| There are numerous reasons why people choose to | | | | Second, spend some time researching your business |
| start a home-based business. Some of those reasons | | | | idea. Make sure there is truly enough of a market for |
| include: | | | | your product or service. It's easy to fall into the trap of |
| 1. Dissatisfied with their present employment situation. | | | | having a hobby or passion for something that you like |
| 2. Out of work due to being laid off or downsizing by | | | | to do and just assuming that you can turn it into an |
| their employer. | | | | economically viable business. |
| 3. A need to be home more with young children, an | | | | Third, learn as much as you can about small business. |
| infirm family member, or aging parents. | | | | There is a wealth of information available on this topic |
| 4. A yearning to be their own boss. | | | | and the US Small Business Administration is probably |
| Whatever your particular reason for exploring a | | | | as good a place to start as any. Just go to and |
| home-based business, there are a few common steps | | | | navigate to the sections dealing with home based |
| you need to take in order to launch your business. | | | | businesses. |
| First off, you need to come to grips with reality...be | | | | Fourth, write a business plan. It is your roadmap to |
| realistic in your expectations. Far too many folks read | | | | reaching your objectives. There are numerous articles |
| advertisements that are hype and imply quick money, | | | | on the Internet and in libraries that can assist you in |
| and lots of it, from a home-based business start-up. It | | | | developing your business plan as well as addressing |
| will certainly take a year, and in some cases it may | | | | the many other issues involved with starting and |
| take up to three years, before you begin to truly make | | | | operating a business from home. As a starting point, |
| a significant profit from your business. | | | | here are a couple of Small Business Administration |
| I have helped a large number of people start up their | | | | website locations that should prove useful: |
| own home-based businesses using the Internet. Over | | | | And last, but not least, seek the advice of a tax |
| time, I have come to recognize two of the most | | | | professional. Your first reaction may be that you can't |
| important factors for identifying people that should | | | | afford such expenses right now; but, in reality, you |
| NOT start a home based business. If a prospective | | | | can't afford not to seek such advice from the very |
| entrepreneur says something like... | | | | beginning of your home business start-up. They can |
| "I'm broke and need to make some money, fast!"or, | | | | advise you about ways you may be able to reduce |
| "I want to start a home-based business, but I don't | | | | the amount of taxable business income at the end of |
| want to spend anything on it until after I start earning | | | | the year. Paying for an hour or two of consultation |
| some money." | | | | with a tax professional at the beginning will probably |
| ..it is certain that they have not addressed reality and, | | | | save you much more than that amount later on down |
| with that mindset, they will most certainly fail. | | | | the road. |
| It takes a lot of time to successfully market and | | | | I never cease to be amazed at the number of people |
| promote a new business. If you are planning a | | | | that seem to think that some magic is somehow |
| home-based business in order to spend a lot of time | | | | created when you put the words "home based" in |
| with young children or care for the elderly, a full-time | | | | front of the word "business". It's still business...it just |
| business (and income) may not be a realistic objective. | | | | happens to be based in the home. |