When it comes to running a business from home, one of the hardest things […]
Launch Your Home Business Idea With Success
Starting up your own home business is a time of wonder and chaos! With so much hanging in the balance, you’ve got to make sure you do it right; read over the following tips that can help get you started.
1. Write a business plan. Taking an idea and turning it into a functional business involves many things and you’ve got to be prepared for anything; sit down with a good business reference book or professional consultant and hammer out all the details. Look ahead at least five years with your plan and include how you will support the business in the lean years and also how you will support yourself either in salary or with an outside job.
2. Look like a pro. Although you can get away with wearing pajamas all day when working inside your home, don’t forget that you are a professional representing a business every time you step out. Have a few suits dry-cleaned, keep business cards at the ready and present yourself in a manner which will be well received by others in the business community. Being a WAHM or WAHD may be a wonderful and profitable experience, however; looking like one may not always serve your interests.
3. Set up your office separate from home. Even if your office is right in the midst of the rest of the house, find a way to make it a private and professional space where you can work and address other professionals without the risk of a sticky waffle ending up on a contract or leaking sippy-cup making its way to your brief case. You’ve got to be able to focus with intensity and purpose; set yourself up for success.
4. Consider child care in the beginning. Although the cost of child care may seem impractical while you are getting your business off the ground, it may be the fastest or even only way to do so. You need to impress people and focus on your business without constant interruptions; ask a relative to sit for you if cost is an issue, but keep the kids safely away from the developing business. Once you have things going and are in a groove, lay ground-rules for your kids and continue to watch them from home.
5. Plan for taxes. Many would-be entrepreneurs are absolutely devastated when they discover how steep self-employment taxes are and if they haven’t planned for it, their business can really take a blow. Estimate your taxes on a quarterly basis and pay them that way, rather than getting hit every year with such an astronomical and burdensome figure.
6. Keep insurance plans going. Unless your spouse can keep you included in his or her insurance coverage, you’ve still got to have an adequate health care policy in place. You will probably also need to consider liability insurance for your new business, including categorizing your car as a company vehicle. A business or trade organization within your field may be able to help with insurance needs at less than staggering costs, so investigate the options and keep at least a bare minimum of coverage.
7. Don’t neglect retirement. Especially if you’re very young, planning for retirement can seem counter-productive to a growing business but it’s actually a very bright idea. Open an IRA and contribute to it on a regular basis; your future is not something to take lightly or neglect, no matter how preoccupied you may be in the present.
Use these and other tips to facilitate your success, acquiring as much helpful knowledge as you can in the beginning. Running a home business may be tough, but it will be well worth your while!