Wednesday, August 13, 2008

What To Look For In Your Own Business

By Ben Needles

Starting a successful business means asking the right questions, the first of which is: are you an entrepreneur. Would you enjoy starting and running your own business? Having the responsibility and discipline to do what needs doing when it needs doing? And continue to do so even when there’s not a lot of money coming in, in the beginning?

Beginning the process of starting your own business is a big step to take. It will change your life. Starting a business is one of the most challenging but rewarding things you can do, but it can also be a quite a stressful task. Starting your own business is both rewarding and scary as well.

Typically, you will begin by analysing yourself as an entrepreneur before you even think about quitting your day job. There are key questions you need to consider. Ask yourself, ”If it doesn’t work, what can I do?” Are you disciplined enough to work from home? I also find it a great idea to surround yourself with the right type of people who can help push you forward. People who can encourage and motivate you and help you through when there’s no light at the end of the tunnel. Make sure you have a very good idea of what kind of work you’re getting yourself into when you run a new, small business.

Sit down and think through what you’re going to do, how you’re going to do it, and how much money it will take. And you’ll need a business plan when you go out and raise money to fund your new venture. All businesses need capital / money to finance its operations whether you are starting an online store or a store in your neighborhood.

How much money will it take to start your new business? Learn how to pinch your pennies during startup and build a successful business. Make sure you do enough research on starting and establishing a new business.

The Small Business Planner includes information and resources that will help you at any stage of the business lifecycle. Study it and study it well. Businesses change as products, technology, regulations, consumer tastes, competition and many other factors change. Business is similar to sports in that you need basic skills to do well. Business marketing is an important step of your total planning package.

You can even make your hobby, something you love doing, into a business and cut your tax bill. There are innumerable cases of hobbies converted into businesses with expenses allowed. Their expenses were considered ordinary and necessary business expenses even though you have to prove your business expenses with receipts, checks or a journal that’s regularly updated.

Here’s the best part: Your business doesn’t have to make a profit for your expenses to be deductible. It’s recognized and expected that new businesses probably won’t make a profit in the early years. In fact, in the early years you can insist that the IRS defer any challenge for the first five years as to the legitimacy of your business by filing Form 5213.

So you see, by doing your homework in advance you can certainly lessen a lot of the start-up stress of getting your new business of the ground and running at full speed.

Article Source: http://www.articlehighlight.com

About the Author
Francina Smit is the owner of InHouseDollars.com and writes articles on various subjects regarding Home Based Business. Visit her for more information at:
www.inhousedollars.com//newsletter-signup.html
www.thousanddollarprofits.com/121472

free printable recipe cards

Thursday, August 7, 2008

Taking The First Step: Finding A Work-From-Home Business Idea That Works For You

By Ben Needles

The prospect of working from home encompasses a wide spectrum of ideas. In reality, if you know what you are doing and do the necessary research, you could turn just about anything into a business. The key to success is to find the business idea that works for you.

If you are the kind of person who gets cabin fever easily and who needs to interact with others, you may think that no home business idea will suit your personality. That’s not true. There are a host of ideas that incorporate using your home as a base but that allow you to interact with people at the same time. You could start a party planning business. You can field calls and do your party planning from home, but still meet with clients and visit venues and vendors. You get the best of both worlds!

For those who are a little more introverted or whose lifestyle dictates they work solely from home, there are a host of work-from-home business ideas to try. If you have a particular skill (financial planning, for example), then you can translate that skill to an at-home business. If your home is set up such that you could have a separate area for your clients, then that is ideal. If not, however, then you may run the risk of appearing unprofessional if your clients are subjected to tripping over your two-year-olds toys while trying to plan for their retirement!

There are several things to keep in mind when deciding what kind of work-at-home business idea will translate into professional success for you. Ask yourself the following:

* What are my interests? If you aren’t interested in what youre doing, then you wont be successful. This is particularly true when there is no one looking over your shoulder to make sure you do the work. If you hate animals, then don’t be a dog walker. If you are passionate about paper and ribbons, then consider a gift-wrapping business.

* What are my marketable skills? For your home business to be successful, you need to consider your skills. There is no point in starting a business if you don’t have the skills necessary to make it work. Don’t start a catering business if you can’t boil water! You can have the greatest idea in the world, but if you don’t have the know-how to actually bring the idea to life then it’s not the right opportunity for you. Move on to something else.

* What are my lifestyle needs? Do you need to be able to work only when your children are at school? If so, then party planning won’t work since it will require a lot of evenings and weekends. Do you want to keep a day job while trying to make your home business work? You’ll need something that allows you to work after hours, so anything that involves calling other businesses is probably not the best idea. Perhaps something like creating gift baskets might be better because you can assemble them one evening and deliver them the next or on weekends. Maybe you want to do something entirely online. That’s a 24-hour-a-day idea!

When devising the perfect work-at-home business idea, you need to keep the above questions in mind. There is no point in brainstorming ideas that don’t fit your abilities, schedule, lifestyle or interests. Any business that grows out of those ideas will likely have a short lifespan. You want your business to have staying power, so make sure your business idea is one that fits who you are and how you live.

Article Source: http://www.articlehighlight.com

About the Author
Dominic Boykin is the webmaster of StayHomeBusiness.org. Sign up for his free Newsletter at www.StayHomeBusiness.org/newsletter-signup.html and receive 6 free affiliate marketing and home business related e-books. To make money online visit: www.StayHomeBusiness.orggraduation speech examples



Most Recent Articles