Thursday, July 11, 2013, AM | 1 Comment
Starting a legitimate home-based business will take a lot of self-discipline and planning. If you’re motivated, determined, and excited about growing something that is all yours, becoming an entrepreneur may be the right opportunity for you.
Once you know what type of business you want to start, the key is doing everything right from the start.
Make sure to have a plan of attack, and keep these tips in mind before you commit all of your time, energy, and money into nurturing the business.
Planning Your Work Space
Working home may be the ideal arrangement for a lot of people, but you need to learn how to separate work from play and this can become difficult when you’re working from home.
You’ll need to create boundaries where all of the business aspects of your life will stay. Partition off space, make sure you have all of the equipment you need, and don’t take your work into your living space.
Monthly Services You’ll Need
You may have a home phone, but you’ll need a separate phone line for business calls. You may also want to consider signing up for a service that offers business voicemail and call transferring.
Sign up for a business email account, a professional-looking website, and business insurance. If you have product inside of your home, make sure you have an alarm. Home alarms from Lifeshield can earn you a discount on your insurance while you protect your home and office.
Consider Health Insurance Costs
If your spouse doesn’t have medical insurance through work, you’ll need to consider the cost of individual medical insurance for your family. You can purchase a comprehensive health plan, or a low-cost catastrophic plan with a high deductible. Don’t overlook how important having medical insurance can be.
Continue to Save for Retirement
When you work for an employer, the employer will ask you how much you want to deduct from each check to deposit into your retirement account.
Being your own boss may be fun, but you also need to have self-control and plan for retirement. Open up your own IRA or retirement account and dedicate a portion of your income to saving.
Keeping Your Taxes Reasonable
It’s tempting to ignore taxes until they become due, but this could lead to problems later down the line. Choose to pay your estimated taxes four times per year and you can keep the costs down.
Know Employer Duties and Rights
Being an employer is a big responsibility. If you need to hire employees to work in your home with you, make sure you know your rights and responsibilities before you hire help.
Get an EIN, file Federal Income Tax Witholding forms, verify employee eligibility to work in the US, and register with the state.
Setting up a business, even when you’re operating from home, can be much more involved than you once thought. Make sure to prepare for success, and comply with state labor and business laws.Facebook.com/doable.finance