A lot of corporate, nonprofit and government employees dream of being their own boss. A lot of people have ideas of home-based businesses they can run. However, only a slim percentage of these individuals actually have some idea how to start this dream or what all is going to be involved. Read on for some pointers you need to consider before you personally decide to take the plunge.
The first thing you have to know is what product or service you plan on delivering. You can not just quit and declare your intention to be your own boss. What are you going to be a boss over? Will it be selling books online, running a daycare or freelance writing? What are you good at? What do you enjoy? What can you continually make a buck doing?
Once you know your core product or service, start building a business plan around it. Look it over for feasibility. Alter it towards feasibility. Sleep on it and look at it again. Then have someone else look at it, and then have someone who knows about business plans look at it. This document is your future, get it right.
Do your homework about how taxes work for those who are self-employed. It is not going to be as simple as waiting for your W2’s and then running through a software package in ten minutes. The first year can actually seem like a paperwork nightmare. On the other hand, the number of perks, advantages, breaks and deductions are not to be ignored if you want to save your money.
Remember to save for retirement. As someone working solo, there is not going to be a corporate office five states away willing to set up a 401k for you and match 5 percent of your paycheck. You are going to be completely on your own getting ready for your golden years.
Go around your home and find a room or at least a corner of a room that can serve as your office and work area. Make it functional and make sure it has all the tools and features you need to conduct your business operations.
Take the time, energy and money to create a professional web site for yourself. You still need a customer facing “office” to present to the world, and an online website is the way to do it. Business cards get lost, but url’s get bookmarked. Here, your prospective clientele and professional colleagues can look you up day or night and know the critical information regarding your business.
Be sure to get insurance. At the very least get health and liability. Renter’s or homeowner’s insurance policies should also get reviewed to see what they cover in regards to self-employment. Again, there is no corporate headquarters looking over you anymore. You are your own human resources office.
Home business necessitates perseverance and commitment. It is imperative that you realize just what this line of work means before you jump into it, so that you can know if it is a good choice for you. If this is a decision you are considering, then the contents of this article should prove helpful to you.