Home Business

Home Business- Own Your Business, Own Your Life!

Home based businesses can create a great income while allowing time flexibility. There are literally hundreds, even thousands of different types of home based businesses. When starting a home business, one must expect to make some sort of financial investment in order to get started. While some businesses cost thousands and thousands of dollars to launch, some are just a few hundred dollars or less. Online Auctions, Direct Sales, Network Marketing, Multi-Level Marketing, Real Estate, Web Design and Event Planning are just a small sampling of home businesses.

Self-employment gives you the flexibility to control your time. By choosing self-employment or independent contractor (IC) work, you give yourself the ability to set your own schedule and only take on projects that work for you.

Tax Benefits

Remember when you are self-employed that you must set aside a good amount from your earnings for tax purposes, and there are tax benefits for owning a business. I highly recommend consulting a tax professional for advice specific to your situation. Not only will you find out how much you need to set aside, but you will also get information about the things you can and cannot deduct on your taxes. Most importantly – do NOT let the tax issue scare you away from great opportunities.

Turbo Tax is a fantastic software package that can walk you step by step through the process of filing your taxes as a self-employed person.

How do I pick the right business for me?

This question is asked frequently in discussions on and offline. How do I pick the right business? Which is the best home based business? There is no one right answer. It all depends on where your interests lie and what you are or are not willing to do to make a living from home. Be creative! Think about the things you love and the types of things you choose to do with your time, then try to find a project or business around that. You’ll haven enthusiasm for your work and your clients will love the results.

If you don’t want to be an employee, a home based business could be the option for you. There are so many different types of businesses, you’re sure to find something that works for you. Some home based businesses rely on face to face contact or telephone calling, some are solely internet based, and many are a mix of both. Don’t let these types of businesses scare you! This isn’t your grandpa’s Amway! Despite what you may have heard, MLM, Network Marketing and Direct Sales businesses are NOT illegal pyramid schemes. Still, you must do your homework if you’re going into business for yourself.

When looking at these opportunities, consider these things:

1. Does the company have a product or service that you’d be excited to share with people? Bottom line, if you’re not comfortable with the product, you won’t tell anyone – online or off. If you won’t share it, you won’t make money at it.

2. How long has the company been in business? This topic could probably be a lens of its own. You’ll see pros and cons of long-time businesses and the multitude of “pre-launch” new companies coming out on a daily basis. Both ways have worked for different people. What are YOU comfortable with? Just know who you’re dealing with before you pay anything.

3. Is the business duplicatable? Think about how you found out about the opportunity. However it was – in person, online, a business card you found, an internet ad – ask yourself "can I reach people that way?" These businesses are all about sharing the product and opportunity. You may have to push out of your comfort zone to do this, so you need to know if you’re willing to do what the successful people in that business do before you put up any money.

4. It’s a common theme with any work from home opportunity – Be Honest With Yourself. Can you/Will you really do what it takes to succeed in your business? If that’s a yes…go for it!

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