subject: Are you interested in starting your own small home business? [print this page] Are you interested in starting your own small home business?
A small home business is a great idea for anyone that is tired of working at a traditional job or for a person that has a great talent or skill that they would like to share with the world. Starting your own small home business will take a lot of time, effort, patience, and funding on your part. Since most home businesses start as sole proprietorship and then move into an LLC, your personal credit rating will have a huge impact on your ability to achieve funding. Here are a few things you need to consider when you are starting a small home business:http://www.ixgw.com/ Best Financial Advice - Financial Planning | www.IXGW.com
Interests and talents
What type of home business would you like to start? Do you want to work for yourself and sell your own products like jewelry or would you prefer to work for another company? A home business is completely different from a traditional job so you need to make sure you properly plan for it. You need to enjoy what you do or else it will turn back into a 9-5 job that you are miserable at. What are your interests and hobbies, can you turn them into a full time profession?
Room
Do you have enough room in your home for your new home business? You will need to designate at least one room in your home for your new business in order to properly write it off on your taxes. Depending upon the type of business you are running, you may need an additional room to hold inventory or just to work on the products you sell. Always take a good look at your home before you start the initial steps of creating your own business or you may have a hard time dealing with finding enough room to properly run your business. A lot of people have actually converted their garages to become their own home office. This is a great way to have plenty of room in your home for your office and it will make sure that your home business is out of the way from your traditional home life.
Equipment
What type of equipment do you need to start your own at-home business? You will most likely need to purchase a new computer along with a few other things so it is important to go through a list of everything you will need in order to get your business up and running. You may already have some of the equipment you need to start your own business so now you just need to make sure you have enough room in your home for this equipment.
Financing
Can you afford to finance your business? Financing your business is a big part of getting your home business up and running. Typically a home business will be considered part of your personal property until you declare it a separate and legal entity. This means you are responsible for financing the business. If you need a loan to get started, it is your job to go to lenders and to get approved for the loan. Your personal credit history, assets, and even your education will be considered when you apply for the loan. Just remember that if you pledge your home as collateral to secure a loan, you are putting it at risk if you default on the loan because your home business fails.
Before you consider starting your own home business, meet with a legal representative to discuss your business options. You need to protect your personal assets. You also need to make sure you are abiding by all the tax laws so it helps to have a CPA to advice you.http://www.ixgw.com/2010/06/are-you-interested-in-starting-your-own-small-home-business/
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