Basics of Starting a Home Based Business
The are many advantages to starting your own home based
business. You can become independent or just earn some extra
supplemental income. You home busines will create new tax
deductions which you can take advantage of thereby reducing your
taxable income. Your own business can also create a sense of
purpose and accomplishment for having created something of your
own.
It really is fairly easy to get started and there are an endless
number of resources out there to guide you through the process.
1. Decide what type of business interests you. This is the most
difficult part of the process as you do not want to jump into
anything too quickly. Consider your interests and what things
you are good at. You may decide on a service that you can
provide which people will pay for. This might be lawn moving,
photography, or house cleaning. Or you might be interested in a
retail sales business. The Internet now makes it possible for
just about anyone to start an online retail store and the
marketplace is global. By using the internet you can compete on
a level playing field with huge companies. Are you a collector?
Maybe you would enjoy selling certain collectible items.
2. Develop a business plan. This does not have to be
complicated. Simply write down your plan for making your
business work. Determine what you will sell, how you will market
your business, who your potential customers will be, etc.
3. Decide on the name of your business. If you are going to name
your business something other than your own legal name then you
wil need to file a fictitious busines name statement with the
local Recorders Office in your county.
4. Check with your count and state for local requirements for
home based business. If you will be selling merchandise then you
will need to contact the department of revenue for your state to
obtain a Retail Merchant Certificate or Sales Tax ID number.
This will allow you to colect sales tax on merchandise sold.
5. Set up a separate bank account for the business. This will
help you keep track of business income and expenses.
6. Set Aside an place in your home where you will work on your
business. If you want to be successful you must treat your
business like a business.
7. Work, Work , Work.
Starting a home business can be an exciting venture. It can also
be a lot of work. Don't believe anyone who tells you that it is
easy. When you are researching ideas for your home based
business you will come across a lot of opportunities for sale.
Some of these will contain excellent information while others
will be a rip off. Consider these offers carefully and remember,
if it sounds to good to be true ? it probabaly is.
To your success!
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