no one pushing you. You are the boss so you have to motivate yourself. Find your inner drive and put it into high gear.
These are just a few basic guidelines to use, so it’s best to consult with an attorney to find out all the legal ramifications involved with starting a home business. Choose one that is also proficient in taxes too. Many people never do this until it is too late and they end up owing the IRS a bunch of back taxes on a business that no longer exists due to poor planning and structure. Don’t let this happen to you, spend some money and time setting up your business the right way. The extra effort will be worth it during tax time and business expansion.
Although many “entrepreneurs” would like you to believe all you have to do to start a home business is metaphorically hang up the “open for business” sign, it just isn’t so in this day and age of let me sue you for $54 million because you lost my pants mentality. Do yourself a favor and research your home business idea before you cut the purse strings from your employer. Find out all the facts and problems before leaping into the fire.