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5 Tips for Setting Up a Home Business

The benefits of starting a business from home are endless. You set your own schedule, you have no commute, and you can go to work in your pajamas! With advances in technology and communication, it’s easier than ever to establish your own home business. If you’re looking to create a home-grown startup, here are some simple tips to get started.
 
 Set Up Your Space
This is arguably the most important. You are only as productive as your workspace will allow you to be. You won’t get much done if you’re conducting your business on a couch! You need to find a space in your home that is specifically designated for work. This needs to be so distinctly yours that the temptation of lounging at home won’t be an option.

Find a place in your home that is secluded from your other living areas and has access to all the necessities. These include a computer, a printer, a desk, and a landline. With the trappings of your own home office, you’ll be able to get going in no time!

Create an Employee Identification Number
Now that you’ve given your business your own space, it’s time to give it an identity. An employee identification number (EIN) is the equivalent of a social security number. It’s a personal identification number that is unique to your business.

It’s important to note that applying for an EIN isn’t mandatory. You only have to get this if you aren’t the sole proprietor of your business. Even though it isn’t mandatory, it is helpful in establishing your startup as its own entity. For example, if you want to establish a bank account just for your business, then you will need EIN.

Even if you aren’t looking to get a separate bank account, an EIN is still beneficial for security reasons. Your young upstart is going to need a lot of paperwork. There will be countless license applications, tax forms, and documents that will require some form of government issued identification. You probably don’t want your SSN on that many documents. An EIN ensures that your business is established, and your identity is protected. It offers the best of both worlds!

Open a Bank Account
You should open a new bank account solely for your business and its transactions. As stated earlier, you’ll need an EIN for this. Try and use a credit union over a bank – their policies tend to be more sympathetic to new entrepreneurs. It helps to have a separate bank account because it makes everything less complicated. You don’t want to be constantly evaluating your business from your own checking account!

Figure Out Your Taxes
You’ll also need to do some research on self-employed taxes. As always, with a new business comes new taxes. There are many tax incentives and deductions that come with your new work. Did you know that, if your work space is more than 20% of your home, you can write it off on your taxes?

There are many other deductions that you are able to declare. Just make sure to keep detailed journals as well as receipts from your work day. This way, you’re prepared should the IRS ask for an audit.

Establish Your Internet Presence
If you’ve been planning your business venture for a while, then you probably already have a marketing strategy as well. This strategy can only be emboldened through your use of the internet.

To reach your target audience, you’ll need a way to communicate with them. The best way is through a comprehensive, informational website. This website should be succinct, easy-to-use, and persuasive.

Once you have your website, you’ll need to get people to visit. Since your website is so new, you’ll need to generate a lot of content to get traffic.  You can try and do this yourself, or you can outsource this to a company. Companies, such as Digital Marketing, will use their knowledge of copywriting, social media, and SEO to get your website the traffic it needs. This way, your website gets the attention it deserves, and you can focus on what matters most: your new business. 

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