Home Business

Home Based Business Advice

Advice for setting up or up-grading your home based business:

One important consideration is having a location in your home that is dedicated to your home based business. You can use this as a tax write off, which includes a % of square footage and then divides that up for a percent of heat, lights, water, etc. but the space must be for you home based business only. So if you do not have a room, then mark out an area that is Business ONLY to keep our friendly tax person happy.

Install a phone line dedicated to your home based business.

Decide on an answering service and in most cases it is required to have a 1-800 number for someone to take you seriously.

Organize your work space with great care. Make sure that you have sufficient space to meet your needs. Have what you need within reach and an excellent filing system as well as backup system for your PC.

If needed for your type of business, when scheduling appointments with clients, consider meeting at your client's office or renting a conference room to maintain a professional image. Or learn the new up to date technology of conferencing on the computer. It is fairly easy and not expensive if you use the right services.

Keep excellent records of entertainment and travel expenses. The Internal Revenue Service (IRS) tends to audit home based businesses more frequently—especially when they are writing off a variety of expenses, including the percentage of the mortgage or rent for your office space.

There are several good record keepers such as Day Timer®, Franklin Quest® and Day Planner that will help you keep track of your expenses. Use of an accountant or a CPA is recommended and can advise you on deductions you can take and records you must keep for the IRS. Talk with them before or early on in your business so that you are starting your record keeping off on a good track.

Set up an LLC so that your home assets and banking are completely separate from your home based business. It is easy and inexpensive for a lawyer to do it for you. Well worth the security.

Open a Business Banking account with your business name LLC on the checks.

As soon as possible also get two credit cards with your business name LLC

Set up a SAVINGS ACCOUNT for your home based business, remember keep it in a business LLC account. Build it up because when you least expect it, you will need it.

Develope your computer system, proper programs and decide who will handle your repairs and help as you need it. Check out their service and if possible talk to referrals. Do NOT just trust the Big Computer Stores to be there for you. You are usually not a person to them, just a broken piece of equipment and you go into the 'Q'. Trust me; a good computer person on your team is worth their weight in Gold. A good 2nd PC lap top that can multi task can be a life saver.

Discipline yourself. You must be a self-starter and follow a routine, just as if you were working for any other business. In many cases, you are the only person you can rely on to get the job done. Unless it's an emergency, do not baby-sit or chat with your neighbors.

There are literally thousands of people entering into a Home Based Business due to the sagging economy, massive business layoffs, and whole industries vanishing as work moves overseas. Families are needed in the past a second income for those little extras; families now need a steady income they can count on. I strongly suggest diversification (never put all your eggs in one basket).

Now it is time to look at a business …. Might I suggest you look at Its Good Business. It is solid, easy to work with (notice I didn't say you don't need to work) but we do work on a TEAM basis and you have a mentor to help you firm up how you want to work your internet Home Based Business. This is a very flexible business giving you many ways to make a good income and have freedom to be with your family and friends.

Tana Hamiter – Goes Green Mentor
1-888-234-2556
Skype Me: nancy.tana.hamiter

Tri Power TeamNo tags for this post.

Tags: home business // Comments Off

Starting A Home Based Business

If you are starting a home based business opportunity, especially for the first time, here is something that you should be aware of before getting started.

The majority of all attempted home based business opportunities fail!

Why?

For most people, it is not really their fault. There is a fairly large learning curve that is involved. Most people do not have a degree in sales or marketing, talking to people on the phone, creating web sites, etc. etc. whatever, whatever! There is just so much you need to learn when you get involved with any work from home business.

Usually, their is some start up capital that is needed. Do you have the needed funds to put into your home based business? Very seldom does anyone make money when they are first beginning. This alone makes the majority of those working a business opportunity to get frustrated and give up. Did you know that if you had a brick and mortar type business, for most owners it takes at least three years to get into profit? This of course depends on the type of business and the location. If you are starting a home based business, same deal. That is the way you have to think. You should be pouring any money made back into the business to nurture it and help it grow.

Time! You need to be dedicated to your business and put in the needed hours every day for training and self growth. You also need to get into a routine as far as working your work from home business daily.

If you can do the above on a consistent basis, starting a home based business could be the most rewarding thing you have ever done. Those who can make it through the growing pains will succeed. Remember...never give up!!

Good Business!

Jim Eberle

Tripower TeamNo tags for this post.

Tags: home business // Comments Off