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Home-Business How-To: 4 Things Every Entrepreneur-to-be Should Know (1128 hits)

Many young business students dream of starting a business in their own home. Working whatever hours you want and being able to spend all of your time at home and close to your family is very enticing. Unfortunately, setting up a business of this nature can be tricky. You're already on the right track by going to business school, but here are a few more tips that should help you get a jump-start on your team.

Know the Law

One of the first things you will do in setting up your business is to register it with the state. Make sure you read and understand everything that you sign. Know how your taxes will work, how often you have to pay them, and what kind of deductions you can receive. Stay organized and keep track of every single business related expense. Since you have a home based business, you can claim certain things as deductions on your taxes that you could not as an employee, like business lunches, mileage, office supplies, and computer software.

Don’t Take on too Much

As a home based business owner, you are probably working alone or with limited help, so it is imperative that you take on only what you can manage. Focus on a single product or service and spend the majority of your energy and resources promoting that product. Once you are confident that you have that under control, then you can move onto more products or services. If your business is growing too fast for you to manage, consider enlisting a family member’s help or hiring a freelancer.

Watch Your Online Presence

Your home based business can really benefit from an online and social media presence. You do not have to devote hours to building your online presence every day, but posting consistently on your blog and social media can lead to more loyal followers and converted customers.

Be Careful of Accidents

As a business owner, you need to take certain precautions to protect yourself and your business in the event there is an accident. Consider looking into getting several types of insurance, depending on the nature of your business. You will be glad you have it if something does come up. The insurance can prevent people from coming after your business or personal savings. It might not be a bad idea to talk with an attorney about the potential implications of an accident. This is especially true if you have anyone else helping you with your work.

To ensure the success of your home based business, you should understand the legal and tax implications, establish your online presence, seek help if you need it, and purchase insurance in case of an accident.
Posted By: Kara Masterson
Wednesday, November 29th 2017 at 5:17PM
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