Basics of Starting a Home-Based Business
What does it take to start a home business?Can just anyone do it?How much can I make?What kind of time is involved to get started?What kind of things do you need to know before you start? These and countless other questions are no doubt swimming around inside your head.
So, first, some quick answers to the above questions.
What does it take to start and operate a home business?Not much, actually!All you have to do is decide what business you want to go into and declare yourself to be in business.
Depending on where you live you may need to register a business name with your local or state government.
Depending on what type of business you want to go into, you should decide now how you're going to organize your business.
Will it be a sole proprietorship, a partnership, or a corporation?If you decide on a corporation you should probably seek legal counsel, as there are numerous types of corporations to choose from.
Many people start simple as a sole proprietor, and then later if successful switch over to a corporation.
This is a little more difficult than if you started as a corporation from scratch, but it's certainly simpler and less expensive while starting up.
Certainly if you're going to start a business that carries any type of liability risks you'll want to have the protection that a corporate shield will give you.
Obviously this is a big subject.
Can just anyone start a home business?Yes!Anyone can do it!Despite what you may have heard to the contrary, a home based business is actually fairly easy to start!Keep in mind that though that STARTING your business is the easy part...
becoming profitable and staying profitable is where the real work is.
You must be disciplined, organized, focused and motivated to succeed.
But you CAN SUCCEED! How much can I make? As much as you want!Seriously, the sky's the limit!Now, you probably won't start off making six-digits, but it's definitely conceivable that within a year or two, at the most, you can be self-sufficient and on your way to financial independence.
Remember, most millionaires got where they are by owning their own business.
What kind of time is involved to get started?The best part about having your own home-based business is that YOU determine how much time you will spend on your business and YOU determine your ultimate success.
The kind of time it takes depends on a number of factors.
If you already know your business and have worked in it before, then starting your business is pretty straightforward and won't take you much time.
Of course, if you already know all that you're probably not the type who will be reading this report!The rest of you have to allow for time to familiarize yourself with the different types of businesses that are available and then spend whatever time you need in order to come up to speed.
Most people will take between 1 - 3 months for this stage.
What kind of things do you need to know before you start?The three basic things you need to know are: Know your product, Know your target customer, and Know how to market to them.
Once you've done your research into these three areas you'll have the basic knowledge you need to successfully launch your business.
Of course you also need to about stuff like basic bookkeeping and accounting (you can easily hire this out, though), and if you'll be hiring employees you need to get a federal employer ID number.
As you might guess, the IRS has all kinds of free info available to help you with the latter! I know there are tons of other questions that could be asked at this stage, but the purpose of this article is to get you going on thinking about your overall business ideas and what it will take to get started.
All the details can be worked out after that.
So, first, some quick answers to the above questions.
What does it take to start and operate a home business?Not much, actually!All you have to do is decide what business you want to go into and declare yourself to be in business.
Depending on where you live you may need to register a business name with your local or state government.
Depending on what type of business you want to go into, you should decide now how you're going to organize your business.
Will it be a sole proprietorship, a partnership, or a corporation?If you decide on a corporation you should probably seek legal counsel, as there are numerous types of corporations to choose from.
Many people start simple as a sole proprietor, and then later if successful switch over to a corporation.
This is a little more difficult than if you started as a corporation from scratch, but it's certainly simpler and less expensive while starting up.
Certainly if you're going to start a business that carries any type of liability risks you'll want to have the protection that a corporate shield will give you.
Obviously this is a big subject.
Can just anyone start a home business?Yes!Anyone can do it!Despite what you may have heard to the contrary, a home based business is actually fairly easy to start!Keep in mind that though that STARTING your business is the easy part...
becoming profitable and staying profitable is where the real work is.
You must be disciplined, organized, focused and motivated to succeed.
But you CAN SUCCEED! How much can I make? As much as you want!Seriously, the sky's the limit!Now, you probably won't start off making six-digits, but it's definitely conceivable that within a year or two, at the most, you can be self-sufficient and on your way to financial independence.
Remember, most millionaires got where they are by owning their own business.
What kind of time is involved to get started?The best part about having your own home-based business is that YOU determine how much time you will spend on your business and YOU determine your ultimate success.
The kind of time it takes depends on a number of factors.
If you already know your business and have worked in it before, then starting your business is pretty straightforward and won't take you much time.
Of course, if you already know all that you're probably not the type who will be reading this report!The rest of you have to allow for time to familiarize yourself with the different types of businesses that are available and then spend whatever time you need in order to come up to speed.
Most people will take between 1 - 3 months for this stage.
What kind of things do you need to know before you start?The three basic things you need to know are: Know your product, Know your target customer, and Know how to market to them.
Once you've done your research into these three areas you'll have the basic knowledge you need to successfully launch your business.
Of course you also need to about stuff like basic bookkeeping and accounting (you can easily hire this out, though), and if you'll be hiring employees you need to get a federal employer ID number.
As you might guess, the IRS has all kinds of free info available to help you with the latter! I know there are tons of other questions that could be asked at this stage, but the purpose of this article is to get you going on thinking about your overall business ideas and what it will take to get started.
All the details can be worked out after that.
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