There are millions of home-based business in United States and the number is still growing. More and more people are turning into running a home-based business because of the various advantages it presents.
Did you know that one of the best ways to reduce your taxes is to start a home-based business?
I. Things to Consider Before Starting A Business
When starting a new venture, one of the first things that you would do is to weigh the pros and cons of it. Does the advantages outweigh the disadvantages? Is it right for you? What home based business should you start?
- Advantages of a Home-based Business
- Disadvantages of a Home-based Business
- Tips for Selecting a Home-based Business
- Most Common Home-based Business Career Opportunities
II. The Business Start-up Checklist
When starting a big task, it is always good to have a checklist so you won’t forgot the important things. Starting a business is no exception. Below are the five task on the business start-up checklist.
A. Writing A Business Plan
Why you need a business plan and 7 must have sections for your business plan -Â Your business plan is your roadmap to assist you on where your business is headed. Â This should help you understand the various aspects of your business operations.
B. Choosing Your Business Entity
Selecting a business entity is one of the most important thing to do when starting a home-based business. Which form of business should you choose depends entirely on your specific situation and your objectives.Â Among the factors considered are how much control of the business, taxes on the earnings, ability to raise capital, liability concerns, continuity of the business, ease of formation, dealing with government regulations, and potential for growth. So the question is which business structure should you select?
C. Obtaining Business Licenses and Permits
Business Documents You Need to Obtain and File Before You Start. Before you start your business, there are a few things that you have to do such as obtaining the required business license and permits. Discussed here are the six most common documents that you will need to obtain.
D. Business Accounts, Insurance and Financing
Opening business accounts, insurance and finding financing – Â When operating a business, there are a few more administrative task that you have to complete. Check what business accounts that you need to open, what insurance do you need for your business and where can you find financing if you ever need one.
E. Â Establish Your Business Office
Establish your business office -Â This process is not just clearing out a space for your office but it also involve 4 other important things in order to operate a home-based business.
F. Tax Payment Issues Â for Home Business Start-ups
4 Most Common Tax Payments Issues – As a home-based business owner, you also need to be aware of the types of taxes that you have to pay. Discussed here are the four most common tax payment issues you have to be ready for.