10 Steps to Forming a Successful Home Based Business
It’s important to know that anyone who wants to start a Home Based Business must be willing to WORK. Home Based Business is not a “sit around and watch the money pour in” job! To be successful and make it, you need to be a self-starter who is serious, organized and creative. So before you can make an intelligent decision about starting a Home Based Business, you need to consider these three questions:
Can you set goals for yourself and reach them?
Are you self-motivated?
Are you truly dedicated to having a successful business?
If you answered yes to all three questions above, then here is the 10 steps you need to get started.
1. Do your research: Find the different way available to earn money from home.
2. Create a list of things you need to research or do before leaping into any of the next 8 steps. It will save you a lot of wasted time and money. Depending on your new business what will you need to get it up and running. Equipment, Supplies, Licenses, Office Space, Computer Programs, Website, etc.
3. Decide on your Business name. You can do this using your name and adding a DBA (Doing Business As) or Trade Name – you will need this to keep your personal and business information separated.
4. Depending on the type of business you are starting, you might want to get a Mail Box through your local Post Office or one of the many companies that rent Mail Boxes. This way you have a mailing address that is not show everyone your home address.
5. Depending on the type of business you are starting, you might want to open a separate checking account, so you can have the money you have budgeted to spend separate from your personal finances. Do this under your name and social security because it will be cheaper than opening a business account at your bank. Most Banks charge for Business accounts, but a lot of Banks have free checking for personal accounts. Again you will need this to keep your personal and business separated.
6. Apply for a Federal ID Number under your new business name. Never use your Social Security Number and risk Identity Thief, whether you are opening accounts online or just opening different accounts that your business will need to operate. It will make keeping track of your business and personal life easier at tax time.
7. Does your State require you to have a State Business License? What will the license cost you?
8. If you live within a City or live in the County, does your City or County require you to have a Business License? What will the license cost you?
9. You will need to advertise or promote your new business. How will this be accomplished? Do you need to get some type of accounts opened?
10. You will need Bookkeeping to keep track of you income and expenses. There are some very basic and simple ways to do this. It will depend on the type of business you are starting, so if you are unsure what you will need call a couple of Bookkeeping or Accounting companies in your area and ask. Make sure you have this figured out before you actually start making money. Otherwise this step may be forgotten about until you are faced with a large amount owed to the IRS.
Keep Yourself Motivated: Remember goals can change, don’t give up if you don’t meet yours right away. It isn’t about the destination, it is the journey and experiences that count. Motivation brings success. If you keep up your effort, motivation and passion you will succeed. Keep your dreams alive with written goals and even pictures of what you want.