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    1. wholesaleinsight's Avatar
      wholesaleinsight is offline

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      Oct 2009
      United States
      United States
      1,936 Times in 58 Posts

      Establishing a Home Based Business

      Working from home is becoming the way to run your small business while lowering the start-up costs, such as renting office space, utilities, phone bills, and big-ticket office equipment. Thousands upon thousands are realizing that working from home gives them a competitive advantage to bring in more money with the flexibility to work during their most productive hours while managing other responsibilities that arise during the day. However, before you embark on your new business, think about the following points:

      Take a look at your own local and state requirements for proper licensing and zoning regulations. Call up your local zoning office to be sure of the regulations in your area that might put a wrench in your business plans. If you discover that your business requires special licenses, fill out the necessary paperwork and continue on with your goals.

      You should also rent a post office box and use that as your business address for promotional mail or any type of labeling. By doing this, you will hide the fact that you're working from home. It also conveys an image of professionalism, which helps ease the concerns of the people you serve.

      The four basic things you need to do right off the bat include:
      • Making sure that you have the right amount of space to meet your specific needs.
      • Creating a workspace that gives you a harmonious work flow.
      • Installing Skype to use as a dedicated phone line for your home business.
      • Creating a voicemail message for incoming calls.

      When the time comes to meet with your clients, think about meeting them at their offices or renting a conference room to establish a professional image.

      You should also network with your competitors and join local associations related specifically to your industry. You should have your clients think about other clients and ask if they will recommend you to them.

      One very important thing you must always do is to keep track of your business expenses. The alphabet boys (IRS) usually audit home-based businesses more than the rest because they have more flexibility in deductions, including a part of the mortgage or monthly rent for the home office. You should seek the advice of an accountant. A CPA is highly recommended; they can advise you on all the technicalities and the records you have to hold onto for the IRS.

      And, most importantly, put at least 20% of your earnings into a rainy-day account when business takes a turn for the worst … And it will happen from time to time.

      Control yourself. You have to be a go-getter and a person who sticks to a disciplined routine just as if you were working for Google or Microsoft. In many cases, you're the only one there to get the work done.
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    2. Thank you for this post:

      reqquetta (26 Sep 2011)

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