21 Steps To Home-Based Business Achievement8006927

Fifty million home-based companies will probably be in procedure by 1997, according to Hyperlink Resource's National Work-at House Study. All around the nation, individuals who want more manage more than their lives are starting house companies In New Orleans, Rick Hart's home based cajun Cargo ships seafood country wide. In Palatine, Illinois, Stephaine Heavey works from home designing and promoting authentic patterns for fabric dolls. As well as in Dallas, Lisa McElya printed the Dallas Celebration & Event Planners Guidebook from the entire first floor of her two-story house. These three individuals are living the new American dream of owning a business, but avoiding the high overhead and start-up costs of a commercial location. If the idea of working from your home is appealing, but you don't know where to begin, here is a step-by-step guide. STEP #1 DECIDE WHAT PART OF THE HOUSE TO USE Select an area away from family activity. The perfect space is a separate room (or perhaps the garage), but any area will do, if it can hold all the business supplies and equipment, and also provide enough work space for desks, tables, or counters. STEP #2 DETERMINE HOW MUCH TIME YOU CAN SPEND ON THE Business Many people start a home-based business on a part-time basis while raising children or working outside the home. Others start full-time when family and finances allow. However you begin, figure out how may hours per week you can devote to the business Make a weekly chart of your activities, examine it, and determine where the company fits. Don't assume you have time and find out later you don't. STEP #3 DECIDE ON THE TYPE OF Business Make a list of things you like to do, your work and volunteer experience, and items you own that can be used in a business. Look over this line-up, and using ideas from it, list possible companies to start. Eliminate any company that isn't appealing or doesn't fill a need people have. For ideas on different types of businesses, consult the end of this article. Other ideas can be found in the source material listed at the end of this article. STEP #4 CHOOSE A LEGAL FORM The three basic legal forms are sole proprietorship, partnership, and corporation. The most common is the sole proprietorship. As its name implies, a sole proprietorship is owned by one individual. It is the oldest form of business, the easiest to start, and the least complicated to dissolve. Here are some of the advantages of this company form: 1. You own all the profits

2. Your business is easy and cheap to organize. You don't need any government approval, although you may be required to carry a city, state or county license. Your only other obligation is to notify the Internal revenue Service (IRS) for the purposes of sales tax.

3. You're the boss

4. You enjoy certain tax savings. You must pay regular individual taxes on your income, property, and payroll, but these are not levied as special taxes, as with a corporation. You will also have to pay sales tax which you have received from your customers.

5. Greater personal incentive and satisfaction. Since you have your investment to lose if your business is not successful, you should be much more willing to put time, thought, and energy into the company. And when your business is successful, you enjoy maximum sense of accomplishment since you know its success was dependent upon your decisions about your management ability alone. For more information about this and other forms of business, send for the U.S. Small Company Administration (SBA) Publication MP25. Selecting the Legal Structure for Your Business (50 cents). It outlines the advantages and disadvantages of each legal type of structure. If after reading it you are still uncertain what form of the company should take, consult an attorney. STEP #5 DETERMINE WHERE THE MONEY WILL COME FROM There are three ways to finance start-up costs: use your own money, obtain a loan, or find investors. If possible, it is better to start small, use your savings, and not worry about repaying a debt. also keep in mind that since you are a home-based, chances of qualifying for a loan or finding investors are slim until the success of your idea is proven. STEP #6 GATHER INFORMATION Spend a few weeks researching home-based companies. A library or bookstore can provide numerous books on company basics, and on the specific type of business that interest you. Homemade Money by Barbara Brabee (see sources) is an excellent book to start with. If you are considering a computer company, get in touch with the association of Electronics; Cottagers, P.O. Box 1738, Davis, CA 95617-1738. To keep informed of what is happening in home business world, contact National Home-based business report, P.O. Box 2137, Naperville, IL 60566, for subscription information; and Mothers Home business Network, P.O. Box 423, East Meadow, NY 11554 (send SASE for free information). STEP #7 CHECK ON ZONING RESTRICTIONS Find out how your property is zoned, the call City Hall and ask what regulations apply to home businesses in that zone. Also, if you rent or live in a condominium, check the lease or homeowner's association rules to be certain a home business is allowed. Generally, if you do not annoy your neighbors with excess noise, odors, and traffic, you will not be deterred from running a business at your home. The neighbors may not even be aware of the business, but it is necessary to know exactly what you can and can't do before you start. This is important should any problems or questions arise later. STEP #8 PICK A Business NAME AND REGISTER IT If the company you choose is different form your name, file an assumed (or fictitious) name certificate with the county. You are notified if another company already has that name, so you can select a new one. Do this before investing in expensive stationery and brochures. It costs only a few dollars to file, and it protects the business name from being used by someone else in the county. STEP #9 WRITE A Business PLAN A good company plan clarifies your ideas and establishes a plan of action. A good company plan should include a description of what you are promoting, your background and qualifications, who the prospective customers are and where they can be found, what is needed to build the company, how you plan to promote, and how much money is need for start-up costs.


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