Friday, March 29, 2024

Consider if a Home Business is for You

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Family in living room with laptop smiling

.Not everyone is cut out to be a home-based solo entrepreneur. For some, the idea of spending the whole day working alone is their very definition of the ideal day; while for others the idea of becoming your own boss can be very daunting.




According to the Today Show , here are factors to consider before deciding whether a home-based venture is for you:

  • Devise a plan for attack – from determining whether a market really exists to preparing a business plan, it is always a good idea to do the ground work first
  • Determine if you could fly solo and start the business by yourself
  • Or whether you will need employees, in which case it becomes more complicated
  • Know the tax deadlines set by the IRS
  • Save for retirement, and get into the habit of setting aside money from each month.
  • Think about your workspace in your home; preferably a separate space from your home
  • Think about child care if you have children
  • Consider installing a second phone line for your business, separate from your personal line
  • Look like a pro, from your domain name to website to calling cards and brochures
  • Be sure you have enough insurance, from life insurance for yourself and your family to business insurance.
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