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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