Basics of Starting a Home Based Business
There are many advantages to starting your own home based business. You can become independent or just earn some extra supplemental income. Your home business 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.
- 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 consulting, child care, 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.
- 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.
- 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 business name statement with the local Recorders Office in your county.
- Check with your county and state for local requirements for home based businesses. 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 collect sales tax on merchandise sold.
- Set up a separate bank account for the business. This will help you keep track of business income and expenses.
- Set aside a 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.
- 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.
Copyright 2005 Paul Jesse
Paul Jesse is a retired government employee and the author of several articles on working from home. For articles and resources on starting a home based internet business, visit his site at http://www.sheamarketing.com.
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